How advisers can address financial elder abuse

08/28/2014 | WealthManagement.com (U.S.)

Advisers who discover that their senior clients are victims of financial abuse may be prevented by confidentiality obligations from acting to protect these clients if the clients reject the advisers' recommendations. Advisers can take preventive steps such as "beneficent profiling" of clients over age 80 and those whose diagnoses or behavior offer cause for concern, to identify cognitive declines. Other tools planners can use are revocable trusts and durable powers of attorney, which can include "triggers" indicating clients' inability to manage their affairs.

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