Many investment professionals choose to prey on elderly victims, 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 fraud is occurring:

• Your parents talk about a new financial advisor or broker who “guarantees” high returns fast.
• Your parents have given control of or access to their financial accounts to another person.
• Your parents have recently changed their Power of Attorney or Beneficiary.
• Your parents put their money in a new investment opportunity, but they have not received statements or documentation about the investment in writing.
• Your parents make their checks out directly to an investment adviser.
• Your parents have been instructed by someone not to discuss their investment. 
• Your parents don’t review their statements or don’t ask questions about suspicious transactions.
• Your parents have trouble contacting their advisor or the advisor fails to return their calls.

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.