When the United Nations formally recognized World Elder Abuse Awareness Day, the goal wasn’t just to mark a date. It was to shine a light on a serious and often hidden issue. Every effort to raise awareness, show respect, and protect the dignity of older adults is something worth recognizing.
Elder abuse takes many forms: physical, sexual, emotional, neglect, abandonment, self-neglect, and financial exploitation. That last one, financial exploitation, is where we focus. Why? Because it strikes at the heart of what we do as financial planners.
What is Financial Exploitation?
It’s the misuse or theft of an older adult’s money, property, or resources. It could be fraud, forgery, coercion, or manipulation. It might look like someone gaining access to bank accounts, pressuring changes to legal documents, or isolating someone from their own finances. It happens quietly, and far too often.
Who is Most at Risk?
Those most vulnerable are usually over 80, more often women, and those facing health challenges or living alone. These individuals may have difficulty managing finances or lack a close support system.
What Are the Warning Signs?
- Large or unexplained withdrawals
- Sudden secrecy about money
- Unusual “gifts” in exchange for attention or companionship
- Strange transactions or new names on accounts
- Confusion or anxiety around finances
Scams are everywhere—over the phone, by email, in the mail, or even at the front door. Criminals often pose as utility workers, contractors, charities, or even grandchildren. With rising costs and inflation, legitimate concerns around housing, healthcare, and home repairs are now being used as tools for manipulation. And in some heartbreaking cases, the abuser is a family member.
How We Help Protect Our Clients
Just like families should check in regularly with aging loved ones, we do the same with our clients. Regular communication helps us notice changes early. Here’s how we build protection into our planning process:
- Trusted Contacts: We encourage every client to name someone they trust. This person doesn’t make financial decisions or access accounts, but they’re someone we can call if something seems off and we can’t reach the client.
- Expanded Communication: With client permission, we can now reach out to attorneys or accountants if we believe something suspicious is happening and need a second opinion.
- Family Meetings: These are powerful. They give clients the opportunity to share their goals and wishes in their own words—year after year—and ensure everyone is on the same page.
- Team Continuity: Our team spans multiple generations, which means your story and planning history stay intact—no matter who takes your call. Vacations, retirements, or transitions never interrupt your care.
Planning Is About More Than Money
True financial planning is more than just investment strategies. It’s about protecting people, relationships, and what matters most. If you or someone you care about is approaching a new stage of life, we’re here to help. These are some of the most meaningful and protective conversations we can have with our family.
Dave Valdez, CWS®, CLU®, ChFC®, AIF®
Chief Operating Officer
Alaska Wealth Advisors, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or training. More information about Alaska Wealth Advisors’ investment advisory services can be found in its Form ADV Part 2 and/or Form CRS, both of which are available upon request.
