Financial advisers dealing with older clients and their family members are in a position to understand and identify situations in which financial elder abuse could occur by family members.
Financial advisers who are aware of the issue of elder abuse can take steps to prevent financial abuse of older clients by encouraging the proper appointment and use of an enduring power of attorney and formalising any granny flat arrangements.
Awareness of elder abuse is vital to help prevent it. By recognising the risk factors, financial advisers can identify situations for potential elder abuse and implement safeguards to protect the older person’s financial wellbeing. Prevention avoids the negative impacts on the older person, their family relationships and the need for legal redress. Where elder abuse occurs in a family or care giver relationship, the older person may be reluctant to report abuse as the consequences can be the loss of that relationship or living arrangement.
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