Resources for senior citizens and vulnerable adults

At Ameriprise Financial, we value our relationship with you and look forward to helping you achieve your goals, no matter where you are in life.

Many of our senior investors face a unique set of challenges as they begin to rely more on family or caregivers to help them with their day-to-day tasks. This includes the potential for financial abuse.

Ameriprise Financial strives to prevent any form of financial abuse through ongoing education and dedicated support for our elderly and vulnerable clients - as well as for their friends, family and other caregivers.

What is financial abuse?

Financial abuse is the illegal or improper use of an elderly or disabled person's funds, property, or assets1. It is estimated that financial exploitation costs seniors at least $2.9 billion annually, and that 90% of financial abuse is committed by family members or trusted others2.

Examples of financial abuse2

  • Cashing an elderly or disabled person's checks without authorization or permission
  • Forging an older person's signature
  • Coercing or deceiving an older person into signing any document (e.g., contracts or will)
  • Misusing or stealing money or possessions from the elderly or disabled
  • The improper use of conservatorship, guardianship, or power of attorney
  • Sudden changes in account balances or banking practice
  • Additional names on an elder's bank signature card
  • Unauthorized withdrawal of funds using the elder's ATM card
  • Abrupt changes in a will or other financial documents
  • Unexplained disappearance of funds or valuable possessions
  • Substandard care being provided or bills unpaid despite the availability of adequate financial resources
  • Discovery of an elder's signature being forged for financial transactions or for the titles of his/her possessions
  • Sudden appearance of previously uninvolved relatives claiming their rights to an elder's affairs and possessions
  • Unexplained sudden transfer of assets to a family member or someone outside the family
  • The provision of services that are not necessary
  • An elder's report of financial exploitation

If you or a loved one has been a victim of financial abuse, tell someone you trust or call your local police department.

Additional Resources

FINRA Securities Helpline for Seniors

  • Visit the website or call 844.57.HELPS (844.574.3577). 9 a.m. – 5 p.m., Eastern time (ET) Monday – Friday.

Ageless Alliance

Elder Abuse, National Institute of Justice

Financial Industry Regulatory Authority

National Center of Elder Abuse

Securities and Exchange Commission

Protect Your Money: Investor Alerts (FINRA)

Additional Resources for Seniors (North America Securities Administrators Association)

Senior citizens and investing (SEC)

1 US Administration on Aging, National Center on Elder Abuse (n.d.). Retrieved from http://www.ncea.aoa.gov/FAQ/Type_Abuse/index.aspx#financial

2 National Adult Protective Services Association (n.d.) Retrieved from http://www.napsa-now.org/policy-advocacy/exploitation