Many investment professionals choose to prey on elderly victims because, especially in a poor economy. That’s where the money is: in retirement accounts and life-long savings. Due to deteriorating health, cognitive impairment, isolation and other challenges of aging, elderly investors are often vulnerable to elder abuse, even from financial advisors they have relationships with.
Parents often find it taboo to discuss financial issues, so take the initiative to speak to your parents about their finances and investments and share your concerns about the potential for misconduct. Ask questions about how and where they are investing their money.
Additionally, be on the lookout for these signs that elder financial abuse is occurring:
If you believe that your parents have already become victims of an investment scam or stockbroker misconduct, please speak with one of our experienced investment fraud attorneys as soon as possible to discuss options for recovery. The skilled investment fraud and stockbroker misconduct lawyers with Meyer Wilson represent harmed investors nationwide, recovering losses on a contingency fee basis. There is never a cost for a consultation.
You can learn more about the power of attorney, and how granting this to a trusted individual can help protect elderly investors, by watching our video.