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Advocacy in action blog

Michigan Governor Gretchen Whitmer has signed a bill NAIFA-MI helped shape and strongly advocated for that will help protect vulnerable adults, specifically seniors, from financial fraud and exploitation. The new law allows broker-dealers or investment advisors to delay disbursements or transactions if they suspect a client is being exploited or defrauded.

It empowers broker-dealers and investment advisors to report suspected cases of fraud or exploitation to law enforcement or adult protective services. The law provides immunity from administrative or civil liability to those acting in good faith to protect their clients or consumers.

Many NAIFA-MI members, including Benjamin Eichler, MBA, Mark Staat, and Scott Embree, LACP, testified on behalf of the bill before the legislature. In its rationale statement, the bill summary says: "According to testimony before the Senate Committee on Finance, Insurance, and Consumer Protection, vulnerable adults, specifically seniors, are disproportionately affected by financial fraud or exploitation. It has been suggested that legislation be enacted to create a structure for institutional protection of these individuals' funds."

“Older Michiganders dedicated their lives to hard work and community contributions,” said state Representative Angela Witwer, the bill's primary sponsor. “As they age, it becomes our responsibility to safeguard them from scams and abuse. With this bill signed into law, we can help stop financial exploitation at the source and make sure the elderly keep the money they earned and deserve.” 

NAIFA is the only association of insurance and financial advisors advocating at the federal level and in every state capital on behalf of financial professionals and the consumers they serve. NAIFA supports legislative efforts to protect seniors and other vulnerable adults from financial fraud and exploitation.