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As our population continues to age, the rate of financial abuse of the
elderly rises with it. Learn more about the brokerage firm's role in not
only detecting this type of fraud, but preventing it.
People grant the power of attorney to an individual they trust, so that
individual can make decisions, such as investment decisions, on their behalf.
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The elderly tend to be prime targets for financial abuse because people
believe they are vulnerable. There are certain signs to look for, if you
believe your elderly loved one is being financially abused.
Just because someone buys you lunch, doesn’t mean you have to buy
into what they are saying - or selling.
Scammers often target baby boomers for a number of reasons, including their
often substantial retirement funds.
A common way that fraudsters lure people into their investment schemes
is by way of cold calling. One way to recognize this type of scam is if
the calls become increasingly more harassing.
Three common types of investment fraud that elderly investors in particular
are prone to include
affinity fraud, free lunch seminars, and phone calls.
In some cases, income-oriented seniors lose money on
structured products because their brokers do not understand the risks. In other cases, it
is because their brokers are actively preying on them.
Listen for your parents saying things like: their broker guaranteed fast/high returns, they are making checks out directly to their broker, or they are having
trouble contacting their broker.
If you are receiving these types of solicitation calls, you can report
them or take your name off call lists.
Meyer Wilson suggests meeting with your broker, verifying what is said
at the meeting, and talking to a trusted financial professional.
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