Regulators and lawmakers are ramping up efforts to protect seniors in response to increasing levels of senior fraud. But rather than view these efforts as yet another regulatory burden, financial services companies should recognize opportunities to build stronger relationships with senior clients and leverage existing technologies and processes.
This advice comes from a new study entitled, ?? 1/2 Elder Abuse Regulations: Reporting Burden or New Opportunities for Financial Services,?? 1/2 published by the Tower Group, a Massachusetts-based financial services consulting firm. Although the study was produced for financial institutions, its core findings are relevant to financial advisors, who typically bear the brunt of regulatory scrutiny.