Elderly clients often are less able to make independent decisions about their finances and more susceptible to fraud, according to Don Blandin, president and chief executive officer of the nonprofit educational group, Investor Protection Trust. Blandin speaks with Associate Editor Mason Braswell about steps advisors can take to safeguard seniors' money.
1. What issues are seniors facing? Million of dollars are lost every year by older Americans, and we want to try to prevent that from happening by identifying people who are potential victims. One of the things that makes them victims is the loss of cognitive skills. We know from academic research that you will have a chance of not being able to understand financial products as well as you did when you were younger and therefore are more at risk of making the wrong decisions.
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