New Jersey Gov. Phil Murphy signed a bill last week that requires qualified individuals to report suspected financial abuse of an elderly person. A qualified individual is defined as an advisor, agent or other person who is serving in a "supervisory, compliance, or legal capacity" for an advisor.
Jessica Hopper, who has served as acting head of enforcement at the Financial Industry Regulatory Authority since September, has been officially named to the position. "She is highly regarded as an enforcement lawyer and a thoughtful, collaborative leader, and during the course of her career has demonstrated a deep commitment to protecting investors and the integrity of our markets," said FINRA CEO Robert Cook.
Financial-services professionals shouldn't overlook the "young old" demographic, writes Bryce Sanders of Perceptive Business Solutions. This group of people ages 65-74 is in good health, active and wealthy, and businesses should cater to it, he writes.
Regulators are having trouble keeping up with the spread of technology and digital assets, Securities and Exchange Commission member Robert Jackson Jr. says. "In 20 years, we may need to be an agency of 2,000 lawyers and 2,000 programmers," Jackson says.
Social Security phone scams are becoming more numerous and more sophisticated, with the administration's inspector general warning that telephone scammers are now also sending people official-looking documents via email. If there is a legitimate problem with your Social Security account, officials will almost always contact you via mail, Mary Beth Franklin writes.
The stock market's dramatic advance may raise estate planning concerns for married couples using a "joint trust" plan, writes estate planning attorney James Blase. Couples using such a plan should have it reviewed to make sure they don't face surprising tax consequences, he writes.
Those who delay Social Security benefits until after their full retirement age will have the option of taking a retroactive lump-sum payment. The lump-sum option can make sense for a retiree who is struggling to make ends meet, but the decision will reduce future benefits and potentially increase the recipient's tax bill.
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