With the right planning, financial professionals can be another line of defense against elder fraud.
Older Americans lose an estimated $36.5 billion each year to various abuse schemes, according to a 2015 report from retirement planning site True Link.
A financial pro may be the first to spot the problem. Broker-dealer firms reported to authorities nearly 2,300 cases of suspected senior fraud or exploitation in 2015, according to a new North American Securities Administrators Association analysis of 61 firms. More than half of those cases involved family members or other third parties attempting unauthorized access to seniors' accounts or funds. (See a breakdown below.)