A joint initiative between the Securities and Exchange Commission and the Financial Industry Regulatory Authority found that 34 percent of broker-dealer firms made one or more potentially unsuitable recommendations of variable annuities to senior investors.

Data from the coordinated examinations of 44 broker-dealers in 2013 was published as the Department of Labor released its proposed conflict of interest rule, which aims to insist a fiduciary standard of care on all broker-dealers advising retirement plan participants and individual investors.

The report, The National Senior Investment Initiative, focused on how firms conduct business with investors age 65 and older as they prepare for an enter retirement.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.