Providing false information to get someone to invest with you is investment fraud. Did you know: 1 in 13 financial advisors has a misconduct-related disclosure on their record? The median settlement, $40,000.

Crooked investment officers often promise big returns with little risk. How can you find a trustworthy financial advisor?

  1. Take your time when making investment choices
  2. Say no to people who try to rush you or pressure you into an investment decision.
  3. Research the advisor carefully with state or federal regulatory agencies.

I’m reminded of a listener who called in concerned about an investment she bought. The money was guaranteed safe, but she couldn’t get to it for 30 years, but she was 80 years old! True story.

Keep an eye out for anyone who uses their position of power to force compliance or coerce a senior into giving up personal, financial information.

What can you do to help ensure your aging loved one or an older adult in your family isn’t being taken advantage of? Make sure there is an open line of communication about money and bank accounts. Let your aging loved one know if they are uncomfortable about anyone, or anything, relating to their personal finances to speak up.

Senior Financial Tips brought by Marty Feldman Center for Financial Planning Wayne State Institute of Gerontology and Baldwin Society.

You can listen to previous Senior Financial Tips here.