Survey shows slight decline in elderly financial abuse cases

Survey shows slight decline in elderly financial abuse cases
Seventeen percent reported abuse, down from 20% in 2010: Investor Protection Trust.
MAR 31, 2016
Seventeen percent of elderly Americans have been financially abused, a decline from six years ago and evidence that such abuse might be curbed with the help of medical professionals, according to the Investor Protection Trust. The elderly Americans, all over the age of 65, have been victims of fraud, placed in an inappropriate investment or charged unreasonably high fees for financial services, according to a survey of 3,672 adults that was conducted over a four-day period earlier this month by Public Policy Polling for Investor Protection Trust. “While it is still alarming to see that nearly one out of five older Americans have been victims of financial swindles, it is encouraging that doctors and adult children are more tuned into this problem,” Don Blandin, president and CEO of Investor Protection Trust, said in a statement Tuesday. Investor Protection Trust, a Washington-based nonprofit that provides investor education, found in a similar survey in June 2010 that 20% of seniors reported financial abuse. Its effort since then to involve doctors in spotting signs of cognitive impairment that can lead to elder exploitation may be paying off. “Working together, clinicians and investor educators are starting to make a real difference,” Robert Roush, a professor of geriatrics at Baylor College of Medicine, said in the study's statement of the findings. The survey found that 21% of children with elderly parents reported talks with their health care providers about concerns handling money, up from just 5% in 2010. “Knowing that there are medical conditions that increase the likelihood of success for investment swindles targeting older Americans makes enlisting their health care professionals to help spot their vulnerability to financial abuse the right thing to do,” Mr. Roush said.

Latest News

Mesirow acquires part of flexPATH in second retirement deal of 2026
Mesirow acquires part of flexPATH in second retirement deal of 2026

Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.

Advisor moves: LPL lands $350M veteran advisor duo in Florida
Advisor moves: LPL lands $350M veteran advisor duo in Florida

Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.

SEC accuses crypto firm founder of running $425 million Ponzi scheme
SEC accuses crypto firm founder of running $425 million Ponzi scheme

It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.

MassMutual Ascend tops $2 billion in RIA annuity sales as advisors warm to income products
MassMutual Ascend tops $2 billion in RIA annuity sales as advisors warm to income products

Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.

Fintech bytes: Wealth tech firms target advisor productivity with new integrations
Fintech bytes: Wealth tech firms target advisor productivity with new integrations

Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income