Dallas County Living Well Magazine Spring 2014 | Page 17

Choosing Advisors Wisely

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By Lori A. Leu & Erin W. Peirce
t is an unfortunate reality that there are many
people out there ready to profit from and prey on
vulnerable individuals. The elderly have always
been a prime target for those looking to exploit
someone for financial gain, and the numbers are
on the rise. According to one report, Texas
has one of the highest numbers of elder abuse
cases each year, along with California, Florida,
New York, and Pennsylvania. One of the most
unreported forms of elder abuse is financial
exploitation.
Sometimes the perpetrator claims to be a
“professional” providing a “service.” Professional service providers pose a unique threat
to the elderly, because many of the services
offered are legitimate and needed, such as investments, insurance products, and financial
or legal advice. The key is determining who is
truly qualified and providing the service with
honesty and integrity. Choosing an unqualified
person or someone with illicit motives creates
the risk of financial loss or other disastrous
outcomes for the elderly person involved. Here
are some important indicators to put your advisors to the test:
References: Can the professional service
provider give you names and phone numbers of
satisfied clients who will provide a reference?
If they don’t have several clients willing to give a positive
reference, they may not have the experience or integrity to
handle your issues. For attorneys, you can also check with
the State Bar of Texas to ensure that the attorney is licensed
and in good standing with the Bar.
Personal Attention: Investments, insurance, and legal
documents all require a qualified professional to prepare
and review with you, to e