Planning Is Key in Avoiding Financial Abuse

The baby boomer population is substantial and growing. The key to preventing financial exploitation of this prime target is careful planning.

More Americans reach retirement age every day – a concerning thought for many brokerage firms and financial institutions. This is because fraudsters often target the aging and elderly, going after their often-hefty savings and retirement accounts.

To avoid this type of exploitation, there are steps retirees and their loved ones can take for protection. What it boils down to is planning.

Planning, while a fairly simple concept, gets more difficult to execute with age. Experts suggest a “younger the better” approach to planning, because as people age, their cognition isn’t the same as it used to be.

Financial Planning: The Basics

When planning for your future, it can be difficult to know where to start. Follow these steps below to start on the road to financial protection.

  1. Take an Inventory
    In order to know if you are being taken advantage of financially, you have to know the ins and outs of your finances. Take an inventory of all your assets – investment accounts, retirement, savings accounts, etc. Know what you have.
  2. Streamline Your Finances
    As you get older, it is a good idea to simplify your finances so you have less to keep track of. Streamlining everything and consolidating your assets can make it easier to detect is something is amiss.
  3. Find Someone You Trust
    Whether a friend or family member, identify an individual that you trust with your finances. This trusted individual can be a point of contact for your financial advisor to get in touch with should they suspect something is wrong. Additionally, find out if you can trust your financial advisor. You can research his or her background by searching their CRD number. Find out more about CRD numbers and why they are important by watching Attorney Dave Meyer’s helpful video.
  4. Get to Know Common Red Flags
    Finally, familiarize yourself with common scams so that, should one arise, you can identify it before you suffer financially. Meyer Wilson has provided a helpful video on some common red flags for additional information.

If you or someone you love has lost money through investment fraud or misconduct, contact Meyer Wilson today for a free review of your case.


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