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

“So, Mrs. Anderson, how are you doing today?” You ask trying to make small talk.

“Oh good, I guess…” she hesitantly said.

“What’s wrong?”

“Well, ever since Bob died I’ve been having troubles. My social security was always coming like clockwork. Now it seems that I am getting barely ANYTHING of what I deserve! Uncle Sam seems to take and take!” This was strange. You have never seen her angry like this before.

“When did this start happening?”

“About two or three months after the funeral.”

“Is your daughter helping you figure this problem out?” Hiccups have happened with social security payments, but a couple of phone calls can solve this.

“Oh no, she’s way too busy for my simple problems.”

“Is there anyone helping you out with this? The Social Security Administration can be difficult to navigate.” You replied, trying to hint that she might need help.

“Oh, this nice man at my church that I have known since he was a boy! He says he knows exactly what to do and helped out his parents when they had the same problem! Bless his heart. He is even fixing my deck! That’s what I came to see you about.” The “matter-of-factness” rings in her voice.

“What’s that?”

“He needs wood and stuff for the deck, so I need to withdraw ten thousand out of the retirement account to get my deck fixed.”

You couldn’t help but notice that the confidence left her voice. Halfway through the sentence, her eyes turned to the ground. Your concerns are rising, and you start to think that your friend, your client for years, is the newest victim of fraud.

Mrs. Anderson has experienced life-changing events with the passing of her husband. Sometimes, as an Investment Advisor, you need to be the first-line of defense for your client. Uncharacteristic withdrawals or difficulty speaking about a subject could be signs of senior exploitation.

As our series continues, we will get into what fraud looks like for our seniors and what you can do to help prevent it.

‘Til next week.

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

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