It’s critical for seniors to understand how to protect themselves from financial abuse given that the majority of cases will involve people who are close to them
The groups are aiming to develop a mechanism to help firms and advisors protect clients who may be victims of elder abuse or with diminished mental capacity
Firms will have the power to place a temporary hold on client funds or securities that are to be disbursed if there’s a “reasonable belief of financial exploitation”
The anti-exploitation program will now include training for employees of banks and credit unions
Senior clients may be vulnerable to exploitation by family members, friends and strangers. While investment industry groups are finding ways to identify and prevent financial abuse of elders, you can do your part to help protect your clients
The checklists on cognitive decline and financial exploitation will help advisors prepare for the challenges of working with aging investors
Guidance says dealers and reps have an important role in preventing financial exploitation
State securities regulators to offer training to broker-dealers and investment advisors
The act will create incentives for advisors to report possible exploitation as soon as possible
John Poyser, partner, Tradition Law LLP, Estates and Trusts, explains four steps you must take to protect your client and your practice if you suspect a wealthy, older client is vulnerable to financial abuse.