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.
Senior Safe Act Webinar
Senior Investor Protection Laws: Principles for Constructing a Comprehensive Compliance Plan
Andrew Hartnett, an attorney and officer in the Securities & Financial Services group at Greensfelder, Hemker & Gale, P.C., in St. Louis presented on Senior Investor Protection Laws in an on-demand webinar. With extensive experience with the regulations and challenges facing the financial services industry, including issues related to protecting senior investors, he discussed the principles for constructing a comprehensive compliance plan as well as the Senior Safe Act, FINRA Rules 4152 & 2165 and NASAA Model Legislation.