ROCKFORD, Ill. (WTVO) — A newly introduced piece of Illinois legislation would require financial advisors to become mandatory reporters if they suspect a senior citizen is being taken advantage of.
The FBI found that the average amount of money lost by victims of elder financial exploitation was $33,915 in 2023.
Senate Bill 1551, introduced by Sen. Steve Stadelman (D-Rockford), would require investment advisors to report to the Illinois Department on Aging when they have “reasonable belief” that financial exploitation of an elderly person has occurred.
Financial abuse often takes the form of a family member deceiving, misrepresenting, or stealing from a senior for financial gain.
“This will definitely help us to stop some of that financial abuse before it happens,” said Joy Drysdale, program services director at Lifescape, which provides services to seniors in five northern Illinois counties. “We have many cases where the older adult doesn’t even know what they’re agreeing to when they make a disbursement from their IRA or account. This will allow us to put a hold on it and then investigate it and educate that senior.”
Drysdale said financial abuse is all too common.
“Financial abuse is our second highest substantiation as far as the nine types of abuse we investigate,” she said.
The bill, if it becomes law, would also allow advisors to delay disbursements from a person’s account if they believe financial exploitation is taking place.
Lisa Johnson said intervention by a financial professional saved her elderly friend from a scam.
“A friend got involved with some guy over email or Facebook or something and he started asking for money,” Johnson said. “So the bank actually caught this when she tried to empty her bank account. Thank goodness the bank caught it. She was so thankful and she finally realized that this was not a real thing. And he was just after her for her money.”
Drysdale said the legislation is desperately needed to protect seniors and their money.
“This is exciting for Adult Protective Services because it definitely allows us to get out in the public, educate people, stop abuse before it happens in financial cases, and allows us to hopefully save people from Traumatic experiences happening to people,” she said.
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