When an elderly client of Wells Fargo Advisors in California participated in a scam operation, Wells Fargo tried to stand in his way.
Financial-planning.com reports that an 81-year-old client of the firm believed he had won $5 million in a lottery, and paid thousands in false tax to the operation.
Then, he went to Wells Fargo to withdraw more. But the firm refused to release the money because it knew the client was being robbed.
To reinforce its position, the firm asked a doctor and a lawyer to conduct a mental capacity assessment. Those professionals determined the client was of sound mind, putting the firm in a legal bind. Read the story here.
As baby boomers age, mental capacity will become a growing issue for advisors, so be prepared. Read: