National Association of Insurance and Financial Advisors

NAIFA Applauds Senior$afe Act of 2017

NAIFA President Paul Dougherty praised the efforts of Sen. Susan Collins (R – Maine), who yesterday introduced the Senior$afe Act of 2017 (S. 223). The legislation would allow insurance and financial advisors to report suspected cases of financial fraud involving senior clients to financial institutions, which could then pass the suspicions along to the authorities.
NAIFA worked closely with members of Congress on the bipartisan bill to ensure that it included necessary liability protections for advisors working in good faith to protect their clients.
“For well over a century, thousands of dedicated NAIFA members have helped individuals and families reach their financial goals, and occasionally spot suspicious activities,” Dougherty said in his letter to Collins. “The Senior$afe Act will remove barriers that might otherwise discourage the reporting of such suspected exploitation to authorities.”
A 2011 MetLife study estimates that U.S. seniors lose an estimated $2.9 billion each year to financial fraud. A separate study by Allianz found that senior fraud victims lost an average of $30,000 each, and 10 percent lost $100,000 or more.
The Allianz study also found that seniors who regularly speak about their finances with trusted third parties, including financial professionals, are significantly less likely to be fraud victims, which is why the Senior $afe Act and similar legislation in the states is so important.
The House of Representatives passed a similar bill last year, but it did not pass the Senate before the end of the legislative session. NAIFA urges quick action on the current version of the bill.
  • Posted January 27, 2017 IN

Blog post currently doesn't have any comments.