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Financial Planning > Behavioral Finance

LIMRA unveils training to address financial abuse of elders

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In response to recent legislation requiring financial services professionals to be trained in detecting and acting on financial abuse of elderly clients, LIMRA and CFM Partners today announced the launch of a new online program for the financial services industry, Detecting Elder Financial Abuse (DEFA). 

“We expect similar legislation to be passed in many other states as there is an increasing emphasis on protecting seniors,” says Robert Wilhelm, development director for LIMRA.  “LIMRA continues to act as a utility for the industry when regulatory requirements expand.  Through our training, advisors will be able to comply with the new laws and learn how they can prevent and report elder financial abuse.”

LIMRA and CFM Partners developed the DEFA program with input from 20 LIMRA member companies. Since 2003, LIMRA has offered an Anti-Money Laundering (AML) training program, using CFM Partners’ cloud-based solution, Access Compliance. Like AML, the goal for the DEFA program was to design an effective, highly-accessible solution that provides advisors with essential and actionable knowledge they need to be effective in their jobs and meet regulatory requirements.

Designed and developed for advisors to gain necessary training, DEFA meets the requirements of Connecticut’s mandate, due to take effect in this year, as well as similar laws affecting the insurance industry across the country.

“We are very proud of this latest collaboration,” says Beth Murphy, president and CEO of CFM Partners. “Our goal was to help carriers do three things: ensure compliance among their advisors, better manage governance, risk and compliance (GRC), and support their efforts to build cultures of compliance.

By applying the cloud-based model that has been so successful for AML, to the challenge of raising awareness around this critical issue, CFM and LIMRA have produced a modern, best-of-breed solution that addresses these objectives while helping to combat elder financial abuse,” adds Murphy.

Available 24/7 via any internet-enabled device, advisors are able to access Detecting Elder Financial Abuse training using the same website and log-in credentials they now use for AML training.  The cloud-based program begins by providing a foundational course to create general awareness about elder financial abuse.  Then, advisors can take two other course paths: one identifies specific state requirements and how they might differ from the general course; the second communicates the policies, procedures, contact information, and required forms for individual companies.

Upon completion of the course, LIMRA notifies all the companies represented by the advisor.

“Financial services companies wanted an effective training program to spot elder financial abuse, so LIMRA and CFM provided the solution with a high quality program that has already been reviewed and endorsed by major carriers,” said Wilhelm.


See also:

Doctors, education aid in decline of financial elder abuse

Are older Americans too confident about avoiding fraud?

Why elder financial abuse is not going away

Stop the growth of elder abuse



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