News | 03.12.19
SEC Exams to Focus In on RIAs With Many Senior Clients
SEC exams will be focusing on registered investment advisors serving a significant number of seniors after finding "significant weaknesses" in policies for protecting elderly clients, said Charles Koretke, assistant director of the SEC’s Office of Compliance Inspections and Examinations, at the IAWatch compliance event. “Over the last six to nine months, we’ve examined roughly 200 advisors and over a third had policies and procedures in place for working with senior accounts, but half were not written policies and half hadn’t implemented them.” With the number of seniors expected to double in the next three decades, the SEC said it is scrutinizing firms that have higher numbers of senior investors and senior assets.
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