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June 15, 2015 at 04:58 PM
Today, June 15, 2015, is World Elder Abuse Awareness Day. To put a spotlight on the importance of the day, we’ve contacted advisor Christian Cordoba, president and founder of El Segundo-based California Retirement Advisors, who helped an elder client of his work through a very difficult fraud situation.
On the following pages, Cordoba, who offers securities through First Allied Securities, Inc., a registered broker/dealer, offers eleven important points about fraud so other financial professionals can better keep elder clients and their assets safe.
1. Recognize that exploitation is a reality, that people are making a living preying on the financial assets of the elderly, likely affecting one or more of your clients.
2. The demographics of the aging population makes this a looming risk you need to proactively safeguard your clients against.
3. Begin a program to communicate this issue to your clients regularly.
4. Put protocols in place and train your staff to recognize unusual distribution requests.
5. Attempt to encourage a “buddy” system for widows/widowers or any single elderly clients, especially those who do not have family, so they can be informed of each other’s financial situations, perhaps to the extent of granting them power of attorney.
8. Use technology to be able to better identify changes in values, not only of assets, but also liabilities (and not only of assets under management, but also those assets and liabilities held away). 