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Ethics and longevity aifg

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Adriane Berg
Adriane Berg

This document discusses ethics issues related to providing financial advice and products to senior clients. It summarizes the key topics and findings of the 2006 SEC Seniors Summit, which examined how to better protect older Americans from investment fraud. The summit focused on problematic products, conduct, and marketing practices targeting seniors. It also addressed the importance of understanding age-related changes in clients and considering emotional, cognitive, and communication impairments. The document outlines various ethical challenges that can arise, such as working with clients who have dementia or are being financially abused.

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Ethics and Longevity Generation Bold Adriane G. Berg 6 Cedar Ridge Rd. Lebanon, NJ 08833 www.generationbold.com (908)236-8148
What Do You See?
Ethos: Greek for Character Ethics: How we live (do) based on morals of right and wrong Morals: How we define right and wrong (think) Values: How we believe about right and wrong (being) Which Counts Most?
Whose Ethics is it, Anyway?
The July 18, 2006 Senior Summit The New York Stock Exchange National Association of Securities Dealers
The July 18, 2006 Senior Summit Recognition of Longevity A Paternalistic View A Call for Best Practices A Fair Warning
slick schemes and broken dreams SEC to Conduct First-Ever Seniors Summit July 17 to Protect Older Americans From Investment Fraud New NASD Investor Education Foundation Fraud Study to be Released Washington, D.C., July 10, 2006 - Securities and Exchange Commission Chairman Christopher Cox today announced the date and agenda for the SEC's first-ever Seniors Summit to examine how regulators and others can better coordinate efforts to protect older Americans from investment fraud and abusive sales practices.
Survey Says. 44% of all State Securities complaints are from Seniors 31% of all enforcement actions are for Senior complaints Seniors are 15% of the population but 30% of the fraud victims In North Carolina they are 50% And in Florida, its 75%
The Remedy Aggressive Enforcement Consumer Education
The Targets Products Conduct Marketing
Product Targets The Annuity and Ethics Variable Annuities Equity Indexed Annuities Stretch out IRAs ? But we believe these products are unsuitable for may retirees and are being aggressively pitched to seniors through investment seminars nationwide Patricia Struck, NASSA
Conduct Targets The Names You Know Churninginappropriate buying and selling Twistingmisrepresentation resulting in replacements Breach of Fiduciary Responsibility Lack of Communication Lack of Due Diligence
Marketing Targets Seminar Selling Mary Shapiro, Vice President of NASD Regulatory Policy Oversight, calls for a multi-regulatory sweep
Ethical Processes Approach Report Presentation Proposal Closing Implementation
The Ethics of Understanding
Practical Understanding The Professional Suitability Full Disclosure The Client Understanding Impact
Aging and Understanding Emotional Intelligence Cognitive Impairment Sensual Impairment Communication Impairment
Emotional Understanding WISE Study The most likely scammed are those who see themselves as experienced investors
Cognitive Impairment Incompetence Legal Medical
Communication Impairment
Who is Your Client? One of your long time clients comes to you for advice for his parent He and his sibling are constantly arguing, agreeing about nothing His mother spends the meeting crying His father is silent, but when he speaks is not understandable
Confidentiality Your old time client wants to do some end of life planning His wife, also your client, is left out of the loop She may be financially harmed by what your client is planning
Sharing Information Who needs to know Who should know Whom do you want to tell
Financial Abuse of Seniors Sweepstakes Phony charities Predatory lending Cemetery and burial funds Identity theft General scams Internet fraud Sales fraud Intimacy abuse
Family Abuse The physical and emotional needs of your clients parents are not being met. It is clear that the children are preserving the assets
The National Center on Elder Abuse www.elderabusecenter.org
The Bag Lady Syndrome Your client, with plenty of resources refuses to use any of the resources for her own care She has no family, no friends Her physical condition is worsening Yet, she is lucid and clear
A Change in Your Client Your clients mental and physical health take a sudden downward turn Your plans, while once appropriate, are suddenly in need of amendment Communications are breaking down
Geriatric Care Managers Data Intake Income Streams Risk Tolerance The Over 80 Budget Presentation without exacerbating fear!
Showing Compassion for the Clients Situation Is Compassion Ever Unethical? How Close is Too Close?
The Interdisciplinary Practice Law Accounting Medicine Insurance Financial Advice Investing Psychologist
Intra-Family Issues Sibling Agreements Merged Households Caretakers Agreement Personal Care Contracts
Grow Old With Me Grow old with me! The best is yet to be, The last of life, for which the first was made: Our times are in his hand Who saith: A whole I planned, Youth shows but half; trust God: see all, nor be afraid! Rabbi Ben Ezra Robert Browning

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Ethics and longevity aifg

  • 1. Ethics and Longevity Generation Bold Adriane G. Berg 6 Cedar Ridge Rd. Lebanon, NJ 08833 www.generationbold.com (908)236-8148
  • 2. What Do You See?
  • 3. Ethos: Greek for Character Ethics: How we live (do) based on morals of right and wrong Morals: How we define right and wrong (think) Values: How we believe about right and wrong (being) Which Counts Most?
  • 4. Whose Ethics is it, Anyway?
  • 5. The July 18, 2006 Senior Summit The New York Stock Exchange National Association of Securities Dealers
  • 6. The July 18, 2006 Senior Summit Recognition of Longevity A Paternalistic View A Call for Best Practices A Fair Warning
  • 7. slick schemes and broken dreams SEC to Conduct First-Ever Seniors Summit July 17 to Protect Older Americans From Investment Fraud New NASD Investor Education Foundation Fraud Study to be Released Washington, D.C., July 10, 2006 - Securities and Exchange Commission Chairman Christopher Cox today announced the date and agenda for the SEC's first-ever Seniors Summit to examine how regulators and others can better coordinate efforts to protect older Americans from investment fraud and abusive sales practices.
  • 8. Survey Says. 44% of all State Securities complaints are from Seniors 31% of all enforcement actions are for Senior complaints Seniors are 15% of the population but 30% of the fraud victims In North Carolina they are 50% And in Florida, its 75%
  • 10. The Targets Products Conduct Marketing
  • 11. Product Targets The Annuity and Ethics Variable Annuities Equity Indexed Annuities Stretch out IRAs ? But we believe these products are unsuitable for may retirees and are being aggressively pitched to seniors through investment seminars nationwide Patricia Struck, NASSA
  • 12. Conduct Targets The Names You Know Churninginappropriate buying and selling Twistingmisrepresentation resulting in replacements Breach of Fiduciary Responsibility Lack of Communication Lack of Due Diligence
  • 13. Marketing Targets Seminar Selling Mary Shapiro, Vice President of NASD Regulatory Policy Oversight, calls for a multi-regulatory sweep
  • 14. Ethical Processes Approach Report Presentation Proposal Closing Implementation
  • 15. The Ethics of Understanding
  • 16. Practical Understanding The Professional Suitability Full Disclosure The Client Understanding Impact
  • 17. Aging and Understanding Emotional Intelligence Cognitive Impairment Sensual Impairment Communication Impairment
  • 18. Emotional Understanding WISE Study The most likely scammed are those who see themselves as experienced investors
  • 21. Who is Your Client? One of your long time clients comes to you for advice for his parent He and his sibling are constantly arguing, agreeing about nothing His mother spends the meeting crying His father is silent, but when he speaks is not understandable
  • 22. Confidentiality Your old time client wants to do some end of life planning His wife, also your client, is left out of the loop She may be financially harmed by what your client is planning
  • 23. Sharing Information Who needs to know Who should know Whom do you want to tell
  • 24. Financial Abuse of Seniors Sweepstakes Phony charities Predatory lending Cemetery and burial funds Identity theft General scams Internet fraud Sales fraud Intimacy abuse
  • 25. Family Abuse The physical and emotional needs of your clients parents are not being met. It is clear that the children are preserving the assets
  • 26. The National Center on Elder Abuse www.elderabusecenter.org
  • 27. The Bag Lady Syndrome Your client, with plenty of resources refuses to use any of the resources for her own care She has no family, no friends Her physical condition is worsening Yet, she is lucid and clear
  • 28. A Change in Your Client Your clients mental and physical health take a sudden downward turn Your plans, while once appropriate, are suddenly in need of amendment Communications are breaking down
  • 29. Geriatric Care Managers Data Intake Income Streams Risk Tolerance The Over 80 Budget Presentation without exacerbating fear!
  • 30. Showing Compassion for the Clients Situation Is Compassion Ever Unethical? How Close is Too Close?
  • 31. The Interdisciplinary Practice Law Accounting Medicine Insurance Financial Advice Investing Psychologist
  • 32. Intra-Family Issues Sibling Agreements Merged Households Caretakers Agreement Personal Care Contracts
  • 33. Grow Old With Me Grow old with me! The best is yet to be, The last of life, for which the first was made: Our times are in his hand Who saith: A whole I planned, Youth shows but half; trust God: see all, nor be afraid! Rabbi Ben Ezra Robert Browning