New measures to protect elderly investors fall short
BNN Bloomberg
The Canadian Securities Administrators is implementing new measures to protect elderly investors starting in the new year, but some say it doesn't go far enough
Most veteran investment advisers have a story to tell about an aging client who seemed to be off during a regular meeting.
Sometimes they repeat themselves. Sometimes they seem to have trouble grasping concepts the adviser knows they understood in the past.
It’s happening more often as the baby-boom generation heads into retirement. Advisers often spot signs of dementia in clients before family members because contact is periodic and financial matters tend to expose mental lapses.
As a result, many advisers are feeling overwhelmed and unqualified to spot early signs of mental illness.
The Canadian Securities Administrators (CSA), an umbrella organization of provincial and territorial securities regulators, is hoping to provide some overdue relief.
Starting in the new year, advisers are being directed to request clients provide a Trusted Contact Person (TCP) to alert if the adviser has concerns about a client’s ability to make financial decisions, or if advisers suspect a client is being exploited.
