Many Missouri investment firms lack specific plans for dealing with the unique needs of seniors who entrust them with their life savings, Secretary of State Robin Carnahan said in a report released [12/26/10].
The report is the result of a six-month audit conducted by the secretary of state's Securities Division of the policies and procedures of 24 brokerage businesses and six investment adviser firms. Carnahan said she launched the review because of a growing number of complaints, an increase in reports of financial fraud involving seniors and the general aging of the state's population.
"Every year, hundreds of seniors call my office with questions and complaints about the investment advice they receive," Carnahan said in a written statement. "Missouri seniors should be able to invest their life savings confidently and without fear they will be taken advantage of by their adviser or broker."
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Carnahan: More Protections Needed for MO Seniors
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