NASAA to Launch Senior$afe Program to Fight Elder Fraud

Shaw says the program helps advisors and brokers spot red flags, like behavioral changes such as lack of grooming, sadness or unusual account activity. Advisors and brokers should be leery if an elderly client says they "aren't able to pay for fuel," they start bouncing checks, or they start asking for large wire transfers.

The second component offers a guide to internal reporting channels as well as outside resources like Adult Protective Services, law enforcement and other agencies on aging, including domestic violence resources. The collective resources provide advisors' and brokers' clients with a "community-based safety net," Shaw says.

She says she's made fighting elder financial fraud "front and center" during her presidency.

In early February, NASAA's membership voted to adopt a model act designed to protect vulnerable adults from financial exploitation, including allowing broker-dealers or advisors to impose an initial delay of disbursements from an account of an eligible adult for up to 15 business days if financial exploitation is suspected.