State governments are focusing increased attention on legal and regulatory protections against "elder abuse," including scams that deprive older people of financial assets.
In Illinois, about 10,000 elderly victims are reported to the state's Elder Abuse and Neglect Program annually, and the state has mandated training in elder abuse law for some financial professionals.
Washington State has strengthened its Abuse of Vulnerable Adults law, and Florida, Oregon and Missouri operate programs that require reporting of elder abuse.
Recommended For You
Every financial professional who specializes in the retirement market should be familiar with common "red flags" of elder abuse and steps for protecting those who are most vulnerable. A good way start is by downloading a comprehensive report published by MetLife's Mature Market Institute entitled "Broken Trust: Elders, Family and Finances."
You may wish to share it with your elderly clients and their families, to increase their vigilance and confidence. The report is available for PDF download here:
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