Fidelity Clearing & Custody, the division of Fidelity Investments, has teamed up with technology provider EverSafe to launch a new program that helps advisors protect aging clients from financial abuse.
Under the collaboration, EverSafe will provide daily monitoring service that scan financial accounts and credit reports for suspicious activity and identity theft.
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Fidelity Clearing & Custody clients will be able to access the service for discounted rate.
The program will also consist of insights and education from Fidelity to support advisors and help them protect their clients as they age.
According to a research conducted by Fidelity, three-quarters of financial advisors are working with clients with diminished capacity and one in five advisors has found financial abuse of an aging client.
Also, advisors can help protect aging clients by discussing the subject of dementia with older clients, reaching out frequently to older clients, developing stronger relationships with a client’s family.
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By GlobalDataAdvisors should also document and regularly review an Investment Policy Statement (IPS), help older clients stay financially organized and be on the lookout for irregular spending patterns.
Fidelity Clearing & Custody executive vice president, practice management and consulting David Canter said: "Our goal with this offering is to help advisors implement policies and procedures to identify changes in their client’s behavior, monitor their financial accounts and mitigate the potential for financial abuse."
EverSafe founder and CEO Howard Tischler said: "This service is another tool that advisors can use to help their clients preserve and pass on their wealth. It offers the ability to detect potential financial abuse when it starts, not after the accounts are empty and there’s little chance of recovery."
