If an elderly parent or family member lost money because of a broker, financial advisor, insurance agent, or other financial professional, the transaction may deserve closer review. Financial exploitation can involve unsuitable investments, misleading sales practices, unauthorized transactions, excessive commissions, or taking advantage of an older person’s trust or vulnerability.
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Elder financial exploitation is not always obvious. Family members often discover the problem only after reviewing account statements, investment records, insurance policies, or unexplained transfers. Warning signs can include:
Older investors may be more dependent on financial professionals for guidance and may have greater concerns about preserving savings, generating income, and avoiding financial mistakes. Changes in health, memory, mobility, or family involvement can also make an older person more vulnerable to unsuitable recommendations, misleading sales practices, or undue influence.
Not every investment loss or financial decision involving an older person is exploitation. A closer review may be warranted when the recommendation did not fit the investor’s age, financial condition, liquidity needs, investment experience, or tolerance for risk, or when important information about the investment, insurance product, fees, surrender charges, or risks was misrepresented or omitted.
Depending on the facts, responsibility may extend beyond the individual broker, financial advisor, or insurance agent. A brokerage firm, investment advisory firm, insurance company, bank-affiliated investment program, or other financial institution may also be responsible if it failed to supervise the conduct, ignored warning signs, or participated in an improper transaction.
Account statements, investment applications, insurance policies, emails, text messages, bank records, transaction histories, commission records, medical or capacity-related records when relevant, and communications with the advisor can help show what happened and whether the older investor was misled, pressured, or placed into unsuitable financial products.
If you believe an elderly parent or family member was financially exploited by a broker, financial advisor, insurance agent, or other financial professional, Mazer Law Firm can review the transactions, what was represented, and whether the individual or supervising firm may be responsible. Speak directly with Attorney Glenn Mazer about what happened.
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