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Financial Advisers & Regulators Set the Pace to Protect the Elderly

Garcia & Artigliere

Financial exploitation among our elderly population has become a growing problem and a widespread concern. With many older adults containing accounts with financial institutions, advisers and regulators are making it their priority to prevent and protect the vulnerable from enduring the daunting act of financial abuse. Read to learn more about which financial advisers and regulators are setting the pace to protect the elderly.

Other Financial Advisers and Regulators that are making it their mission to protect the elderly from financial abuse include:

Morgan Stanley

Morgan Stanley created a website devoted to key regulations, firm policies and best practices for working with senior investors.

Charles Schwab & Co.

Charles Schwab & Co implemented policies and procedures and trains its representatives on how to identify fraud and senior abuse.

Edward Jones

Advisers and another personal at Edward Jones are trained to look for indications that an elderly client may be a victim of financial abuse. If a problem is suspected, it is reported to a supervisor in their St. Louis or Tempe, Arizona office, where they decide to involve regulators or other authorities.

Fidelity Investments

Fidelity Investments offers it's approximately 2,800 investment advisers a white paper on identifying diminished capacity along with provides sessions on elder abuse.

They also partnered with EverSafe, which aggregates clients accounts and monitors them for suspicious activity.

Securities and Exchange Commission

Securities and Exchange Commission approved the Financial Industry Regulatory Authority Inc. rule which requires brokers to identify trusted contact for elderly client investment accounts. This also prevents the disbursement of account funds and allows the broker to notify the contact of any suspected abuse.

North American Securities Administrators Association

The NASAA developed a model that requires advisers to notify adult protective services and state regulators if they detect abuse as well as offers a safe harbor for reporting suspected abuse without holding funds.

Do believe you or a loved one has fallen prey to a financial scam? If so, you can count on the law firm of Garcia & Artigliere & Faulkner to provide assistance. For details on getting justice in cases where people have committed financial scams against seniors or to get a free case review from an elder abuse attorney, please contact us at (800) 328-2630 today.


We offer free and confidential consultations. Call (800) 328-2630 Learn About Your Legal Options

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