Elders often face communication hiccups when dealing with big bank financial planners | Health

Banks and investment companies are sad examples of financial institutions that do nothing to assist elders. Many elders are with large banks now because they started with a small bank that has been purchased several times – and they are now with a bank that is “too big to fail.”

During these transitions, the financial planner assigned to them is now a stranger. It is a rare financial planner who reaches out to check in with his “assigned” client, and many of these elders have over a million dollars in their accounts. They’ve been saving all their lives.

I was hired by an elder client to do her estate plan and put her “affairs in order.” As part of the plan, we were consolidating accounts. I sat with her as we tried to contact “advisors.” Not one called her back! In one case, I called the “backup” phone number, and the person who answered stated that he no longer worked for the advisor. I informed him that it was his phone number on her voice mail. He took his anger out on me!?!

In a fit of frustration, I called one of her “planners” and identified myself as my client on his voicemail. He then called my client to let her know someone was impersonating her, and she said, “I know, it’s my attorney because you won’t call me back. Please call her, she has all the records.” He did call me and berated me for using such a tactic; I replied, “We got a callback, didn’t we?” We fired him, and the new planner is implementing the plans we requested (we hope).

Banks are so tightly regulated only because they constantly try new schemes to make money and bilk the account holders. Remember Wells Fargo when they opened bogus accounts to meet quota? Yes, they paid a large fine, but those clients, many of them elders, had a year or two of confusion as to where their money was going and why their credit score was slipping. The 2007 and 2008 financial debacle was all investment and bank-created, and the consumer paid the price.

Why can’t these bank technology departments flag the tellers when large amounts of cash are withdrawn from accounts where that is not a normal occurrence? They certainly flag us when we’re a day late in payment! Yet elders often sign checks for a loved or trusted person in which an extra zero or two is added. Does the bank question that? Hospital computers flag patients who have returned within 72 hours (it’s for Medicare), but a bank cannot flag one person cashing multiple checks in multiple locations. It’s an easy computer program.

My client was simply attempting to access her money! Yet, we had to jump through hoops simply to get a callback. After we fired her unresponsive planner, he then elevated it to the legal department. I had to talk to an attorney before the new person would engage! It took days of phone calls and emails for someone to do something! Yet, she is not reimbursed for my fees or her time. Do you think the opposite would be true?? 

About H. Frances Reaves, Esq.

An estate and Medicaid planning attorney, Frances began her legal career as a litigator/lobbyist. After 15 years in Maryland politics, she moved back to Key Biscayne and founded Parent Your Parents, an Elder Advocacy group.

She was inspired by her parents’ struggle with the “Elder Bureaucratic System” and realized help was needed. Should you have any questions or comments, please contact her at [email protected] or 786-418-3303.

For Frances Reaves’ last column, click here.