Report on the FINRA Securities Helpline for Seniors™
On April 20, 2015, FINRA launched a significant new initiative—the FINRA Securities Helpline for Seniors (HELPSTM)—to broaden its investor protection efforts. As part of FINRA’s commitment to the protection of senior investors, the Helpline is intended to be the “go-to” resource for senior investors with securities-related questions and concerns. FINRA’s focus on senior investors has steadily increased over the past decade due to growing investor protection concerns and the unprecedented demographic shift underway in the United States, as the “Baby Boom” generation (those born from 1946 to 1964) transitions from the workforce to retirement. In 2010, the U.S. population over age 65 was approximately 40 million; by 2030 it is projected to grow by 80 percent to 72 million people. This presents significant investor protection challenges. The effects of aging can diminish an individual’s ability to navigate the complexities of financial services, making seniors a prime target for financial exploitation, fraud and deception. Compounding these challenges, once harmed financially, seniors typically have little or no ability to rebuild vital lost assets.
This year-end report provides an overview of the Helpline’s operation since its April launch, describes how the Helpline works and complements FINRA’s broader regulatory programs, and highlights situations where the Helpline has made a real impact in seniors’ lives. The report alerts investors and firms to common scams that target senior investors. Finally, the report shares effective practices that firms should consider.