Advisors are in a unique position when discussing finances and retirement with clients. They can not only help consumers prepare for retirement; they can also help their clients navigate and avoid financial abuse.
According to one expert, “Financial abuse is not only limited to romantic relationships, it can also creep into the picture very subtlety with close friends and family members. It can happen when they lead you to believe that without your constant and consistent help and support, they’ll suffer from some unimaginable fate.”
According to Patrice C. Washington, the Money Maven of the Steve Harvey Morning Show, financial abusive relationships often stem from the abuser’s inability to earn their own income or manage their own money wisely enough to distinguish between wants versus needs.
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