The Securities and Exchange Commission has just released some whopping numbers: baby boomers today control more than $13 trillion in household investable assets, accounting for more than 50 percent of the total household investments assets in the United States.
It is projected nearly one in six Americans will be 65 or older by the year 2020. The SEC has just released a report summarizing practices used by financial services firms and securities professionals in serving senior investors in the following areas:
- Getting started: how firms are thinking of ways to remodel their supervisory and compliance structures to meet the changing needs of senior investors;
- Communicating effectively with senior investors;
- Training and educating firm employees on senior-specific issues (such as how to identify signs of diminished capacity and elder abuse);
- Establishing an internal process for escalating issues and taking next steps;
- Encouraging investors of all ages to prepare for the future;
- Advertising and marketing to senior investors;
- Obtaining information at account opening;
- Ensuring the appropriateness of investments; and
- Conducting senior-focused supervision, surveillance and compliance reviews.
To download the full report, go to www.sec.gov.