The SEC and FINRA have made it very clear that they are focused
on senior customers and elder abuse. Granted, firms must be focused
on the elder customers, but, at the same time, must also focus on
the fact that many advisors are included in the graying
generation.
What are firms to do about that? Before you do anything
definitive, you should vet your ideas with an employment consultant
or lawyer to make sure that any plan does not run afoul of labor
and employment laws because older advisors may be within a
protected class.
Separate and apart from any legal analysis, you should consider
doing certain things to make sure your advisors are acting properly
and clients are being protected. Here are some suggestions that, in
reality, apply across all age groups; these areas of inquiry could
include:
