While Endeavor Wealth Management has no formal policy, White’s team instructs customers to reach out when they request a “slightly odd smell.” He added that many elderly customers may be vulnerable because of not being familiar with investment and financial products, making it doubly important to make sure they don’t feel guilty for asking questions.
“We’re happy to answer those questions, because the flip side of this is that if they don’t call and move on, they can make very costly decisions that are very detrimental to their future,” White said. It is possible.” “That’s why I think it’s the responsibility of the industry to educate customers as much as possible.”
In addition to educating customers and encouraging them to reach out, White and his team monitor unusual transactions. If a client asks to make a transaction that is out of standard for them, such as instructing a subsidiary of the firm to redeem or transfer a large sum of money, one of the consultants on the team will explain the reason behind it. Will come to verify.
Another failsafe they have is a trusted contact person on file for their customers. By having a TCP with which they can share information and ask questions about client affairs, advisors can increase the chances of protecting clients from financial exploitation.
“Based on what I’ve heard elsewhere and co-workers’ experiences, clients get embarrassed when they find out they’re being scammed. That’s not something they want to highlight,” says White it is said. “So when we learn that clients are going through this, as consultants we have to be empathetic and put ourselves in their place. Some of these scams are really sophisticated, and I don’t think it’s fair to expect our customers to avoid every possible case.”