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- Title
Preventing Financial Elder Abuse.
- Authors
Tacchino, Kenn Beam
- Abstract
Clients may not only need a fi nancial planner's help and advice when it comes to their fi nances-they may also need their protection as well. Because billions of dollars are fi nancially exploited each year, planners and fi nancial service institutions are increasingly being called upon to walk the tightrope between a client's autonomy and a client's need to be safeguarded. In order for the fi nancial planner to better serve his clients we fi rst look at the fi nancial elder abuse problem and share examples, which highlight the scope of the issue. We then point out some red fl ags that will alert fi nancial planners to a potential problem. We examine the legal requirements and protections that are germane to understanding the fi nancial planner's responsibility in recognizing and preventing fi nancial elder abuse. We review actions the fi nancial planner can take to cope with or prevent fi nancial elder abuse. And fi nally, we discuss a systematic response that an organization should take to create a business culture that seriously addresses fi nancial elder abuse.
- Subjects
FINANCIAL abuse of older people; FINANCIAL planning; FINANCIAL planner-client relationships; SAVINGS; PERSONAL finance; PREVENTION
- Publication
Journal of Personal Finance, 2017, Vol 16, Issue 1, p78
- ISSN
1540-6717
- Publication type
Article