Trusted Contact Rule Helps Advisors Broach Serious, Sensitive Subjects
January 28, 2020 by Rich Blake
Financial exploitation of the elderly, often by family members, has been on the rise over the past decade — and it tends to increase during the holiday season with greater numbers of out-of-town relatives gathering together, experts say.
Bank and credit union employees, given their central position in most abuse cases, are the critical first line of defense, according to a new research paper, “The Impact of Training Financial Professionals to Prevent Financial Exploitation,” published by the AARP in conjunction with the Virginia Tech Center for Gerontology.
Training programs, such as the AARP’s new “BankSafe” initiative, and other new Securities and Exchange Commission (SEC) regulations, are helping to curb such abuses.
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