Protecting Senior Investors
Published on:
February 4, 2019
By:
- Lisa Bleier and Marin Gibson
Issue:
Seniors aged 65 and over will make up 18% of the nation’s population by 2030.
It is vital that we are able to protect our senior investors from financial exploitation and some of the dangers of cognitive decline.
Scientific research shows that financial decision-making is often one of the first cognitive functions to decline, and even high-functioning adults can develop a vulnerability to financial exploitation as part of the normal aging process.
In this blog series, Protecting Senior Investors, SIFMA teams up with guest authors – including doctors, academics, financial professionals and more – to raise awareness and share information to help prevent elder financial exploitation.
STAY INFORMED, UNDERSTAND THE SIGNS
New Tools Vital to Prevent Financial Exploitation of Seniors
June 15 is World Elder Abuse Awareness Day (WEAAD). While there are many forms of elder abuse, SIFMA’s members have been working to address financial exploitation of older Americans. In our pursuit of protecting senior investors, we have identified pathways for long-lasting solutions and unveiled a new program called HelpVul: Helping Vulnerable Adults.
On the Front Line: Working Together to Protect Senior Investors
Through our deep relationships with clients, the financial services industry is on the front line in efforts to protect senior investors. This video explores our partnerships to raise the profile of this growing issue and work on legislative and regulatory changes to benefit senior investors.
Elder Financial Exploitation: More than Just Financial Loss
Increasing numbers of older adults are being targeted and financially exploited every year, which takes a toll on more than just the older adult’s bank account. For many, it results in a loss of independence, reduced quality of life and more.
Financial Capacity and Financial Exploitation
What is financial capacity? Awareness of financial capacity can help prevent the risk of financial exploitation and its many psychological, health and financial consequences.
Protecting Vulnerable Adults from Suspected Financial Exploitation
This article explores the importance of financial services professionals, local law enforcement and county Adult Protective Services (APS) working together to protect the financial resources and stability of senior investors.
Mild Cognitive Impairment: How "Mild"?
Many older Americans experiencing true cognitive decline often feel they are not, while many who are not experiencing decline often feel they are. A licensed psychologist discusses this complicated reality that affects financial and legal affairs as well as health.
FA Viewpoint: Preventing Exploitation of Our Senior Clients
A financial advisor from Edward Jones describes the growing financial exploitation of senior investors and how FAs help provide the first line of defense to safeguard clients and their assets.
Hiding in Plain Sight: Age-Associated Cognitive Decline
What can hide cognitive declines, putting older adults at risk of financial exploitation? Dr. Angela Gutchess Ph.D. discusses the importance of understanding an older adult’s social, emotional, and motivational well-being.
Financial Literacy: A Way to Address the Problem of Financial Exploitation?
Financial literacy appears to be linked to better financial decision-making in late life. This article examines why this is encouraging and why we must continue to find effective ways to intervene and prevent financial exploitation of older adults.
Risk Factors for Fraud and Financial Exploitation
Fraud and financial exploitation are two crimes that target older adults. While these crimes share similar risk factors, Marguerite DeLiema, Ph.D, of the Stanford Center on Longevity discusses the differences and how to spot them.
Cognitive Decline: Biological, Psychological and Environmental Factors Influencing the Aging Brain
Chris Morrison, PhD, ABPP, explains how cognitive change in older adults is uneven and dependent on many factors, which can influence the ability to process financial information. This article discusses why a new approach is needed when interacting with senior investors.
The Neurology of Financial Decision-Making
A neuropsychologist describes how complex decision-making, such as purchasing financial products and making related decisions, is often the first cognitive function to decline in older adults, and how non-memory-related cognitive decline differs from memory loss.