Many financial advisors have already made an effort to spot the signs of senior clients being abused or taken advantage of by younger relatives or friends. Now, new evidence indicates that the abusers are not always young.
According to Texas securities commissioner Denise Voigt Crawford, elderly investors are increasingly falling prey to members of their own age cohort posing as credentialed financial advisors.
These ersatz "advisors" may be engaging in fraud in order to repair their own retirement portfolios, but realistically speaking, motivation doesn't matter. Any advisor taking advantage of any client's trust -- no matter what their respective ages may be -- tarnishes the reputation of the entire advisory community.
If you hear of this in your area, report it to your local securities commission as well as any regulatory or certification bodies that theoretically have oversight over the offending "advisor."