Arizona recently enacted a law to help protect senior citizens from financial abuse; a law the Financial Planning Association of Greater Phoenix advocated for before both houses of the state Legislature.

The national Financial Planning Association said the efforts of the Greater Phoenix chapter highlights the association’s recent federal and state advocacy efforts to support legislation to protect  the growing population of senior citizens from financial exploitation.

The Arizona law, called the Protecting Vulnerable Adults from Financial Exploitation Act, is based on model legislation drawn up by the North American Securities Administrators Association. In part it provides immunity for financial professionals in reporting elder abuse from civil and administrative liability.

“By advocating locally for Protecting Vulnerable Adults from Financial Exploitation, as well as creating tools that the financial professionals who serve them can use, the FPA chapter network of volunteers can directly support better planning relationships with clients. Better relationships ultimately lead to better outcomes for everyone,” said Erin Itkoe, president of the FPA of Greater Phoenix.

FPA President Evelyn M. Zohlen, said, “The leaders of the FPA of Greater Phoenix have spent several years forging critical relationships with Arizona lawmakers through their advocacy efforts. That work played a key role in ensuring Arizona seniors can sleep better at night knowing they are now less likely to be victims of financial exploitation.”