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Protecting vulnerable people from financial fraud
Seniors lose more than $3 billion annually as a result of financial scams and other forms of elder abuse, and as baby boomers continue to age, this already staggering figure is sure to rise.
Combatting senior abuse gets bipartisan backing
The House Financial Services Committee approved by voice vote legislation to jump-start a state grant program. A backer is optimistic about its Senate prospects.
Advisers want better communication with regulators on senior abuse
They also want to extend the 15-day window under state and Finra rules to hold disbursements from accounts when abuse is suspected.
Diminished capacity talk with a client requires active listening, empathy
Building a rapport with clients is crucial to getting them to talk about steps that may be needed to protect their investment accounts from exploitation, advisers said at the IN Retirement Income Summit.
Finra bars broker who churned account of 93-year-old client with dementia
In a four-year-period, Mark Kaplan executed 3,500 trades that resulted in $723,000 in losses
Report details rampant elder financial abuse
CFPB has logged more than 72,000 complaints over the past six years.
Texas legislature passes law protecting seniors from financial abuse
Once signed by governor, law will allow banks and securities firms not to process questionable transactions.
Advisers on front lines in battle against financial abuse of the elderly
As the population ages, more seniors are at risk of becoming victims of financial exploitation.
State regulators say brokers must step up prevention of elder financial abuse
Coordinated exams in 20 states reveal need to improve policies, procedures to protect seniors.
House passes bill to protect advisers reporting elder financial abuse
The bill also addresses training for advisers on how to spot elder financial abuse.
Progress being made to help advisers combat elder abuse
Group has established a resource center on state laws and agencies to help vulnerable clients.
Survey shows slight decline in elderly financial abuse cases
Seventeen percent reported abuse, down from 20% in 2010: Investor Protection Trust.
