LPL Financial supports passage of South Carolina law
CHARLOTTE, North Carolina, July 06, 2021 (GLOBE NEWSWIRE) – LPL Financial LLC (Nasdaq: LPLA) today announced that South Carolina Governor Henry McMaster has enacted an LPL-backed bill as as the main promoter. The new law gives financial services companies and South Carolina state securities regulators new tools to detect and prevent financial abuse of vulnerable adults. LPL worked closely with South Carolina Attorney General Alan Wilson to get the bill passed.
In the United States alone, the annual loss of financially abused seniors is estimated at $ 36.5 billion. The Protection for Vulnerable Adult and Senior Investors is designed to protect seniors who may experience physical or mental declines that may impact their ability to protect their own finances.
The South Carolina General Assembly voted overwhelmingly to approve the bill, which was the culmination of a massive effort by state lawmakers to protect the elderly and vulnerable adults from financial abuse. In particular, LPL is grateful for the support of Senator Thomas Alexander (R-Oconee), Senator Katrina Shealy (R-Lexington), Senator Tom Young (R-Aiken) and Representative Bill Sandifer (R-Oconee).
Why this LPL-backed bill matters
“State regulators and local authorities are on the front lines in fighting fraud and exploitation, and often the first place investors or their families turn for help,” said John Cronin, vice-president of LPL Financial and responsible for relations with the state government. “With this legislation, South Carolina joins a growing list of states creating additional levels of protection for its most vulnerable residents. We are proud to play a role in supporting this effort in a state that LPL calls home. “
The legislation extends the impact of the North America Securities Administrators Association (NASAA) “Protecting Vulnerable Adults Against Financial Abuse (Model Law)” which was approved by NASAA members in 2016. The Model Law provides model legislation that any state can pass to protect senior investors and vulnerable adults from financial abuse, provides for mandatory reporting to regulators and allows companies and advisers to call on assistance from state securities regulators to investigate any red flags To date, the Model Law has been enacted in 32 jurisdictions.
To learn more about LPL’s Government Relations team and its advocacy, please contact [email protected]
About LPL Financière
LPL Financial (Nasdaq: LPLA) was founded on the premise that the company should work for the adviser, not the other way around. Today, LPL is a leader * in the markets we serve, supporting more than 18,000 financial advisors, 800 institutional investment programs and 450 independent RIA companies across the country. We are unwavering in our commitment to the advisor-centric model and our belief that Americans deserve access to objective advice from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services and technological resources that allow them to perfectly manage their practice. And they have the freedom to manage their customer relationships because they know their customers better. Simply put, we take care of our advisors, so they can take care of their clients.
* AIR’s main custodian (Cerulli Associates, 2019 US RIA Marketplace Report); 1st independent broker in the United States (based on total revenues, Financial Planning magazine June 1996-2020); 1st provider of brokerage services on behalf of third parties to banks and credit unions (TPM Annual Report 2020-2021 Kehrer Bielan Research & Consulting); Fortune 500 in June 2021
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