Survey finds income doesn’t significantly factor into people’s fears of running out of money
Financial advisors should be aware of how to identify and engage effectively with vulnerable clients
IIROC survey shows support for protecting vulnerable clients, while CSA suggests best practices
Cases include tech-support fraud schemes
Make adjustments to accommodate your older clients’ physical and mental limitations
Senior clients represent an important market, but dealing with them requires patience
World Elder Abuse Awareness Day is June 15
Watch for red flags, such as clients unexpectedly asking for a quick withdrawal of funds
Matthew McGuire, national anti-money laundering practice leader with MNP LLP in Toronto, discusses the signs that an elderly client may be a victim of fraud. He lists the three most common indicators that a deal is fraudulent, and outlines the responsibilities of advisors in the event of a suspected fraud. McGuire spoke to Fiona Collie, web reporter with Investment Executive, at the TMX Broadcast Centre in Toronto.
Continue with regular meetings, and ensure clients remain engaged with their investments after they retire