The story below details an account of financial elder abuse prevention and how our coalition came together to help seniors in need.
In a heartwarming tale of justice and support, a story recently emerged about a 78-year-old individual who faced an unsettling situation with her life savings. With her sibling, 83, as her only beneficiary, she sought financial advice from an insurance “advisor” who proposed an annuity that tied up a substantial portion of her nearly one million dollars in life savings for a totally inappropriate period of 17 years. As if that wasn’t enough, the surrender charge started at a staggering 20%.
Thankfully, the story took a turn for the better when Pelleton Capital Management, one of our valued coalition members, stepped in to make a difference. The dedicated team at Pelleton Capital Management took it upon themselves to fight for the rights of these elderly siblings. They crafted letters on their behalf, addressing and sending them via certified mail to the President of the insurance company, the AZ Attorney General, and the AZ Insurance Commissioner, shedding light on this unethical and abusive situation for these aging seniors.
Their efforts did not go unnoticed, as the insurance company responded by doing the right thing. They sent a check for the full amount, symbolically acknowledging the error and ensuring justice prevailed. It was a moment of triumph, demonstrating that good things do happen to good people.
This heartening tale of financial elder abuse prevention also emphasizes the crucial role of organizations like Senior Resource Connectors and the coalition of age-friendly businesses in serving the senior community. The philosophy of Pelleton Capital Management is simple yet powerful: do good things for good people, and your efforts will be rewarded. By standing up for the vulnerable and offering support and guidance, they exemplify how an advocate can positively impact our seniors’ lives.
Furthermore, these seniors now have a new financial advisor who, as an Accredited Investment Fiduciary, will legally put their client’s best interests above the firm’s interests. This aspect highlights the importance of having a trustworthy and reliable financial advisor, especially in the later stages of life when financial decisions become so critical.
In conclusion, this inspiring story serves as a reminder that no matter the challenge, standing up for what is right can lead to life-changing outcomes. It also emphasizes the significance of supporting organizations like Pelleton Capital Management and Senior Resource Connectors and all their coalition members, whose dedication to serving the senior community yields meaningful results. Let’s celebrate this “HAPPY ENDING” and strive to create more of them by looking out for one another and ensuring fairness and justice for all.
If you’d like to become a part of our coalition of age-friendly businesses, kindly get in touch with our team by calling (602) 698-9720 or sending an email to info@seniorresourceconnectors.com.
