Preventing Financial Elder Abuse

The Missouri Secretary of State's office released findings last week from the Senior Investor Protection Symposium held in October. The Symposium featured presenters from the King County (WA) Prosecutor's Office, Washington University Neurology Department, Missouri Department of Health and Senior Services, St. Louis Area Agency on Aging, and the Securities Industry and Financial Markets Association (SIFMA)

"Senior investors control an incredible amount of assets, and transfers of these assets occur every day. In fact, $18 trillion or more will move between the generations in the next 20 years.

During that time, 10,000 people will turn 65 every day, and 20 percent will be victims of financial exploitation."

Loss of cognitive ability leaves many seniors vulnerable to financial exploitation and abuse. The Symposium looked at how other jurisdictions are using legal means to prevent & prosecute this abuse, and how state & social agencies, as well as the investment advisory community can defend our vulnerable elderly.

Awareness is the first step. Please keep an eye out for your loved ones.

For the full report, click here.