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Regulation and Compliance > Federal Regulation > FINRA

FINRA Launches Helpline for Seniors

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The Financial Industry Regulatory Authority said Monday that it has launched a toll-free helpline for seniors to provide them with assistance regarding their brokerage accounts and investments.

The new toll-free FINRA Securities Helpline for Seniors (844-57-HELPS or 844-574-3577) can be accessed from 9 a.m to 5 p.m. ET, Monday through Friday, and enables seniors to talk with FINRA staff about:

  • Understanding how to review your investment portfolio or account statements;
  • Concerns about the handling of a brokerage account; and
  • Investor tools and resources from FINRA, including BrokerCheck.

“Protecting senior investors has been an important priority for FINRA for several years,” said Susan Axelrod, FINRA’s executive vice president for regulatory operations. “Our goal in setting up this Helpline is to build on these efforts and provide an additional resource to senior investors. FINRA’s Helpline means that older investors are only a phone call away from getting help with questions or concerns they may have regarding their investments.”

FINRA staffers will point seniors to educational tools that can help them better understand investing, savings and investment products, as well as resources like BrokerCheck “that can provide valuable information about securities firms and financial professionals,” Axelrod added.

The helpline, FINRA adds, provides senior investors “who feel that their account has been mishandled by a broker with quick and easy access to information and resources.”

The hotline comes on the heels of an examination of 44 broker-dealers recently released by the Securities and Exchange Commission and FINRA finding that some BDs are recommending unsuitable products to seniors.

The report also found that some reps could be violating FINRA’s rule on communications with the public by not tracking which reps use a senior designation.

— Check out BDs Fall Short on Protecting Seniors: SEC, FINRA on ThinkAdvisor.


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