Brokers Target Seniors

The sad truth is that bad stockbrokers and financial advisors go out of their way to target seniors.

So many seniors have been victimized by stock broker misconduct that organizations such as the AARP regularly condemn it, entire websites are devoted to protecting seniors from annuity fraud, California passed a law that limits what brokers can do when they meet with seniors in their homes to sell annuities and insurance.

Some of the ways in which stock brokers target seniors are more subtle. An increasing number of brokers have sought designations identifying themselves as “senior specialists” or senior advisor.” But, according to the North American Securities Administrators Association, the designations are often times a sham. The brokers attend a short class to get the designation, but they are mostly taught how to market their products to seniors.

If you are a senior, or you are a caregiver for one, you need to be careful. Click here to learn the basics about how to pick a broker.

And if you believe that you or a senior you know has already been harmed a bad stock broker, contact us by phone or fill in the form below.