NASAA's Senior Issues and Diminished Capacity Committee Presents: Cognition: Problems and Solutions.
Recorded On: 02/03/2022
NASAA is pleased to announce the premiere episode of its new webcast series, NASAA’s Senior Issues and Diminished Capacity Committee Presents
This free webcast will provide an inclusive platform for learning from the best and brightest minds who will discuss issues that matter most to those dealing with at-risk investors.
This event is open to NASAA members and those who are interested in learning more about at-risk investor protection issues.
The premiere webcast, Cognition, Problems and Solutions, will focus on new ways to better understand the brain and cognition. Presenters will discuss how environment, age, gender, and other factors can impact an investor’s ability to make sound financial decisions and the steps that can be taken to prevent exploitation.
February 3, 2022
2:30 p.m. EDT | 1:30 p.m. CDT | 12:30 p.m. MDT | 11:30 a.m. PDT
Chair of the NASAA Senior Issues and Diminished Capacity Committee, Washington Securities Division.
Melanie Senter Lubin
NASAA President and Commissioner, Maryland Securities Commission.
Vice-Chair of the NASAA Senior Issues and Diminished Capacity Committee, New Jersey Bureau of Securities.
Topic 1 : Loneliness, Cognitive Decline, and Financial Decision Making
Gerri Walsh, FINRA Foundation and Olivia Valdes, FINRA Foundation.
Our speakers will provide a high-level description of the FINRA Foundation and its work and collaboration with Rush University's Memory and Aging Project, which explores links between cognition, loneliness, and financial decision making. There will also be a discussion of FINRA Foundation’s paper, Metamemory and Financial Decision Making in Older Adults Without Dementia, to highlight what metamemory is and why it is important for our work.
Topic 2: Women, Aging and Financial Exploitation
Chris Pottie, Nova Scotia Securities Commission and Pamela Teaster, Virginia Tech Center for Gerontology.
Many studies emphasize that the majority of elder exploitation victims are women. Reasons most frequently given are that women simply live longer than men, giving them a longer time interval to be victimized. The discussion will focus on the financial exploitation of aging women including its definition, scope, risk factors, outcomes, interventions, and prevention ideas. The segment will also cover regional differences as well as those pertaining to age, race, ethnicity, education, and income.
Topic 3: Overcoming Investor Reticence to Designate a Trusted Contact
Deborah Gillis, New Brunswick Financial and Consumer Services Commission and Danica Sergison, Ontario Securities Commission.
Although investors could benefit from appointing a trusted contact to help them in case of emergency or suspected exploitation, they frequently choose not to do this, even when urged to do so by their investment professional or family. The Ontario Securities Commission recently published a research report, Protecting Aging Investors Through Behavioral Insights. In this report, the psychological, emotional, and social factors influencing older investors’ decisions were examined. The report identifies behaviorally informed tactics that increase the likelihood that an older investor will opt in and designate a trusted contact. This segment will discuss those findings and provide solutions to increase the rate at which these investors designate trusted contacts.
NASAA President and Deputy Commissioner
Iowa Insurance Division
Andrew Hartnett is the Deputy Commissioner in the Iowa Insurance Division where he directs the activities of the Securities and Regulated Industries Bureau. He currently serves as President of the North American Securities Administrators Association (NASAA) and will serve as the Association's 2022-2023 President, NASAA's 105th president. Andrew brings to these roles experience as a state securities regulator in two jurisdictions, as an Assistant Attorney General, and several years in private practice. Prior to becoming the principal Iowa securities regulator, Andrew spent almost a decade in Missouri state government. As Missouri Commissioner of Securities, he directed the Missouri Securities Division, spearheaded the drafting and passage of the innovative Missouri Senior Savings Protection Act to prevent financial exploitation of senior citizens, and led the team that created the cybersecurity examination module first used by most state regulators.
While at the Missouri Attorney General’s office, Andrew first served as an Assistant Attorney General in the Consumer Protection Division, handling all aspects of consumer protection, antitrust and securities investigations and litigation. He was ultimately promoted to serve as chief of staff to then-Missouri Attorney General Chris Koster. During his time in government, Andrew has been active in NAAG and NASAA. Prior to being elected to the Board of Directors of NASAA in 2019 and as President-Elect in 2021, Andrew twice chaired the NASAA Enforcement Section and also chaired the Broker-Dealer Section. Over the years, Andrew has also chaired Board committees focused on cybersecurity, technology, and federal legislation. Andrew began his legal career at Bryan Cave. Between his government service in Missouri and Iowa, he was a partner (officer) at Greensfelder, Hemker & Gale, where he worked on data privacy matters and represented broker-dealers and investment advisers in regulatory and enforcement matters. Andrew earned his bachelor's degree from Catholic University, a master’s degree from New York University, and a J.D. from Saint Louis University.
Senior Director of State Relations
Kristen Standifer is a Senior Director of State Relations in the Office of Government Affairs at FINRA. In this role, she addresses policy matters and coordinates with the North American Securities Administrators Association (NASAA) and state securities regulators. Before joining FINRA, Ms. Standifer was an Examinations and Licensing Supervisor at the Washington State Securities Division. In that role, she led a team that reviewed licensing applications, conducted examinations and pursued enforcement actions. Ms. Standifer provided education and outreach regarding consumer protection of the elderly and vulnerable investor populations, fraud, and regulatory compliance. She was appointed to serve as Chair of the NASAA Senior Issues and Diminished Capacity Committee and NASAA’s Broker Dealer Market and Regulatory Policy and Procedure project group. In recognition of these efforts, NASAA recently awarded her a Distinguished Service Award for her significant contributions to investor protection.
Ms. Standifer previously worked as a trial attorney for the Washington State Office of the Attorney General where she litigated issues related to medical malpractice, health care, and senior abuse. Before obtaining her law degree, Ms. Standifer was a financial analyst.
Chair, NASAA’s Senior Issues and Diminished Capacity Committee,
New Jersey Bureau of Securities
Richard Szuch has served in public and private roles in the law for more than 30 years. Currently, he serves as the Enforcement Chief for the New Jersey Bureau of Securities. New Jersey has jurisdiction over more than 200,000 registered agents. The enforcement unit handles investigations and makes recommendations about enforcement actions related to securities law violations, whether by Investment Advisers or Broker- Dealers (and their agents) or unregistered persons. He oversees the administration of financial exploitation reports filed in the state pursuant to New Jersey’s SAFE Act, a report and hold law requiring reports by financial services firms whenever elder/vulnerable investor exploitation is suspected. He serves as Chair of NASAA’s Senior Issues and Diminished Capacity Committee, which devotes its time to improving industry and regulatory efforts to protect at-risk investors. Prior to this, Rich defended the financial services industry for decades. He represented national and regional banks, broker-dealers and investment advisers and counseled them with respect to their legal and regulatory obligations. He helped coordinate the defense of some of the largest securities arbitration cases in the country. Rich also formed Bressler Amery & Ross’s Senior & Vulnerable Investor Group and was a primary architect in the construction of its trademark tool, the Bressler Map, an internet-based search engine designed to help regulators and the industry navigate the country’s complex mosaic of at-risk investor exploitation laws.
FINRA Investor Education Foundation
Gerri Walsh is Senior Vice President of Investor Education at the Financial Industry Regulatory Authority (FINRA). In this capacity, she is responsible for the development and operations of FINRA’s investor education program. She is also President of the FINRA Investor Education Foundation, where she manages the Foundation’s strategic initiatives to educate and protect investors and to benchmark and foster financial capability for all Americans, especially underserved audiences. Ms. Walsh was the founding executive sponsor of FINRA’s Military Community Employee Resource Group. She serves on the Advisory Council to the Stanford Center on Longevity and represents FINRA on IOSCO’s standing policy committee on retail investor education, the Jump$tart Coalition for Personal Financial Literacy, NASAA’s Senior Investor Advisory Council and the Wharton Pension Research Council. Prior to joining FINRA in May 2006, Ms. Walsh was Deputy Director of the Securities and Exchange Commission’s Office of Investor Education and Assistance. She also served as a senior attorney in the SEC’s Division of Enforcement, investigating and prosecuting violators of the federal securities laws.
Senior Legal Counsel
New Brunswick Financial & Consumer Services Commission
Deborah Gillis is a Senior Legal Counsel with the New Brunswick Financial and Consumer Services Commission (FCNB). In her role as Senior Legal Counsel, she provides legal support to each of FCNB’s divisions, ensures the privacy and access needs and requirements of the organization are met, and leads FCNB’s seniors’ initiative, a multiyear strategy focused on preventing financial exploitation in older New Brunswickers. Deborah co-leads the Canadian Securities Administrators committee to examine issues related to older and vulnerable investors and has been a member on the North American Securities Administrators Association board committee on senior and diminished capacity since its inception in varying roles. Before joining FCNB in 2014, Deborah worked for over eight years between a large Atlantic Canadian. firm and as counsel to a small company. Deborah holds a LLB, BEd, and a BA from the University of New Brunswick.
Deputy Director, Registration & Compliance
Nova Scotia Securities Commission
Chris Pottie is the Deputy Director, Registration & Compliance with the Nova Scotia Securities Commission (NSSC). She is responsible for the development, maintenance, and ongoing management of the compliance and registration functions in Nova Scotia, as well as the oversight of Self-Regulatory Organizations (SRO’s) within the province. Chris participated on the Canadian Securities Administrators (CSA) committee regarding older and vulnerable investors and currently is a member of the NASAA board committee addressing issues on seniors and diminished capacity. In connection with her work for the NSSC, Chris sits on the CSA Market Regulation Steering Committee and the CSA Registration Steering Committee. Chris completed her Masters in Adult Education at StFX University with a research focus on older adult learning and financial exploitation.
Ontario Securities Commission
Danica Sergison is a Policy Advisor in the Investor Office at the Ontario Securities Commission. She graduated from the University of Toronto Faculty of Law in 2015, and was called to the bar in Ontario in 2016. The Investor Office sets the strategic direction and leads the OSC’s efforts in investor engagement, education, outreach and research. It also provides behavioural insights leadership at the OSC to improve investor experiences.
Professor and the Director
Virginia Tech Center for Gerontology
Pamela B. Teaster is a Professor and the Director of the Center for Gerontology at Virginia Tech. She is the North American Representative of the International Network for the Prevention of Elder Abuse, Immediate Past President of the Board of Trustees for the Center for Guardianship Certification, and serves on the Editorial Boards of the Journal of Elder Abuse and Neglect and the Journal of Trauma, Violence, and Abuse Review. Dr. Teaster is a Fellow of the Gerontological Society of America and the Association for Gerontology in Higher Education and is a recipient of the Isabella Horton Grant Award for Guardianship (National College of Probate Judges), the Rosalie Wolf Award for Research on Elder Abuse (NAPSA), the Outstanding Affiliate Member Award (Kentucky Guardianship Association), and the Distinguished Educator Award (Kentucky Association for Gerontology). Former president of the National Committee for the Prevention of Elder Abuse, she has received continuous funding for over 20 years from public and private sources. Her areas of scholarship include the abuse of elders and vulnerable adults, guardianship, end-of-life decision-making, ethical treatment of older adults, and public policy and public affairs. She has published over 200 scholarly articles, reports, and book chapters and is the editor/author of 6 books.
Associate Principal Research Analyst
FINRA Investor Education Foundation
Olivia M. Valdes is an associate principal research analyst for the FINRA Investor Education Foundation. Her role includes leading and conducting research projects that pertain to the promotion and understanding of financial capability in America, the protection of consumers against financial fraud and exploitation, and the improvement of financial disclosure statements. Dr. Valdes obtained her B.A from University of South Florida and her Ph.D. in Experimental Psychology from Florida Atlantic University.