Elder Financial Abuse or Exploitation is “the unauthorized or improper use of the resources of an elder for monetary or personal benefit, profit or gain.” Examples include forgery, the improper use of guardianship or power of attorney and the use of coercion or deception to surrender finances. Commonly, the victims of elder financial abuse suffer from diminished capacity and are unable to manage their finances in line with their own self-interest and values.
FSI and its member firms are committed to the prevention of elder financial abuse. FSI’s member firms and financial advisors commonly deal with clients who may fall victim to elder financial abuse. To assist our members, FSI has created this resource center to provide FSI members with helpful resources and tools to assist in identifying and reporting elder financial abuse.
Please Note: this material is provided for informational purposes only and is not intended as legal advice. Please consult with your firm’s Legal and Compliance Department and your firm’s policies and procedures, for further guidance related to any specific scenario you may have.