Osaic has partnered with Carefull, an emerging financial safety platform focused on elder fraud prevention, to provide its network of advisors with tools to detect and prevent scams, fraud and financial mistakes among their client base.
The move reflects a broader shift in the wealth management industry toward proactive client protection as AI-driven fraud schemes and elder financial exploitation accelerate. According to the Federal Trade Commission, scams targeting older adults cost families over $29 billion in 2024 alone according to the Federal Trade Commission.
Separate tracking by the Federal Bureau of Investigation's Internet Crime Complaint Center found Americans over 60 lost $1.83 billion to investment fraud last year. Many of those cases involved fictitious crypto schemes, trading apps, or offshore funds. A growing number of incidents were also linked to "pig butchering," a tactic where scammers establish a connection with victims over time before coaxing them into bogus investment opportunities.
Under the agreement announced on Tuesday, Osaic's advisors will gain access to Carefull's AI-powered platform, which monitors accounts for suspicious activity, unusual spending patterns and behavioral changes that may signal fraud or financial vulnerability. The platform also includes identity theft insurance coverage, a tool for clients to verify whether messages are scams, and a digital repository for storing critical financial documents.
The partnership arrives as Carefull has been building out its technical infrastructure. In October, the company introduced GreyMatter, a proprietary artificial intelligence system designed to detect patterns traditional fraud monitoring systems miss – including signs of cognitive decline, romance scams and potential financial exploitation by trusted contacts. Carefull says GreyMatter analyzes behavioral data points drawn from medical research, psychology and financial fraud prevention.
Clayton Chandler, chief data and analytics officer of Osaic, said in a statement that the partnership supports the firm's "commitment to helping our financial advisors improve their overall value proposition, protect their clients and boost opportunities for business growth."
Todd Rovak, co-chief executive of Carefull, added that "financial safety is no longer optional, it's fundamental to modern wealth management and financial planning."
The partnership also addresses the approaching transfer of trillions in wealth. With roughly $124 trillion set to change hands by 2048, advisors increasingly recognize the need to safeguard client assets across generations. Carefull's platform includes features designed to help advisors connect with heirs and document financial information for succession planning.
The Osaic deal follows similar partnerships Carefull struck with RIA firms and financial institutions this year, including Quotient Wealth Partners, Tucoemas Federal Credit Union, and Integrated Partners.
Salespeople at the firm often went beyond the matching algorithm to recommend network advisors on its Zoe Wealth platform, according to the regulator.
The Protect College Sports Act would cap school payments and codify NIL rights, with implications for advisors guiding young athletes.
"I know the number that I want to be able to retire on, and now I just want out," says Wilmington Trust's Marguerite Weese, describing a common refrain among business-owner clients.
Bessemer and Brown Brothers Harriman veteran Robert Ludricks III and private markets specialist Olof Akesson join the ultra-high-net-worth push on the East Coast.
765 investors were promised 260% annual returns on truck leases
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
