New FINRA Rules Provide Big Benefits in the Fight Against Financial Exploitation

The fight against the financial exploitation of older Americans is about to get a whole lot easier.   The 50+ are prime targets of financial exploitation because they own 67 percent of U.S. bank deposits – and because factors including health status, cognitive ability, and social isolation can make them more vulnerable. Beginning February 5, the Financial Industry Regulatory Authority (FINRA) will enact a pair of rules that will provide brokers with additional tools to protect their older clients and …

Get a Power of Attorney (But Make Sure It’s Not a License to Steal)

Many of us understand that saving for retirement and for the long term is one of the most important actions you can take to ensure a secure future. So is protecting that savings. One in five older adults fall victim to some form of financial exploitation. Sometimes the loss is minor, but sometimes it can be disastrous. In a single case, the average victim loses $120,000, which is roughly the average amount of a 50-year-old’s entire retirement savings. AARP understands …