Devoted to the Insurance industry and all thing related

In more ways than one securities regulators are worried about the aging of the baby boomer generation. Especially, according to nationalunderwriter.com, as a “looming compliance problem.” The chairwoman of the National Association of Securities Dealers (NASD), Mary Schapiro, said in a message delivered at the launch meeting of the Securities and Financial Markets Association (SIFMA) “Sellers of financial products had better be careful about what they sell and how they sell to aging baby boomers.” Schapiro went on to say: SIFMA member companies should test their products and strategies offered to seniors, train sales supervisors and sales representatives well, and make sure that they have appropriate internal oversight in place. If the retirement investment needs of aging boomers “are undermined by unduly risky products and ill-informed decisions, then regulatory reaction will be as swift and wide-sweeping as experienced in the past.” There will always be agents not fully explaining products to clients and seeking their commission instead of what fits for the client’s situation. Those agents and advisors that are in the financial business for their career hopefully will have a long-term outlook and not think of the quick commission or sale.