For elderly clients, falling victim to fraud is much more likely to have a substantial emotional impact than a substantial financial impact, according to a new survey.
By more than a four-to-one margin (68% to 16%), financial planners said the emotional impact of fraud on the elderly was significant rather than minimal, according to research by the American Institute of Certified Public Accountants. Only 32% of the 688 CPA financial planners surveyed, however, said the financial impact of fraud was substantial.
“Financial exploitation of the elderly impacts much more than their finances," said Susan Tillery, chair of the institute's executive committee.
The most common type of financial abuse perpetrated on their elderly clients involved phone and internet scams, which were cited by 75% of the advisers in the survey. Other problems include the inability to say no to relatives (60%) and identity theft (49%).
Other scams or abuses that advisers cited in the survey include supporting adult children (43%), credit card theft (30%) and being taken advantage of by an in-home caregiver (26%).
“Everyone is vulnerable to financial abuse and exploitation," Ms. Tillery said. "However, the elderly are highly susceptible because companionship is an enticing allure for them."
The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.
The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.
Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.
With more than $13 billion in assets, American Portfolios Advisors closed last October.
Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
