Financial Advisors Suspect Older Clients Are Being Exploited

Financial Advisors Suspect Older Clients Are Being Exploited

A new study found most financial advisors suspect their older clients are being exploited, with the most frequent type of abuse being done by family members or friends.

According to an Insured Retirement Institute report, more than half of advisors they surveyed said they suspect cases of exploitation of elderly clients ranging from a few times a year to weekly occurrences, with 60 percent saying they suspect family members or friends are the perpetrators.

Nearly all of the advisors in the study said they don’t believe they would be held legally responsible if they were to report a case, but a new federal law would require financial advisors to complete training conducted by regulators before they can be immune from liability.

"The Thing?" Grand Opening

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