At RBC Wealth Management-U.S., we’re redoubling efforts to protect our senior and vulnerable clients by having proactive conversations at all stages of their lives. Our advisors are encouraging clients to make their wishes known about whom to contact in the event that concerns arise about their condition or account. When advisors suspect diminished mental capacity or cognitive decline, help is enlisted to take protective measures to prevent financial abuse from occurring.
But this work can’t only be done within the walls of a financial advisor’s office. This is work that truly requires broad community involvement.
That’s why we are building a network with educational institutions, adult protective agencies, law enforcement and other advocacy groups to share knowledge and leverage expertise around elder issues. It’s vital to partner with those who serve seniors outside of the financial industry to learn how to identify other forms of abuse, too. Establishing relationships with individuals who work in these settings can often be the best form of defense to cultivate trust and create awareness among seniors, and to strengthen their circles of support to prevent financial abuse.
Ann Senne is the head of the Advice and Solutions Group at RBC Wealth Management.