Partnership Essentials: December 2018
Financial exploitation is a fast-growing form of abuse of seniors, with approximately $37 billion a year stolen from America’s elderly.* With an industry-leading approach and a dedicated unit specializing in elder financial abuse prevention and detection, we’re helping to combat this emerging threat facing our aging population. For plan sponsors who care deeply about their employees’ lifelong financial wellness, knowing we have expertise in this area can provide not only a value-add, but also greater peace of mind.
Driven by our commitment to guide retirement plan participants to and through retirement, we feel protecting them from threats of elder financial abuse is an important value-add service to provide, leveraging the broad resources of our parent company, AIG. In 2016, AIG created the Elder and Vulnerable Client Care (EVCC) unit, one of the first of its kind within the financial services industry. The EVCC communicates regularly with all customer-facing teams at VALIC, and administers a mandatory educational training program for all VALIC employees.
This training is especially meaningful for VALIC financial advisors, who meet with their retirement plan participants in-person, get to know them well, and may be among the first to spot warning signs of potential abuse. VALIC financial advisors are great advocates for the individuals they serve! Now through the EVCC, every VALIC financial advisor has a voice and a process by which to speak up on an individual’s behalf. The same is true for all call center personnel, and any employees who may interact with a retirement plan participant, whether directly or indirectly.
In addition to providing guidance and training, members of the EVCC respond to all suspected cases of financial exploitation of elder or other vulnerable clients. The team takes all inquiries seriously, and explores them thoroughly. To date, there have been very few open-and-shut cases (less than 10% of all reports) that require no further consultation from the EVCC. We’re happy to err on the side of caution: In a recent analysis of EVCC investigations, we found that less than one-quarter (24%) of cases proved to be instances of exploitation. The EVCC addressed those cases and reported them to the appropriate state agencies and local authorities.
The EVCC’s mission is clear: To help protect the elderly and vulnerable individuals who have entrusted us with their retirement savings.
To learn more about the EVCC and share this information with your clients, we invite you to download the new paper and flier on this important topic. We will also be sharing this insight with our current clients. As families gather during the holidays, knowing the warning signs of elder financial abuse can be empowering.
Thank you for helping to raise awareness!
For additional information, visit https://www.aig.com/knowledge-and-insights/elder-financial-exploitation
*Source: “How Criminals Steal $37 Billion a Year from America’s Elderly,” Bloomberg.com, 2018.
When your clients select VALIC, an AIG company, as their retirement plan provider of choice, you can feel confident they’ll gain access to some of the best communications and educational material in the marketplace today. New awards prove that our creative execution ranks among the best.
Our retirement business has recently received a number of awards from the prestigious third-party reviewing team at MarCom. MarCom Awards are among the most competitive and well-established awards in the fields of marketing and communications globally. This year, our material stood out among an enormous showing of approximately 6,000 print and digital entries, submitted from dozens of countries, by hundreds of organizations, spanning all industries. It’s a feat we’re proud of, and we hope you will be too!
We are pleased to share the following awards with you and your clients:
Your feedback and your passion for the retirement business—in addition to the high expectations of our plan sponsors and the diverse educational needs of our participants—helps inspire us to produce the best output. On behalf of the entire Marketing and Communications team, thank you for setting the bar high!
To see one of our award-winning pieces for yourself, please download a copy of the publication we call Today—which showcases the latest innovations coming from AIG and VALIC.
As you know, great teams refuse to rest on their laurels. We’re committed to producing more material like this in the coming year. So please stay current, and stay tuned! Thank you again for your partnership and support.