Fiduciary Duty When Dealing With Seniors?

June 10, 2011

in Aging,Fiduciary

An easy way for the SEC to make progress on the fiduciary duty issue is to impose a fiduciary duty on all advisors and salespeople dealing with seniors.  Research shows that even healthy seniors experience declines in their ability to make financial decisions as they age.  It is a steadily progressive decline that begins in a person’s 20’s.  Sometime between age 60 and 100 it becomes dibilitating to the point where a person should  not make financial decisions.   But the senior won’t know it or won’t admit it.  What if every transaction with a person over 60 was subject to a fiduciary standard?  Everyone from the parish priest to the annuity salesperson to the undertaker would be bound by this standard and held liable if a transaction was not in the senior’s best interest.  The financial ripoff of seniors is a huge problem with an easy fix.

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