New “Money Smart for Elder Adults” Guide
The Consumer Financial Protection Bureau and the Federal Deposit Insurance Corporation have published a free 53-page educational guide for seniors and their caregivers: Money Smart for Older Adults. The guide discusses an array of financial exploitation of seniors, from telephone scams to Ponzi schemes, and provides a glossary and contact information for further guidance. Basic but useful information, available here.
We might have added one point: when it comes to pursuing complaints of exploitation by financial professionals, all elderly investors have something in common. Their time horizon is short. Risky and/or illiquid investments are almost always unsuitable for their needs. All brokers licensed by FINRA are legally bound to offer suitable investments to their clients. Keep this in mind if you’re in a position to review the investments of an elderly relative or friend. If you have questions, call us.