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Designate a Trusted Contact to Prevent Elder Financial Exploitation

Designate a Trusted Contact to Prevent Elder Financial Exploitation

July 22, 2021

Last month, we recognized World Elder Abuse Awareness Day – highlighting the ongoing need to protect senior investors and vulnerable adults from financial abuse or exploitation.

Even if you’re many years away from being considered an ‘elder,’ it’s important to set people and processes in place today that can protect you from future vulnerability. The best way to do so is designating a ‘trusted contact’ on your accounts and introducing your financial advisor to these individuals who have your best interest at heart. If or when something happens, we need to know exactly who to call to look out for your financial welfare.

Financial abuse or exploitation is the ‘wrongful or unauthorized use, withholding, or appropriation of an elder or dependent adult’s funds or securities through deception, intimidation, or undue influence.’ Here are some key warning signs:

  • Sudden and unexplained changes in bank accounts
  • Large, unusual, and or/rapid withdrawals from accounts
  • Unexplained “gifts” or “loans”
  • Attempts by another to conduct business on behalf of an older person without proper documentation
  • Newly established joint accounts or additions of new persons to existing accounts
  • Suspicious signatures on checks/withdrawal forms

We all have a responsibility to protect ourselves and the vulnerable among us from financial exploitation.

If you haven’t already designated a trusted contact and introduced us to them, please contact us today.