They may not think it’s a common occurrence among their own clients, but financial advisors cite financial abuse of elders as a top ethical concern.
That’s according to new research from the American College of Financial Services. In its Ethical Issues in Retirement Income Planning Survey, the American College sought to identify financial services professionals’ primary ethical concerns in retirement income planning, gauge how financial professionals view the industry’s current ethical challenges and understand how ethical practices can be improved in retirement income planning.
The survey found that more than 80 percent of respondents are concerned about protecting their clients from financial elder abuse — in fact, it was their top-ranked ethical concern. But just 28 percent believed it was a common occurrence.
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