Two new Finra rules go into effect in February that should help. One allows broker-dealers to put a hold on disbursements from a client’s account if suspicious activity is suspected. The other requires brokers to ask clients for a trusted contact so there is another person to reach out to if problems arise.

The first rule, an amendment to Rule 4512, requires brokers to ask clients for a trusted contact who the broker can reach out to if there is a problem contacting the account holder or if any type of financial exploitation is suspected. The client does not have to provide a contact if he or she does not want to, but the broker has to ask, says Jim Wrona, vice president and associate general counsel for Finra.

The trusted contact cannot be given any private information about the account, but can be alerted that something may be wrong and that he should check on the client.

The second provision, Rule 2165, is known as the safe harbor rule. It allows a broker who suspects abuse or exploitation to put a 15-day hold on any disbursement from an account while the firm investigates. If necessary, the hold can be extended an additional 10 days, Wrona says.

In the meantime, a firm can bring in state authorities, offices on aging or law enforcement authorities. “Finra does not say what the firm should do during this time, but it gives them time to investigate because once money is gone from an account, it is gone forever,” Wrona says. “Different states have different reporting requirements. We want to be proactive in addressing elder abuse or exploitation, and these are the two biggest issues that keep coming up when we talk to brokers.”

Risa S. Breckman, executive director of the NYC Elder Abuse Center, says people have had their heads in the sand for too long. “But with the growing number of the elderly, people are beginning to realize elder abuse is a significant problem. People often are not just financially exploited, they are also verbally abused and neglected.”

Marshall brings more people into the fold, Breckman says. “Philip has amazing qualities. He is smart, compassionate and inquisitive, and he is in this for the long haul.”

Lindsay Goldman, the director of healthy aging at the Center for Health Policy and Programs at the New York Academy of Medicine, said she and Marshall have worked together on projects, including a multidisciplinary conference in New York City in January 2018. “No one delivers like Philip when it comes to reaching out to others. He’s on every call where he can help.”

Even little things matter. “He has a thing about domain names. If he thinks one might be useful in the future, he buys it and then has it ready when it comes in handy,” she adds. “For the big picture, he wants to help prevent what happened to his grandmother from happening to anyone else, no matter what their economic circumstances.”

The fact that Marshall and the circumstances surrounding his grandmother’s high-profile case are well known has given him credibility in the elder justice arena that others might not have. He has testified before the U.S. Senate Special Committee on Aging, for instance.