Elder Financial Abuse

Older adults are frequent targets of financial exploitation, sometimes by the very professionals they trusted to protect their savings. Whether you are an older investor who senses something went wrong, or a family member worried about a parent or relative, you are not alone — and help is available.

Trust Was Used Against Them

Exploitation works because it relies on trust. An older investor who relied on a professional’s guidance did nothing wrong by trusting them. Brokers and advisors have a heightened responsibility when working with older clients, and the law takes that responsibility seriously.

What Elder Financial Abuse Can Look Like

• Recommending high-risk or complex products to someone who needs safety and income
• Excessive trading that generates commissions at the client’s expense
• Pressuring an older person to move money, sign documents, or change accounts
• Taking funds, or directing them to accounts that benefit the advisor
• Ignoring clear signs of confusion or diminished capacity

Signs an Older Investor May Have Been Exploited

These are signs worth paying attention to, whether you are the investor or a concerned family member:

• Sudden or unexplained changes in investments or account values
• New products the person does not understand or remember buying
• A broker who discourages family involvement or wants to communicate only privately
• Unusual withdrawals, transfers, or beneficiary changes
• The person seems anxious, confused, or secretive about their finances