Pub. 16 2019 Issue 4

Issue 4 • 2019 9 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S — H E L P I N G N E W M E X I C O R E A L I Z E D R E A M S The Advisors’ Trust Company ® Zia Trust, Inc. 505.881.3338 www.ziatrust.com 6301 Indian School Rd. NE Suite 800, Albuquerque, NM 87110 We work alongside your customers’ investment advisors ’ New Mexico bankers retain their important customers while Zia Trust serves solely as trustee ’ Zia Trust provides a corporate trustee solution to ensure protection and continuation of the family business ’ Accessible to all regions of New Mexico with offices Santa Fe, Albuquerque, and Las Cruces Facing a Family Business Succession? Zia Trust Can Help Ease the Budren her institution created fraud packets with brief brochures and “scam cards” to educate older customers on schemes and how to report them. Another said his institution developed a brochure for caregivers to help guide conversations on sensitive topics like developing a will or sending duplicate account statements for review. And half of the banks surveyed said they offer in- branch training for older customers on new banking technolo- gies, such as online or mobile banking. In addition to protecting one of our country’s most vulnerable populations, these efforts demonstrate banks’ commitment to their customers and communities and reflect well on the industry. That’s why I’mmaking sure policymakers are aware of all banks are do- ing. It’s also why I’m encouraging more banks to join the fight. With 10,000 baby boomers turning 65 every day (a trend that will last until 2030), and with older Americans holding 70% of deposit balances in the U.S., the elder financial fraud threat is bound to get worse before it gets better. But the more bankers are engaged in countermeasures, from educational efforts to fraud monitoring and partnerships with APS, the better off our customers and communities will be. So for those banks that have room to start or grow their efforts in this area, I offer three simple steps: 1. Read the Older Americans Benchmarking Report. It tells you what banks in your asset range are doing and spotlights innovative programs. 2. Sign up for Safe Banking for Seniors. This ABA Foun- dation program provides turnkey presentation materi- als and resources for bankers to use with seniors and caregivers. 3. Enroll in FinEdLink. This is a relatively new service from the foundation that allows us to pair banks with community groups or schools that are interested in having a banker present on age-ap- propriate personal finance topics, including senior fraud prevention. All of these resources are free and available at aba.com/ Seniors. Undoubtedly your state association has even more resources since state associations have been true pioneers in this field. Take advantage of these resources so that fewer crooks will take advantage of your customers. As one banker in our survey said, the older generation wants so badly to leave a legacy and remain self-sufficient, but they also are so trusting they don’t always see a scam for what it is. “That’s where our role as bankers is so critical as we … help them navigate these difficult situations to ensure their legacies and livelihoods are protected.” n Email Rob Nichols at nichols@aba.com .