How Financial Planners Can Market Themselves as a Scam-Protection Line of Defence for Elderly Clients
Scam content aimed at older Australians is everywhere, and most of it is either fear-mongering or generic "watch out for scammers" messaging that elderly clients have already tuned out. 💖 What's missing is a financial planner saying, plainly, "this is part of what I do for you" — not as a sales pitch, but as an extension of the regular contact good advice already involves.
What most planners get wrong
Scam-protection content from financial practices tends to either overclaim ("we'll keep your parents safe from scammers") or underclaim so heavily it says nothing useful at all. Both miss the actual value a planner can offer. Common mistakes:
- Promising protection outcomes no one can guarantee, which risks sounding like a false assurance the moment something does go wrong.
- Talking about scams in the abstract instead of describing the concrete, ordinary moments where a planner is positioned to notice something off — an unusual withdrawal request, a sudden change in beneficiary, a client who seems unusually secretive about a new "friend."
- Never involving the family in the conversation, when family involvement (with the client's consent) is often the actual mechanism that catches problems early.
The usable asset: a financial wellbeing check-in framework
Quarterly check-in talking points for older clients (alongside the usual portfolio review):
- "Has anyone contacted you recently asking you to move money, share account details, or act urgently?"
- "Have you set up or been asked to set up any new online accounts, apps, or investment platforms since we last spoke?"
- "Is there anyone new in your life who's recently started helping with your finances or asking about them?"
- "Would you like a trusted family member added as an authorised contact on file, so they can be looped in if we ever have a concern?"
- "Let's confirm together who currently has access to your account statements and passwords."
Red flags to watch for (internal team checklist, not client-facing): Sudden urgency around a withdrawal, reluctance to explain what funds are for, a client who seems coached or reads from notes during a call, a new contact person inserted into communications, or a sudden change to a nominated beneficiary.
If a red flag appears: Pause, ask open questions without accusation, and (with the client's consent on file in advance) loop in the nominated trusted contact before any transaction proceeds.
The mechanics: building this into service, not just marketing copy
- Add the check-in questions to your existing review meeting agenda for older clients — this isn't a new product, it's a few extra minutes in a meeting you're already having.
- Get consent for a trusted contact on file early, while the client is comfortable and capable of making that decision themselves, rather than waiting until a crisis forces the conversation.
- Train your team on the internal red-flag checklist so it's applied consistently, not left to individual instinct.
- Publish content that describes the process, not promises — "here's how we build regular check-ins into our service for older clients" is honest and still differentiating.
Mistakes to avoid
- Don't market this with language implying guaranteed prevention or protection — frame it as vigilance and good process, nothing more.
- Don't add a family member as an authorised contact without the client's own informed consent, even with good intentions.
- Don't treat every unusual request as a scam — older clients are entitled to make their own financial decisions, including ones you might not personally agree with.
- Don't let this become a one-off marketing campaign — it only works as an ongoing, consistently applied part of service.
Please note: general information, not personal financial advice — every client's situation is different, so check current guidance or speak with a licensed adviser before acting. This content is not a substitute for reporting suspected fraud to Scamwatch, your bank, or the police.
Frequently asked questions
Can a financial planner actually stop a scam from happening?
No — and it's important marketing never implies otherwise. A planner can notice unusual patterns, ask good questions, and loop in trusted contacts, but they can't guarantee prevention, and honest content should say so plainly rather than overpromise.
Is it appropriate to involve family in a client's financial affairs without being asked?
Only with the client's own consent, obtained while they're capable of giving it. Involving family uninvited — even with good intentions — can undermine trust and autonomy, so this needs to be the client's choice, documented in advance.
Does this apply only to very elderly clients?
The habit is useful earlier than most practices start it — capacity and vulnerability can change gradually, and clients in their late sixties or seventies are often more receptive to setting up a trusted contact than clients already showing signs of cognitive change.
How is this different from what banks already do?
Banks typically flag unusual transactions after the fact; a planner's regular check-in can surface a concern earlier, in conversation, before money has moved — the two are complementary layers, not substitutes for each other.
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