Regulators target free lunches for elderly clientele
Concerns involve linkages between these prospecting meals — popular with seniors — and sales of high-fee investment products.
There's no such thing as a free lunch in the investment advice sector, especially when brokers use the afternoon meal as a way to interest prospective elderly clients in high-fee investment products, according to the SEC.
Kevin Goodman, national associate director of the Securities and Exchange Comm
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