Lifetime HealthCare
Planning Center

Financial exploitation of older adults is rampant, and the problem will only get worse as America’s population continues to age.

In fact, the rate at which adults over the age of 60 can expect to experience financial exploitation—1 in 20—is higher than the incidence of many age-related diseases, according to research published in The Journals of Gerontology. And that’s likely an underestimate because many older adults are unwilling to report exploitation.

Technology might not seem like a likely tool a financial advisor can use to build client relationships. It almost goes without saying that older generations prefer human interaction versus digital services when it comes to their finances. And surveys have found that even tech-savvy millennials are more likely to get help with their finances from real-life advisors than from robo-advisors. 

So how can technology help financial advisors strengthen and add value to their relationships with clients—especially older clients—when it lacks the human touch? After all, a computer can’t hold your hand during a market downturn. 

But there is new technology that can enable advisors to build their businesses by giving them the ability to better assist aging clients and clients taking care of aging parents at the stage of their financial lives where they need the most help. That new technology is Carefull. 

Courtney Heiden’s dad always took care of the family finances. In fact, he had a background in finance and managed client accounts at the large companies where he worked. So it came as a complete shock when there was a knock on her parents’ door several years ago, and the man at the door said the house was going to be auctioned off the next day.

“My mom actually thought they were kidding or maybe had the wrong house,” Heiden said. “And the man at the door said, ‘No, there's not been a mortgage paid in nine months.’ Their world kind of came crashing down at that moment.”