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

Investing for accountability: How to frame a values-driven conversation with clients
Investing for accountability: How to frame a values-driven conversation with clients

By listening for what truly matters and where clients want to make a difference, advisors can avoid politics and help build more personal strategies.

Advisor moves: Raymond James ends week with $1B Commonwealth recruitment streak
Advisor moves: Raymond James ends week with $1B Commonwealth recruitment streak

JPMorgan and RBC have also welcomed ex-UBS advisors in Texas, while Steward Partners and SpirePoint make new additions in the Sun Belt.

Cook Lawyer says fraud claims are Trump’s ‘weapon of choice’
Cook Lawyer says fraud claims are Trump’s ‘weapon of choice’

Counsel representing Lisa Cook argued the president's pattern of publicly blasting the Fed calls the foundation for her firing into question.

SEC orders Vanguard, Empower to pay more than $25M over failures linked to advisor compensation
SEC orders Vanguard, Empower to pay more than $25M over failures linked to advisor compensation

The two firms violated the Advisers Act and Reg BI by making misleading statements and failing to disclose conflicts to retail and retirement plan investors, according to the regulator.

RIA moves: Wells Fargo pair joins &Partners in Virginia
RIA moves: Wells Fargo pair joins &Partners in Virginia

Elsewhere, two breakaway teams from Morgan Stanley and Merrill unite to form a $2 billion RIA, while a Texas-based independent merges with a Bay Area advisory practice.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

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.