About ten thousand people will turn sixty five each day until 2030, and by 2050 more than twenty percent of the U.S. population will be over sixty five. With a greater share of the population entering into old age, more people are expected to suffer from some type of diminished capacity. Regulators are applying increasing scrutiny to financial planners in order to protect the elderly from being taken advantage of. Financial advisers should avoid certain “red flags” when consulting elderly clients. Planners should avoid making investments that are risky and speculative. Advisers with elderly clients should also avoid promoting certain complex and difficult to explain investment products.
See Miriam Rozen, Elder Financial Abuse: Regulators’ Red Flags, Financial Planning, May 26, 2015.
