FINRA's Survey Confirms B-Ds Worry About the Aging of Registered Representatives

Posted on November 13th, 2019 at 4:26 PM
FINRA's Survey Confirms B-Ds Worry About the Aging of Registered Representatives

From the Desk of Jim Eccleston at Eccleston Law LLC:

Not only there are concerns about senior investors, there are also concerns about senior advisors. About 65% of broker-dealers ("B-Ds") are "worried about the aging [of] registered representative population at their firms," according to the cell phone poll taken at the Senior Investor Protection Conference by the Financial Industry Regulatory Authority Inc. ("FINRA").

Different panelists discussed this topic in detail at the conference and shared their concerns and best practices.

Robert Mascio, Manager of FINRA's Securities Helpline for Seniors, led a panel on diminished capacity and suspected elder abuse at the conference and pointed out that "aging of registered representatives is an important topic."

Mary Shea Tucker, Director of Wells Fargo Advisors Elder Client Initiatives Team, said that monitoring for and managing the signs of cognitive impairment and diminished capacity in advisors is as important as it for broker-dealers' senior clients. "People get so freaked out that they're invading an employee's privacy. Still, if you look at this as a performance management issue, we all have the tools to investigate and manage this," she added at the conference. 

As a result, advisors should expect accelerating training, monitoring, and implementing procedures for detecting advisor cognitive impairment across the industry, other participants, and B-Ds agreed at the conference.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, finra, broker-dealers, registered representatives, mary shea tucker

Return to Archive



If the regulators are after you, and are trying to make a case against you, and you are going to contest their allegations against you, make sure you have the best securities industry defense lawyers, Eccleston Law Firm. My case was spun into a combination of penalties including fines, cash settlements, CE courses and suspension. They were the best I have seen in action. When all was said and done, they had done their magic, my situation was negotiated and settled with a simple "letter of caution" and a case closed without action. It is the most important legal business decision you will ever make, make it Eccleston Law.

Rick R.


October 26, 2021
Former Advisor Fails To Reverse Bar After Alleged $1 Million Theft From RBC

A former RBC Wealth Management advisor lost his bid to reverse an industry bar, according to an appellate decision issued by the Financial Industry Regulatory Authority (FINRA).

October 25, 2021
Firms Walk Thin Regulatory Line In Referring Self-Directed Clients To Advisors

While online trading platforms have surged in popularity during the pandemic, brokerage firms view self-directed investors as a source of new clients.

October 22, 2021
TIAA Sues Former Advisors For Allegedly Soliciting Clients

Teachers Insurance and Annuity Association of America (TIAA) filed suit against three of its former Connecticut advisors for allegedly soliciting TIAA clients to join them at their new firm.