Unfortunately, as the U.S. population continues to age we will most likely see an increase in the number of scams and fraudulent activity directed at our vulnerable elderly population. One poignant example of such predatory practices is known as "investment fraud" as con artists flock to where the money is, and the money is increasingly located in the pockets of seniors and baby boomers. Investment fraud against seniors rose a whopping 40% last year, according to the North American Securities Administrators Association.
Seniors and their families should note that some investment advisers tout their "certification" as specialists in the area of retirement planning or advising seniors. But such designations sometimes require very little training to obtain and are occasionally altogether bogus.
I find that the best way to find the legitimate advisers who specialize in helping seniors is not to attend free-lunch seminars, but to get referrals from people you trust: family, friends, colleagues, attorneys, accountants, etc.
If anyone in the Hartford County would like a referral for very competent investment advisers who are genuine specialists in assisting seniors, please contact me offline.
Comments