To make sure the policies will be implemented by advisors and staff, Vasquez said she is implementing quarterly training. “It does us no good to have policies in place to protect seniors if staff isn’t trained to use these tools,” she added.
Training is not only critical, but a requirement to avoiding liability, regulators said.
The “Senior Safe Act” went into effect last May to give advisors immunity from liability if they report senior impairment or financial abuse to authorities, but it requires that all relevant firm employees be trained annually in safe senior practices.
“Your primary regulator needs to be able to verify that the training has occurred, so document it well in case you need to avail yourself of civil immunity,” said Valerie Mirko, general counsel of the North American Securities Administrators Association.