AIOFP launches senior citizen protection effort

AIOFP executive director Peter Johnston said the relationship would help support advisers “deal with this unwanted trend” of older Australians being financially taken advantage of, which he noted has become more prevalent in recent years.

“Our aim is to consider what will help our members with a view to keeping their long-term, valued clients safe and secure, and establishing a rapport with them and new potential clients is beneficial for all,” he said.

“Sadly, once wealth abuse occurs often clients are lost along with their investments and inheritance.”

Mr Johnston said the relationship with Protecting Seniors Wealth will provide advisers with “highly informative training material”.

Protecting Seniors Wealth chief executive Anne McGowan said financial advisers play a crucial role in preventing financial elder abuse in Australia.

“With the pervasive, rapidly increasing financial abuse of seniors and elders, financial advisers are in a unique position to assist their valued clients by helping protect them and their finances, along with their means to support their lifestyle and dignity for the long term,” she said.