Do you know the warning signs of elder financial abuse?

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.


http://www.aarp.org/money/scams-fraud/info-2015/how-to-spot-early-warning-signs-of-elder-financial-abuse.html

1http://www.preventelderabuse.org/elderabuse/fin_abuse.html

For Financial Professional Use Only – Not For Use With The General Public.