While anyone can get scammed by a financial advisor, elderly people are particularly vulnerable to being taken advantage of in financial transactions. With that in mind, the Kentucky government established the Elder Investment Fraud and Financial Exploitation (EIFFE) Prevention program.
EIFFE’s goal is to partner with adult service providers like medical professionals and others to identify instances where senior citizens are in danger of falling victim to financial fraud.
Why involve medical practitioners?
A person’s financial health can affect their physical health. For instance, if an elderly person who has a caregiver relative or fraudulent advisor bleeding them dry, that individual may no longer be able to afford to effectively manage chronic conditions like diabetes. They may no longer be able to eat healthy foods and make the co-pays on medications they need to stay well. Thus, financial abuses can precipitate all sorts of personal and health crises for the elderly.
Elderly individuals are particularly vulnerable
Normal cognitive changes that occur with advancing age can cause senior citizens to become even more dependent on others to advise and counsel them on financial matters. It is much easier to talk a person with early signs of dementia into making a poor investment than it is to convince someone in their cognitive prime to jeopardize their financial security.
What can you do if you suspect abuse?
Alerting the authorities is a good first step, but it is also prudent to seek the counsel of a Louisville attorney who represents investors’ interests in cases where a fraudulent or negligent investment advisor gives advice or recommendations that are not in the best interests of the client.
