FINRA is following many states in pressing forward with a rule that aims to give advisers more tools to combat elder abuse, a large and growing problem that many financial professionals are struggling to address. FINRA has developed a rule that aims to better protect elderly clients and also give firms latitude to intervene when they suspect a client is being exploited, which is often coupled with diminished mental capacity. The new rule, which will take effect Feb. 5, 2018, will require brokers to attemp
Elder abuse is an increasingly common problem and needs to be reported.”Older Americans are so often victims of financial abuse that the National Council on Aging estimates it costs the elderly $36.5 billion annually.”
Should I … Report elder abuse?