FINRA has deluged us recently with guidance and reminders about protecting seniors: let's not limit our focus to the elderly. You've all seen that commercial featuring a baby making stock trades: it's time to think about how your firm will protect these valuable--and vulnerable--customers from potential deception by registered representatives. Next time a baby calls your firm to set up an account, ask these important questions in order to determine suitability:
Can you talk yet?
Can you walk yet?
Do you have a state- or federally-issued document verifying your identity?
That should be enough to get the ball rolling. And don't forget to discuss investment preferences. Formula and plastic rattles are not all these savvy little guys care about...
(In jest. Couldn't help it.)
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