Is better training the answer to growing senior financial exploitation?

The new training offering will cater to those working in banking, superannuation, financial advice, investment management, retirement planning and aged-care sectors.

The company said that the new initiative will help specialists working in the financial services industry improve their efficiency and effectiveness when it comes to dealing with the issue of unwanted financial senior exploitation.

Citing recent research conducted by the National Ageing Research Institute of Seniors Rights Victoria, Protecting Seniors Wealth suggested that more than 80 per cent of seniors have experienced abuse in either financial or other forms.

By equipping the frontline of today’s financial sector with a more robust education on the issues involved, the company hopes to reduce this growing figure to the benefit of everyone involved.

“With more effective skill-sets to utilise, the occurrence can be significantly reduced, everyone will benefit, with higher customer satisfaction and retention rates,” the company said.

Protecting Seniors Wealth chief executive Anne McGowan said that the new programs had specifically developed to provide much-needed more informed ways to effectively assist clients.

“This new motivational approach to training has the potential to help curb massive increases in this unwanted trend significantly,” she said, noting that the pandemic has driven senior financial abuse levels to new highs,” Ms McGowan said.

In addition to the wider economic situation, Ms McGowan argued that there’s currently a gap between the fiduciary duty of corporations in the sector and their actual ability to effectively assist clients or customers satisfactorily.

“Many situations can be easily addressed early without too much upset to senior and [retired] people who may be impacted or need assistance,” she said.

Nevertheless, Ms McGowan emphasised that dealing with senior financial abuse isn’t a one-size-fits-all problem.

“The only way to address this properly is comprehensive professional development delivered by an expert and designed to educate for driving better outcomes, along with adherence to encourage appropriate participation by corporations for clients best interests for senior retirement and vulnerable clients,” she said.