Elder Financial Exploitation

What is it?
Elder Financial Exploitation is when someone illegally or improperly uses an elder’s money or belongings for their own personal use.

What are some red flags to watch for? 

• Unusual financial activity or behavior

• Requests for changes in beneficiaries or legal documents without explanation

• New ‘friends’ or acquaintances helping out

• New phone numbers or email addresses

• Liquidating assets without regard as to penalties

What can your client do to protect themselves?

• Plan ahead to protect assets to ensure their wishes are followed.

• Never give personal information to anyone over the phone unless they initiated the call.

• Consult with a financial advisor or attorney before signing any document the client does not fully understand

 So how can you help prevent elder financial exploitation as an agent?

• Educate, educate, educate! The more you know and understand elder financial abuse, the better you will be able to spot the red flags and take action.

• If you see something, say something! Report suspected abuse to the proper authorities. Ask your institution if there are any specific protocols for reporting elder financial abuse.