Ben Rizzuto, CFP®, IMBA, CRPS®, Wealth Strategist, Janus Henderson Investors, joined Julie Cooling, Founder and CEO of RIA Channel, to discuss how advisors can recognize financial exploitation.
Janus Henderson Investors has a specialist consulting group with over a dozen professionals who have earned credentials such as a JD, CFP, CFA, or PhD. The wealth strategists in the group can help advisors and clients think about how to manage assets over time. Other topics of discussion can include trusts, income, intergenerational wealth planning, macro issues, wealth strategy, defined contribution, and growing an advisor’s practice.
Janus Henderson Investors has partnered with Wayne State University to develop resources for families and advisors to understand when financial exploitation is occurring and what to do about it. Unfortunately, financial exploitation is a growing issue that results in misuse or misappropriation of assets. Exploitation can arise from online interactions, such as tech support and romance scams, or someone managing their affairs. The conversation is especially difficult when the exploitation comes from a family member, so advisors will need to be sensitive and tactful in discussions with the family. Because advisors may be one of the first to see signs of mental deterioration, it is important to know the questions to ask and the signs that financial exploitation is taking place.
Resources:
Avoiding Financial Exploitation in the Age of AI
Financial Exploitation of Older Adults: Assessment and Survey