Democratic U.S. Senate candidate Robin Carnahan from Missouri casts her ballot Tuesday, Nov. 2, 2010, in St. Louis, Mo. (AP Photo/Whitney Curtis) By Whitney Curtis
JEFFERSON CITY, Mo. (AP) -- Secretary of State Robin Carnahan says Missouri investment firms need to do more to address the needs of seniors who entrust them with their life savings.
Carnahan released a report Wednesday on a six-month audit of the policies and procedures at 24 brokerage firms and six investment adviser firms. She says many firms lack specific policies for dealing with seniors, such as identifying unsuitable investments and working with people with dementia.
The report does not identify any of the businesses that were reviewed.
Carnahan says she launched the review because of rising complaints to her Securities Division, an increase in reports of financial fraud involving seniors and the general aging of the state's population.
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