With elder abuse an increasingly serious and widespread problem, in which financial advisers can play a key role in preventing and remedying, Protecting Seniors Wealth has launched an accredited training program to provide continuing professional development (CPD) on the issue.
This followed a recommendation by the Australian Law Reform Commission (ALRC) in its Elder Abuse Inquiry that financial planners receive training in the area, noting that “this is everyone’s responsibility”.
The ‘Protecting Seniors Wealth – Their Whole Wealth’ program would run as a one-day in-person workshop, in addition to online courses and webinar presentations, and aim to help advisers, management, and support staff effectively assist clients at risk of or experiencing elder abuse.
“The feedback we receive from professional advisers is that they want to know 'what to do' and that is the focus of the new training courses, they'll provide professionals with much needed insights around stepping-up to assist clients when situations present,” Protecting Seniors Wealth chief executive, Anne McGowan, said.
"Financial advisers are in a unique position to assist clients and this is now expected as the dubbed inheritance impatience, part of this unwanted trend, continues to grow further impacting the senior demographic, and now it's impacting younger seniors, and everyone, including business.”
She also warned that advisers could be held accountable for being complicit, even inadvertently, in situations of financial exploitation of the elderly.
The course had been accredited for 6.5 hours of CPD and was being scheduled in major cities. It could also be delivered for individual company training events.