August 9, 2015
I recently began managing my elderly parents financial affairs and the implementation of this new rule would be disastrous for us, and I am sure many other seniors. If it were not for the printed financial statements they have received in the mail, I would be totally lost as to what investments they own. My mother does not have an email address or a computer and while my father does, he has trouble managing his email account, and rarely checks his messages. He would not understand how to navigate between his email account and a website, and he does not have a printer because he cant manage the process of keeping it supplied with ink and paper. If this information delivery procedure had been in place a year ago, the financial holdings of my parents would be totally unknown, as I am sure they would not have understood that they must respond to some notice or stop receiving statements in the mail. The unintended consequences of this plan create a huge issue for seniors who dont have access to a computer, or are not skilled in computer use.
Please withdraw this provision from the Proposed Rule.