The North American Securities Administrators Association said Wednesday that it plans to roll out to its state securities regulator members in April a training program they can use to help advisors and brokers identify and report potential elder financial fraud.
The securities industry program, called Senior$afe, is modeled on a program for bank and credit union tellers created by the Maine Council for Elder Abuse Prevention. NASAA plans to retool the program to fit advisors and brokers.
Judith Shaw, NASAA president and Maine securities regulator, told ThinkAdvisor on Wednesday that she helped spearhead Maine’s program, called the No Wrong Door approach, three years ago. Maine has now trained 300 bank and credit union tellers, supervisors and compliance personnel, and state agencies have received more than 50 referrals regarding potential elder financial fraud.
Close to a half dozen state securities regulators are interested in using the Senior$afe program to train advisors and brokers in their states, Shaw says.
Along with a comprehensive training guide, Senior$afe includes a consumer brochure, a quick response chart and guide to red flags of elder financial abuse, and can be customized to include local agencies and referral contacts.