Delagrammatikas said it was critical to the safety of seniors that financial services institutions and advisors report red flags when they see them.

“Adult protective services does three things: We take in reports of abuse, we investigate and we remediate. You reporting red flags helps us because a lot of times when someone will steal your money, they’ll also neglect you or hit you,” she added.

Adult victims in these cases “may not be able to take care of themselves in their home, get to medical appointments, fill prescriptions,” she said. “If you’re seeing red flags of financial abuse, there may be other very deep things happening besides the loss of money.”

How Advisors Can Help

Advisors who report abuse must follow up with pertinent documentation, something not all have been diligent about doing, Delagrammatikas said. Without documentation, it is nearly impossible for protective services to get law enforcement or state attorneys general to investigate.

“Once you report to us, please follow up with documentation so we can go forward with law enforcement and have records and evidence,” she said.

“In my state of California, for instance, we can’t cross-report financial abuse to another agency without investment documentation and evidence,” Delagrammatikas said. “That is now a requirement. We need more than a report. We need the records you have in order to move forward.”

The Financial Industry Regulatory Authority’s two new senior investor rules and the Senior Safe Act safeguards advisors from legal exposure, she said.

Staff at adult protective services may also need advisors’ finesse in understanding what the investment statements and documentation mean to a case. “As I’ve heard more than one social worker say, ‘I didn’t go to college to do math.’ We need your help understanding what that spreadsheet or statement means,” said Delagrammatikas.

Her organization, NAPSA, is also working on a new request-for-records form that individual state agencies will send to advisors and others to obtain important documentation. “When we send you the form, we’d like you to respond,” she said.