How Advisors Can Protect Older Clients from Financial Scams
When it comes to scams preying on the elderly, Chris Wilbratte, founder and partner with Echelon Financial in Austin, Texas, is all too familiar.
His assistant's 84-year-old mother was once caught in a sophisticated swindle where the criminals posed as representatives of Publishers Clearing House; their emails even had all the logos from the FDIC, IRS and Federal Reserve Bank.
"It involved multiple calls with the various 'departments' at Publishers Clearing House where they built up their credibility, framed their requests for secrecy and access to investment accounts as part of the normal course of business," Wilbratte said.
What made the con all the more believable was that his assistant's mother had actually won money years before from Publishers Clearing House.
"This seemed even more natural, right?" said Wilbratte. "She won once. Why not? Why couldn't you win twice?"