Seniors seeking to grow assets could be targeted by fraudsters

| Oct 2, 2016 | Financial Planning

As human life expectancy has increased, so too has the length of the typical retirement. Overall, this is a positive development. But as we all know, it takes money to maintain a comfortable and safe lifestyle. And more than ever, seniors need their assets to provide for their necessities. Unfortunately, many seniors are finding that retirement is more expensive than they expected.

As such, it is critical that the assets seniors worked their lives accumulating are protected and dispersed correctly. But sadly, there are fraudsters who prey on seniors who are trying to leverage their assets as effectively as possible. In fact, seniors are a favored target of scam artists. According to the AARP, 30 percent of victims of investment fraud are 60 years of age or older.

It’s easy to understand how someone  could be taken advantage of by an unscrupulous dealer. Many of these so-called financial advisers do in fact have some form of accreditation. But according to the Consumer Financial Protection Bureau, some of these “senior certifications” can actually take just a weekend to obtain.

Financial charlatans prey on seniors who are only trying to expand their assets to pay for their retirement. For this reason, if you or a family member need assistance with financial planning, you want to make sure that you consult with someone who has your best interests at heart.

Before giving anyone access to your money, you may wish to contact an experienced estate planning attorney. An attorney can look over your portfolio and advise you on ways to effectively allocate your assets.