FINRA Rule Prevents Financial Advisors Exploiting Senior Clients
Monday, December 14, 2020 Recently, the Financial Industry Regulatory Authority (FINRA) issued a new regulation to protect investors from unscrupulous financial advisors and brokers. Rule 3241 limits the ability of a broker-dealer to be named as a beneficiary, executor, trustee, or power of attorney for one of their customers. Broker-dealers must provide written notice to their firm, and the firm must assess the situation and determine whether to approve or disapprove of the fiduciary relationship. Financial Advisors’ Exploitation of Senior Clients Senior investors are at partic...
Source: natlawreview.com