He notes that education for advisors and individuals is vital in the fight against financial abuse of seniors. “Advisors and potential victims need to know that financial abuse is usually perpetrated by someone known to the victim. Ninety percent of bad actors are known to or related to the victim,” Szuch says.
“The body of law is developing the way it should, expanding options for firms to employ to stop exploitation,” he adds. “The financial industry, advisors and clients have the same goal, and it is good to see that firms are being aggressive on this issue. Client-facing advisors are the investor’s—and the industry’s—first line of defense.”