New Jersey law now requires financial advisors to report financial exploitation of seniors.
On January 13, 2020, New Jersey Governor Murphy signed the "Safeguarding Against Financial Exploitation Act," which establishes additional protections for seniors from financial exploitation. The bill defines an eligible adult as a person 65 years of age or older or a person subject to the "Adult Protective Services Act," P.L.1993, c.249 (C.52:27D-406 et seq.). The bill provides that when a qualified individ ual, defined as any agent, investment adviser representative or other person who serves in a supervisory, compliance, or legal capacity for a broker-dealer or investment adviser, believes that financial exploitation of an eligible adult has occurred or is being attempted, the qualified individual should: notify the Bureau of Securities in the Division of Consumer Affairs in the Department of Law and Public Safety and the applicable county adult protective services provider; notify any third party previously designated by the eligible adult
