When we talk about seniors and their tendency to get scammed no matter how careful they were, the only thing that comes to mind is that 1) the one being scammed is a senior who is easily confused and prone to believing grandiose but flimsy promises and 2) the scammer is a lot younger, say 20-30-40 years our junior.
Not anymore. There is a new type of scam out there that the scammer and the victim are both seniors. Scary huh? Ever heard of “financial advisers” whom you go to for financial advice and planning especially if you are dealing with retirement money a.k.a your nest egg? You don’t usually trust your retirement money with someone younger than you right? So by instinct, you go to someone a little older than you and a lot respectable to look at, like he knows what he is doing. Not surprisingly, you would go to a fellow senior if you happen to be looking for a financial adviser. Nowadays, this logic seems to be the one to push you into a scammer’s disposal without you knowing it.
For the longest time, seniors were thought to never hand over their money to someone who happened to just befriend them over a couple of beers. Or perhaps, never to talk to strangers in any communication form, i.e over the phone, via email and most especially upon opening your door and finding a stranger standing there. These are the only places we seniors have carefully placed red warning flags. Certainly not when we are the ones to voluntarily go to someone’s place and ask for help, right? Sadly, this is how scammers operate now.
Of course, there are ways to avoid falling into a senior-scamming-senior situation. One is to involve as many trusted heads as possible. If you are to hire a financial adviser to help you manage your retirement money, make sure your spouse or partner knows it. Better yet, have your lawyer involved. Your partner and your lawyer may have their own thoughts about the things that will be raised during planning and it will make the scammer more conscious of their actions.
Never take a person by title. Bear in mind that the words “professional”, “certified” and “senior” don’t really mean anything as they are designated titles. Unless they have a real certificate to back up their claims, titles shouldn’t impress you. Instead, investigate and check their credentials. Furthermore, it might help you if you check their associations and groups they are involved with.
Lastly, whatever deals offered to you by your financial adviser, do take some time to check if it is legitimate and if there’s a possibility that it will work for you. No matter how wiz your financial adviser is, it’s still your money and you should be the one calling the shots.
