Client risk prevention
Protect yourself and your loved ones
“Anyone can become the target of financial fraud. With the establishment of our Client Risk Prevention Division, we hope to combat financial abuse by encouraging open dialogue with our clients, arming our employees with the knowledge to recognize signs of fraud, and creating connections with the broader community.”– Michael Armstrong, CEO of RBC Wealth Management - U.S.
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 fraudFinancial 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 declineAs 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.
Having a trusted contact person is important
If we think you may be a victim of fraud, RBC Wealth Management will contact you. Fast action can help resolve issues more quickly. A trusted contact person is someone you authorize us to contact if we are unable to reach you directly. This person should be someone you trust, such as a family member, friend or professional you depend on, like an accountant, attorney or trustee.
Your trusted contact person will NOT be an authorized party on your accounts, nor will we accept instructions from them that will affect transactions and/or change account information in any way. It’s simply another way for us to reach you if we need to.
An RBC Wealth Management financial advisor can help you learn more and suggest proactive measures tailored to your personal situation.