Seniors are prime targets for financial abuse and fraud, leaving financial advisors in a position to prevent and protect.
Since the elderly are often targeted by someone they trust, or even love, the abuse may go undetected, perhaps discovered long after financial consequences have set in. Therefore, it is all the more pertinent for an advisor to be on the lookout for key signs that abuse is happening.
Marking Financial Literacy Month – the Financial Consumer Agency of Canada released an online financial literacy guide – Living in Retirement – this week, highlighting senior financial abuse and fraud as a top concern and focus in the guide.
As an advisor, here are some signs you can watch out for:
Confusion about new legal documents such as a will or mortgage.
Sudden drop in cash flow or financial holdings.
Reluctance to speak about their financial situation.
Fear, anxiety, depression or passiveness in relation to a family member, friend or care provider.
Irrational persistence by a family member, friend or care provider to be involved in the financial planning process. (continued on Page 2.)