What is the definition of Elder Financial Abuse?

Elder financial abuse refers to the exploitation of a senior investor’s vulnerability within their trusted circle, resulting in the mishandling of their financial matters. The prevalent types of elder financial abuse involve siphoning funds from the senior investor’s bank or brokerage accounts for personal gain rather than the benefit of the senior investor. Additionally, financial advisors have been known to engage in excessive trading of accounts or promote investment products with high commissions within the framework of a brokerage account.