Home Breadcrumb caret Industry News Breadcrumb caret Industry Protect elderly clients from scams When Wells Fargo Advisors’ elderly client participated in a scam operation, the bank refused to release his money. By Staff | August 29, 2014 | Last updated on August 29, 2014 1 min read 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. Read: Protect philanthropic clients As baby boomers age, mental capacity will become a growing issue for advisors, so be prepared. Read: When capacity’s in question, what can you tell the kids? Preventing POA abuses Help a difficult, elderly client How to discuss POA for personal care Staff The staff of Advisor.ca have been covering news for financial advisors since 1998. Save Stroke 1 Print Group 8 Share LI logo