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Sobering study about financial abuse of seniors

According to a recent survey of 2,649 financial planners conducted by the nonprofit organization Certified Financial Planner Board of Standards, seniors who become victims of financial abuse lose an estimated $104,500.

The CFP Board survey was conducted in response to the Consumer Financial Protection Bureau’s request for information and public comment about financial abuse of seniors announced earlier this summer.

More than half of the financial planners surveyed said they have worked with a senior — or multiple seniors — who has been a victim of “unfair, deceptive or abusive practices,” such as misleading marketing schemes and other scams that end up draining their bank account.

Some additional highlights (or lowlights) of the survey include:

A whopping 73% of financial planners say they know of at least one senior who has been invited to a “free meal” seminar.

58% of planners say they are aware of seniors receiving unsolicited pitches — whether it’s by mail, e-mail or over the phone — for financial products and services, including supposedly low-cost, high-yield investments.

35% of planners who reported being aware of at least one case of elder abuse say that the senior victims in those cases either always or often knew the perpetrators personally.

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The foregoing information has been provided by The White Law Group.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, visit https://whitesecuritieslaw.com.

Tags: , , , , , , Last modified: July 17, 2015