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Robo Advice, Elder Abuse in SEC Crosshairs in 2017

For the first time, the SEC will begin scrutinizing financial professionals who offer advice through robo platforms in 2017. For firms that provide electronic advice, the SEC’s Office of Compliance Inspections and Examinations is warning that exams this year may examine marketing, disclosures of conflicts, compliance programs and the manner in which investment recommendations are produced. In its annual exam guidance, the commission also signaled it will not relent on evaluating registrants’ cybersecurity policies and procedures, an ongoing area of concern as cyber thieves are increasingly targeting financial firms’ data. The commission also indicated that it will ramp up scrutiny of professionals who advise seniors, as it looks to ensure that appropriate investment recommendations are made to aging clients. Data security will also be under scrutiny, fitting into the commission’s concern about cybersecurity generally, which it identifies as a “marketwide risk.”

Source/more: Financial Planning
Related: Protecting Aging Clients From Elder Financial Abuse


David Wingate is an elder law attorney at the Elder Law Office of David Wingate, LLC. The elder law office services clients with powers of attorneys, living wills, Wills, Trusts, Medicaid and asset protection. The Elder Law office has locations in Frederick and Montgomery Counties, Maryland.

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