Senior citizens would be protected from untrained financial advisors under legislation approved by the state House of Representatives and co-sponsored by Rep. Marilyn Giuliano. The measure, adopted unanimously and sent to the Senate, prohibits financial salespersons from using a fake certificate or falsely claiming they have special training in advising senior citizens.
The legislation applies to agents who sell financial products including stocks, bonds or insurance. It is aimed at preventing cases where unsuspecting elderly people have been deceived into thinking the financial salesperson has special expertise in advising seniors. “Many times we have heard of older people who were duped into investing their life savings with an unscrupulous advisor and then ended up losing their entire financial nest egg,” said Rep. Giuliano. “We may have even had parents or grandparents in our families who were bilked of large sums of money.”
“This legislation will go a long way toward protecting the elderly against fraudulent senior financial advisers,” Rep. Giuliano added. “I hope to see this bill passed in the Senate and signed into law promptly.” The legislation expands on existing state laws regarding securities and insurance that prohibit the use of fraud, deceit and untrue statements in the sale of financial products to people of any age.
The new legislation, an amendment to HB 6231, specifically targets financial salespersons who prey on senior citizens with false claims of special training or expertise.
“People have worked their whole lives to save for their retirement years,” said Rep. Giuliano. “We should do all we can to help people support themselves comfortably in their own homes.”
