Did you know that persons over the age of 50 control over 70% of the nation’s wealth?1 It’s no wonder that elder financial abuse is a growing concern in the financial industry. Unfortunately, many times the perpetrators aren’t who you might expect them to be. They may be family, friends, neighbors or care-givers — the people that the elderly might trust the most.
Some of the signs of elder financial abuse include:
- Unusual activity in your clients financial accounts
- Large purchases and/or an unusual increase in credit card debt, with explanations of these increases that don’t seem to make sense
- Isolation from friends and family by a new “best friend”
- Sudden, unexplained changes to a will or trust
- Closing accounts without regard to penalties and/or fees
- Signatures on checks or other financial documents that don’t appear to be legitimate
As their agent, you have a responsibility to watch for the warning signs and take action if you suspect that your client might be, or has been, a victim of financial abuse.
For more information on what to do if you suspect elder financial abuse, check out the article below from the AARP or contact us at ComplianceConnection@biltd.com.
For Financial Professional Use Only – Not For Use With The General Public.