Client risk prevention

Protect yourself and your loved ones

Safeguarding seniors and vulnerable clients

Identity theft. Social Security fraud. Telephone 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 are in a unique position to spot the red flags of financial exploitation and fraud. We all have a responsibility to help safeguard our senior and vulnerable clients 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. 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, they can become more isolated, which may increase their vulnerability to potential elder financial abuse. However, age-related mental decline and dementia also 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

We provide extensive training and support to help our financial advisors protect 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. This contact is a person we can follow up with on our client’s behalf, should we have a concern about cognitive decline or suspect financial abuse.

We also partner with community groups and local law enforcement agencies to raise awareness, share expertise and provide leadership to solve the growing problem of financial abuse and increasing prevalence of cognitive decline.

An RBC Wealth Management financial advisor can help you learn more and suggest proactive measures tailored to your personal situation.

 

Investment and insurance products offered through RBC Wealth Management are not insured by the FDIC or any other federal government agency, are not deposits or other obligations of, or guaranteed by, a bank or any bank affiliate, and are subject to investment risks, including possible loss of the principal amount invested.