FINRA Creates a Hotline for Senior Investors

The Financial Industry Regulatory Authority, also known as FINRA, has recently established a new hotline for older investors. The new toll-free Securities Helpline for Seniors is:

1-844-57-HELPS (1-844-574-3577)

Within the past four weeks, approximately 350 calls have come in from seniors looking for more information about investment products. They are also able to report broker misconduct or delays in getting problems solved at brokerages.

According to a recent article in the Wall Street Journal, they claimed that FINRA realized that older investors concerned about their broker or their brokerage accounts would walk into the regional office in Boca Raton, Florida, to complain or ask questions because of its location in retiree-heavy Florida.

FINRA felt they needed to do more to address the needs of the older investors and to help stop the abuse to the elderly investors. The hotline itself is staffed by Boca Raton FINRA employees. FINRA reports the calls seem to be on target from the seniors. The hotline is providing support and education for the senior investors.

FINRA reports that the average age of the caller is 70 and so far calls have come in from 34 states and several foreign countries.

If you or a loved one are a senior investor and have sustained losses due to your broker or financial advisor's recommendations, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses at 888-760-6552. Florida-based Soreide Law Group represents our clients nationwide.