Recent research by the National Association of Personal Financial Advisors (NAPFA) demonstratest that one out of three baby boomers who are approaching or commencing the retirement stage are yet to do any financial planning in the past two years.

Approximately one in five Americans who are over 65 will suffer some form of elder financial abuse, and estimates suggest that more than $30 billion is lost every year due to investor fraud, caregiver abuse, and other forms of financial exploitation.

In recent times, scammers have been consistently preying on the financial services industry. Remarkably, they often succeed in singling out their prey based on reports from cybersecurity regulators and experts.

Four United States Senators have sent a letter to the CEO of securities industry regulator FINRA asking the agency to bar stock brokers from client wills. Lead by Democratic Senator Catherine Cortez Masto, the Senators have sought to curb elder financial abuse by financial advisors who illegitimately appear in client wills. The move by the legislators came as a result of a Maryland broker receiving $500,000 from a client who was suffering from dementia and had been living in a nursing home.

Signed into law a year ago, the Senior Safe Act specifically addresses how financial professionals can do a better job in reporting suspected senior financial abuse and exploitation to the authorities. The fact sheet was circulated on the first anniversary of the passage of the Senior Safe Act in order to further promote awareness or resources and training among financial professionals, institutions, senior investors, and their families.

Approximately one in five Americans who are over 65 will suffer some form of elder financial abuse, and estimates suggest that more than $30 billion is lost every year due to investor fraud, caregiver abuse, and other forms of financial exploitation.