For elderly clients, falling victim to fraud is much more likely to have a substantial emotional impact than a substantial financial impact, according to a new survey.
By more than a four-to-one margin (68% to 16%), financial planners said the emotional impact of fraud on the elderly was significant rather than minimal, according to research by the American Institute of Certified Public Accountants. Only 32% of the 688 CPA financial planners surveyed, however, said the financial impact of fraud was substantial.
“Financial exploitation of the elderly impacts much more than their finances," said Susan Tillery, chair of the institute's executive committee.
The most common type of financial abuse perpetrated on their elderly clients involved phone and internet scams, which were cited by 75% of the advisers in the survey. Other problems include the inability to say no to relatives (60%) and identity theft (49%).
Other scams or abuses that advisers cited in the survey include supporting adult children (43%), credit card theft (30%) and being taken advantage of by an in-home caregiver (26%).
“Everyone is vulnerable to financial abuse and exploitation," Ms. Tillery said. "However, the elderly are highly susceptible because companionship is an enticing allure for them."
Driven by robust transaction activity amid market turbulence and increased focus on billion-dollar plus targets, Echelon Partners expects another all-time high in 2025.
The looming threat of federal funding cuts to state and local governments has lawmakers weighing a levy that was phased out in 1981.
The fintech firms' new tools and integrations address pain points in overseeing investment lineups, account monitoring, and more.
Canadian stocks are on a roll in 2025 as the country prepares to name a new Prime Minister.
Carson is expanding one of its relationships in Florida while Lido Advisors adds an $870 million practice in Silicon Valley.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
