Last month, FINRA launched a toll-free FINRA Securities Helpline for Seniors at 844-57-HELPS (844-574-3577) to provide older investors with assistance from FINRA staff related to concerns they have with their brokerage accounts and investments, such as:
- understanding how to review your investment portfolio or account statements;
- concerns about the handling of a brokerage account; and
- investor tools and resources from FINRA, including BrokerCheck®
Since then, hundreds of calls from all over the world have come pouring in, according to Matthias Rieker of the Wall Street Journal. While many seniors have called FINRA for more information about various investment products, some seniors have already used the hotline to report broker misconduct.
As the FINRA Securities Helpline for Seniors is clearly being utilized by seniors, firms and brokers may want to consider educating their older customer base and developing more senior-friendly customer service materials, so that these calls come in to the firm or broker, rather than FINRA. That way firms and brokers can address these issues directly, if possible, rather than getting FINRA involved.