New Measures To Protect Seniors From Financial Abuse

To protect seniors from financial abuse, brokers like Charles Schwab are rolling out new protective measures.

Starting February 5, brokers will ask you to name a “Trusted Contact,” like a family member or friend, they can reach out to if they suspect you may be subject to financial exploitation, or if they have questions about your mental or physical well-being.

The new regulations also allow brokers to temporarily suspend disbursements to you if they feel you are being financially exploited. Many brokers have also put together specialized teams with expertise in senior financial abuse that can be called in if you need help.

Naming a Trusted Contact is optional. You can add a Trusted Contact to an existing account by contacting your broker or investment adviser.

About Mari Adam

Mari Adam, Certified Financial Planner™ has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

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