ELDER FINANCIAL EXPLOITATION: PERSPECTIVE FROM THE FINANCIAL SERVICES INDUSTRY

摘要

The Elder Client Initiatives (ECI) team at Wells Fargo Advisors (WFA) is dedicated to addressing suspected financial abuse of WFA clients in all 50 states who are older adults (age 60+) and vulnerable adults (18–59). It is an interdisciplinary team with backgrounds in law, social work and risk management. The ECI team determines whether cases are appropriate for referral to Adult Protective Services and/or other authorities.Much of the current research on elder financial abuse is based on self-reported measures. The nature of the ECI team has allowed for the collection of a unique dataset containing over 2,000 cases. Three Chi Square tests were conducted. The analysis of case type versus gender and case type versus assets under management yielded no statistically significant results. However, in the third analysis of case type and age, statistically significant results were found. Results revealed that those WFA clients w referred to the team who were between the ages of 60–69, while less likely to be victims of exploitation by their family members, were more likely to be victims of scammers. Individuals between 70–79 were more likely to be referred concerns about diminished capacity, and those between 80–89 were more likely to be victims of exploitation by a family member.These findings shed light on the complex issues facing the financial services industry. The findings of this research will inform further research efforts as ECI continues to engage in evidence-informed practice and to coordinate efforts with aging services providers.