Financial Exploitation of Specified Adults

What this video covers

• Who counts as a specified adult: any senior investor age 65 or older, plus any adult age 18 or older with a mental or physical impairment that prevents self-protection
• Why a frontline registered representative cannot authorize a temporary hold, and why only supervisory, compliance, or legal personnel can pull that trigger
• The scope trap: a temporary hold applies only to the suspicious disbursement or securities transaction, not the entire account
• The duration math: 15 business days initial, plus 10 business days standard extension, for a default maximum of 25 business days
• How the 2022 amendment allows an additional 30 business days (up to 55 business days total) when the matter is reported to a state regulator, agency, or court of competent jurisdiction
• Why the 2022 amendment expanded the hold to cover both disbursements and securities transactions, not just cash leaving the account
• The trusted contact person rules: firms must make reasonable efforts to obtain one, the customer can decline, and the trusted contact has zero authority over the account