Elder Financial Abuse: The Sad Reality with Banks and Investment Companies

In today’s blog post, we are going to discuss the unfortunate reality of how banks and investment companies often fail to assist elders with their financial needs. Many elders find themselves in a situation where they are with a large bank due to multiple mergers and acquisitions over the years, leaving them with a financial planner who is essentially a stranger to them.

I recently had an experience with an elder client who had over a million dollars in her accounts and was struggling to get in touch with her assigned financial advisors. Despite numerous attempts to contact them, not a single advisor called her back. This lack of communication and support is not only frustrating but also concerning, especially when dealing with such significant amounts of money.

In one particularly shocking incident, I had to resort to impersonating my client to get a response from one of her planners. The fact that such tactics were necessary just to get a callback is unacceptable. It highlights the lack of attention and care that many elders receive from their financial institutions.

Banks are heavily regulated for a reason, as they often prioritize profit-making schemes over the well-being of their clients. The Wells Fargo scandal, where bogus accounts were opened without clients’ knowledge, is just one example of how financial institutions can take advantage of their customers, especially elders who may not be as tech-savvy or financially literate.

It’s time for banks to step up and prioritize the needs of their elder clients. Simple measures, such as flagging unusual account activities or transactions, could go a long way in protecting elders from financial exploitation. It shouldn’t take days of phone calls and emails just to get a response from a financial planner.

As an estate and Medicaid planning attorney, I have seen firsthand the struggles that elders face when dealing with financial institutions. It’s time for a change, and it starts with holding banks and investment companies accountable for their actions. Elders deserve better treatment and support when it comes to managing their finances, and it’s up to all of us to advocate for their rights.

If you have any questions or comments on this topic, please feel free to reach out to me at hfrancesr@parentyourparents.com. Let’s work together to ensure that elders are treated with the respect and care they deserve in their financial dealings.