For the last few years, regulators have been targeting free-lunch seminars as potential vehicles for senior financial abuse. AARP and the North American Securities Administrators Association even launched a "seminar watchdog" program (SMA, January 2009), much to the chagrin of advisors who use such seminars legitimately. This torrent of negative publicity had many advisors wondering whether free-lunch seminars had a future in the senior market.
New AARP/NASAA research suggests the death knell was premature. According to the study "Protecting Older Investors: 2009 Free Lunch Seminar Report," AARP and NASAA found that slightly more than 60 percent of respondents 55 years or older said they received a seminar invitation by mail. Among those who received an invitation by mail or e-mail, nearly six out of 10 (57 percent) had received five or more invitations within the past three years.
The survey also found that almost one in 10 survey respondents (9 percent) said they attended a free financial seminar within the past three years. This translates into nearly 6 million Americans over the age of 55.
