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WASHINGTON, DC – (June 15, 2022) – In recognition of World Elder Abuse Awareness Day, the North American Securities Administrators Association (NASAA) today released two new publications developed by NASAA’s Senior Issues and Diminished Capacity Committee that are aimed at raising awareness about the use of a power of attorney in managing one’s financial affairs.

“The decision to execute a power of attorney is critically important for investors and can provide peace of mind. However, there are significant questions an investor should discuss with their legal counsel and financial professional when deciding whether to put a power of attorney in place,” said NASAA President Melanie Senter Lubin. “I thank the Senior Issues and Diminished Capacity Committee for their work in preparing these resources.”

The new publications call attention to the benefits of executing a power of attorney and other important considerations. The first, “Powers of Attorney: Basics That All Investors Should Know and Consider”, provides basic power of attorney information for investors, including an explanation of what a power of attorney is, an overview of what to consider when choosing a person to serve as an attorney-in-fact, and a review of different provisions and forms of powers of attorney.

The second, “Powers of Attorney: Why Discussing a Power of Attorney Can Be Important to the Financial Professional and Client Relationship”, helps financial professionals understand the benefits of powers of attorney for their clients, explores topics to discuss with clients, addresses how to prepare for and consider the changed relationship with clients when a power of attorney is invoked, and outlines what to do if financial exploitation is suspected.

“The power of attorney publications are the result of committee members’ commitment to the protection of older investors. They are important resources for both investors and financial professionals,” said Richard C. Szuch, Chair of the NASAA Senior Issues and Diminished Capacity Committee and Enforcement Chief, New Jersey Bureau of Securities.

NASAA–

About NASAA:

NASAA’s membership consists of the securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, the 13 provinces and territories of Canada, and the country of Mexico. NASAA members are responsible for administering state and provincial securities laws that both serve to protect investors from fraud while also providing regulatory frameworks through which businesses can raise capital.

For More Information:
Jeanne Hamrick | Director of Communications | 202-737-0900

Karen Grajales | Communications and Investor Outreach Manager | 202-737-0900