Protecting you and your loved ones
Identity theft. Social Security fraud. Phone and email scams. Misuse of accounts. Unauthorized withdrawals. Extortion. It’s alarming how many ways seniors and vulnerable adults may be victimized. At RBC Wealth Management, we take responsibility to help spot the red flags of financial exploitation and help safeguard you and your family from fraud and financial abuse.
Financial exploitation and fraud
Financial exploitation costs Americans almost three billion dollars each year, according to SIFMA, the national securities industry trade organization. And this figure doesn’t reflect the magnitude of the issue, as only 1 in 44 cases is ever reported. Everyone needs to be vigilant and watch for the warning signs, such as sudden changes in spending habits, and be alert for scams like suspicious emails or phone calls.
Dementia and cognitive decline
As seniors age and are often more isolated, they may become more vulnerable to potential elder financial abuse. Additionally, age-related mental decline and dementia causes many seniors to make costly financial mistakes of their own. These are reasons why it is important to understand the warning signs and know what to do when you suspect it’s time to get help.
Our proactive approach
RBC Wealth Management provides extensive training and support to help protect our senior and vulnerable clients. This includes discussing incapacity and cognitive decline in our planning process and asking all clients to provide a trusted personal contact. We also collaborate with community groups and local law enforcement to raise awareness, and provide leadership to solve the growing problem of financial abuse and increasing prevalence of cognitive decline. To learn more about proactive measures tailored to your personal situation, contact me today.