Last week, I had the pleasure of speaking to members of the Financial Planning Association of Long Island. The topic was the duties of financial advisors — registered investment advisors and brokers — to their clients. The SEC has recently issued a new regulation imposing a “Best Interest” standard on registered representatives or brokers. That still leaves different standards governing registered investment advisors and traditional brokers, though it brings the standards closer. The presentation summarizes the relevant standards, including the FINRA “suitability” standard. We also discussed some recent regulatory changes designed to allow financial advisory firms to take action if the reasonably believe elder exploitation may be taking place.
The presentation slides are available at the link below and provide a good summary. If you have any questions, just reach out.