Advisors who work with broker-dealers can -- and should -- be doing much more to better protect seniors, the SEC and FINRA say in a new collaborative report.

With roughly 10,000 Americans set to turn 65 every day for the next 15 years, the two regulatory bodies "are concerned that some broker-dealers may be recommending riskier and possibly unsuitable securities to senior investors looking for higher returns and may be failing to adequately disclose the terms and risks of the securities they recommend."

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