With thousands of baby boomers entering retirement every day, the Financial Industry Regulatory Authority (Finra) is zeroing in on the way financial advisory firms sell them complex financial products, Investment News reported.

 

Finra is gathering data from firms regarding the products they sell to seniors, the percentage of revenue they derive from those sales and the designations the firms are using to market themselves to older Americans, an official said during a conference Tuesday in Washington, D.C.

 

"It's something that has all of our attention, and I think it's somewhere where you'll see regulators continue to focus," Susan Axelrod, Finra executive vice president for member regulation sales practices, said at a compliance conference held at the Securities and Exchange Commission.

 

The data that Finra is collecting will provide "a good reflection point for us to better understand the [financial] world and take steps ... to ensure the appropriate supervision of sales to seniors," she said.

 

Finra CEO Richard Ketchum said that seniors are particularly vulnerable to offers of yield-chasing and high-risk products.