Advisors Preventing Elderly Financial Abuse

Elderly Financial Abuse - Complete Controller

The primary reason elder financial abuse is allowed to happen is the lack of transparency in our current systems and processes. Upon appointing a power of attorney or trustee, encouragement or even a requirement should be made to have an outside accounting firm either perform the bookkeeping or oversee the bookkeeping. Cubicle to Cloud virtual business

Furthermore, in this age of cloud technology, it is not too much to ask that the books and records be hosted on a platform where all beneficiaries and professional team members can view the financial activity. Advisors, attorneys, and accountants need to see themselves as services to the elderly client, not the trustee or beneficiaries – split loyalties can cause moral and ethical dilemmas. Those professionals should be making the recommendation for transparency right out of the shoot before any impropriety when the trustee is eager to show that their intentions are pure. ADP. Payroll – HR – Benefits

Suppose the professional is called upon to fulfill the role of trustee. In that case, there is even more reason for all to be transparent as it reduces suspicion by the family and increases accountability. In fact, it can be a positive differentiating factor for those professionals that are positioning themselves to be providers of that service. Just submitting quarterly reports is not an acceptable level of transparency today – there are better options in the marketplace for that intent upon doing the right thing – those books and records should be hosted and regularly reviewed by an outside firm! LastPass – Family or Org Password Vault About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Download A Free Financial Toolkit