As advisors become increasingly aware of the threat of financial elder abuse, firms are expecting them to take action to protect their clients, often by reporting suspicions to supervisors or compliance officers.
"You have to be careful," says Emily Drake, a partner and senior advisor at Fairport Asset Management in Cleveland. "As right as you may be in serving the client and their interests, there may be people involved in their lives who won't see you as being right. There are other parties that are out there that might not like what you're doing."
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