Sellers of financial products had better be careful about what they sell and how they sell to aging baby boomers.

Mary Schapiro, chairman of the National Association of Securities Dealers, Washington, delivered that message in Boca Raton, Fla., at the launch meeting of the Securities and Financial Markets Association, New York, a new group created by the merger of the Securities Industry Association and the Bond Market Association.

NASD officials see the aging of the baby boomers as a looming compliance problem, Schapiro said, according to a written version of her remarks.

“Scandals in this area of financial services are certain to set off a reaction not just by NASD and the [U.S. Securities and Exchange Commission], but also by federal and state elected officials,” Schapiro said.

SIFMA member companies should test their products and strategies offered to seniors, train sales supervisors and sales representatives well, and make sure that they have appropriate internal oversight in place, Schapiro said.

If the retirement investment needs of aging boomers “are undermined by unduly risky products and ill-informed decisions, then regulatory reaction will be as swift and wide-sweeping as experienced in the past,” Schapiro said.