• Ivan Barretto

Compliance: Need to Know - Protecting Your Vulnerable Clients Part III

Updated: May 10, 2019



“Well, Mrs. Anderson, what type of deck is he building?” You ask just to keep the conversation going.

“What’s his name again?”

“Tyler, Tyler Metters, and gosh it’s pretty big, even with a fire pit!” She said with a renewed excitement.


“A fire pit?”

“Yes!”

“Wow, that is exciting! Are you going to start entertaining?”

“Oh those days are long over…. just my daughter and a friend or two might come over.”

“Hey, I have this simple form that I need you to go over. It’s just an acknowledgment form. I want you to go over it. Read it really well.”

“Geez, just another form?!” she says with frustration. “What’s it about?”

“Well, it seems on a daily basis you hear about someone getting swindled. I feel that I need to take that extra step to protect my clients. You all are family. I’ve known you for years and -

“Oh, Tom! I’m not getting ripped off! I’ve known the guy from my church since he was a little boy!” Mrs. Anderson interrupted.


“I know, I know. Its’ just a policy that I have. Say, just take it home. I have to be over on your side of town tomorrow morning. Is it ok that I stop by say around 9:45, and we can go ahead and get a check

out to you.”


Tom, suspects that Mrs. Anderson is a victim of financial exploitation. If you have a client that is behaving out of their norm, ask probing questions. Try to get as much information as possible to help with your assessment and possible reporting to the authorities and/or regulators. Try to delay the transaction as much as possible without upsetting your client. Also, it is a good idea to have an acknowledgment form. This form should detail different schemes that your client might face including how someone they have known for years could be defrauding them. Finally, have phone numbers available that your client can call if they feel that they are a victim of possible fraud.

Next week, join us as we go into steps you can take to report suspected elder abuse or financial exploitation. Until then…


Catch up on our series: Part 1 and Part 2

For more information about our services, contact us by calling us at 1-833-RIACCIO, emailing us at info@riacc.io, or by clicking here to schedule a free consultation.

#SeniorVulnerability #FinancialExploitation #CollinOBryant #MeganCampbell #IvanBarretto #ComplianceNeedtoKnow #Formerregulators #SecuritiesExchangeCommission #Elderly #RIACCIO #Wereheretogetyouthere #ComplianceServices #RIACompliance #RIAComplianceConcepts #SEC

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