Trusted Financial advisors: Go beyond meeting a clients explicit and obvious needs by developing a deeper understanding of their personality. “Through active listening and asking the right questions, they can help clients make better decisions up front rather than problem solving after bad decisions are made.” (“What Does It Mean to be a Trusted Financial Adviser? – Rodgers & Associates”)
Examples include the hundreds of volunteers for AARP (American Association of Retired Persons), Aging Services, elder law attorneys or any organization whose main function is to fight fraud. 42% of elder fraud is committed by family and friends and caretakers so it would be advisable to explain that appointing a family member as a trusted advisor might not be first choice in some families.
Notification sent to the trusted advisor is simply that; notification that a transaction is about to take place. A simple intervention of a phone call from a trusted financial advisor to an account holder could stop a fraudulent transaction.
Pre-established limit: Allows transactions up to the established limit to be processed with no interventions.
Optional Third Party: Another trusted advisor to contact if the original Trusted Advisor is not responding.
Examples include the hundreds of volunteers for AARP (American Association of Retired Persons), Aging Services, elder law attorneys or any organization whose main function is to fight fraud.
Preventing Financial Fraud 