Senior citizens have long been a targeted group for financial scams, often due to failing memory function or a lack of family involvement. However, the Financial Protection Bureau recently released a number of tips to help keep senior citizens and their nest eggs safe.
The Bureau recommends that consumers be aware of financial advisors offering the following:
- Overly Consistent Returns: Investing is a risky business. Seniors are advised to be wary of anyone offering consistently growing gains each month.
- Guarantees: In line with the previous warning, no investment is guaranteed. Be wary that if an offer sounds too good to be true, it likely is.
- Complex Strategies: Advisors using complex explanations, lots of unclear jargon and attempting to gloss over concerns are a red flag.
- Pushy Sales Tactics: Any financial advisor using pushy sales tactics may be doing so to get seniors set in a potentially lucrative deal that will suck accounts dry.
Due to the probability of having more assets, financial scam artists and unscrupulous financial planners may be aggressive with seniors they want to buy into their deals. However, the presence of another individual, such as a family caregiver or in-home caregiver can help deter financial scammers.
For example, a caregiver for a senior may see in their homecare software or homecare system that there is a note from their administrator. Perhaps the homecare system note says that the client’s daughter alerted the agency that her mother had been receiving visits from a financial planner she was uncomfortable with. Armed with that information, the caregiver can then monitor for activities and visitors or calls that may indicate activity the daughter needs to be alerted to.
With the power of a homecare software or homecare system like ClearCare, the caregiver can then leave a comment in the homecare software about this activity which the client’s daughter can view by logging into a secure family portal available to her via ClearCare’s homecare system.
Taking care of seniors, and helping to protect their finances, is the job of our society as a whole. With helpful tips and regulatory updates from the Consumer Financial Protection Bureau, as well as a cautious family and the watchful eye of a caregiver, a homecare software or homecare system, such as ClearCare can help keep communications open between caregivers and loved ones - and let potential scammers know they’re being watched!