[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/wealthy-elderly-may-be-attracting-bad-brokers-greenwich-ct-new-york-ny\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/wealthy-elderly-may-be-attracting-bad-brokers-greenwich-ct-new-york-ny\/","headline":"Wealthy Elderly May Be Attracting Bad Brokers","name":"Wealthy Elderly May Be Attracting Bad Brokers","description":"Counties that have a large population of wealthy elderly people also have problems with brokers. Broker misconduct is costing elder Americans $17 billion annually, according to estimates from the White House. An article in Forbes entitled “What Your Aging Parent’s Broker Isn’t Telling You” details a recently released study conducted over a 10-year period by […]","datePublished":"2016-04-07","dateModified":"2023-08-06","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso, LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso, LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b01b8d1b76d2c.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b01b8d1b76d2c.jpg","height":1124,"width":750},"url":"https:\/\/www.amorusolaw.com\/blog\/wealthy-elderly-may-be-attracting-bad-brokers-greenwich-ct-new-york-ny\/","about":["Elder Abuse","Elder Law"],"wordCount":302,"keywords":["Elder Abuse","Elder Law"],"articleBody":"Counties that have a large population of wealthy elderly people also have problems with brokers.Broker misconduct is costing elder Americans $17 billion annually, according to estimates from the White House.An article in Forbes entitled “What Your Aging Parent’s Broker Isn’t Telling You” details a recently released study conducted over a 10-year period by researchers at the University of Chicago and the University of Minnesota that reveals broker misconduct is very common in counties that have a large population of elderly people who are wealthy.Palm Beach, Fl., for example, has a broker misconduct rate of 18.1%. In other words, 18.1% of brokers in that county had in some way violated the trust of their clients and caused financial losses for those clients.This is a form of elder abuse if brokers are intentionally taking advantage of elderly clients who might be suffering from memory loss or a lack of attention.Forbes has a couple of suggestions to help protect against the problem:The website BrokerCheck lists most violations and disciplinary actions that have been taken against brokers. Information can be searched by a broker’s name and firm. Not all violations and reports are listed on the site, but it is a good starting point as one-third of violators are repeat offenders.If you are not certain about the investment advice being given by a broker, it is a good idea to get a second opinion from someone with whom you have a fiduciary relationship. For example, an elder law attorney or accountant might be able to give you a general idea about the broker’s reputation and the soundness of investment strategies.Reference: Forbes (March 15, 2016) “What Your Aging Parent’s Broker Isn’t Telling You”For more information on elder law and estate planning, please visit my estate planning website."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Wealthy Elderly May Be Attracting Bad Brokers","item":"https:\/\/www.amorusolaw.com\/blog\/wealthy-elderly-may-be-attracting-bad-brokers-greenwich-ct-new-york-ny\/#breadcrumbitem"}]}]