Elder financial abuse is a big problem. Just how big is up for debate.

The FBI reported for 2025 a total of $7.7 billion in losses from more than 201,000 complaints, which the agency admitted was likely an underestimate due to its reliance on self-reported data. Back in 2023, AARP estimated victims of elder financial abuse lose more than $28 billion annually. These figures have almost certainly grown in the time since, and lawmakers and financial services professionals are taking note, as evidenced at a recent hearing held by the US Senate Special Committee on Aging. In a rare show of bipartisan agreement, senators from both sides of the aisle voiced concern about elder financial exploitation, and they asked witnesses how government and industry can work together to stem the tide.

The consensus was that proactive and consistent public education about the risk of elder abuse is essential. Likewise, witnesses said, lawmakers should empower financial advisors and bankers who suspect clients are falling victim to fraud or abuse to take action, including by slowing or pausing suspicious transactions. Elders themselves must also play a role, including by letting trusted family members have a better view of their finances and not being embarrassed to report victimization.

A Patchwork of Protection

More than half of US states have established rules that allow financial professionals to pause suspicious transactions requested by elder clients, and momentum is building for the development of national standards. Such policies must be balanced against seniors’ rights for unfettered access to their accounts, lawmakers and witnesses agreed, but the growing threat of AI-powered scams means inaction is unacceptable.

The typical amount lost by seniors to fraud isn’t trivial:

• The median cost of elder financial abuse reported to the Treasury Department’s Financial Crimes Enforcement Network in 2023 was $33,000.
• The mean amount was $129,000, showing some unfortunate seniors lose far more.

“Congress should consider legislation that empowers financial professionals to hold transactions when they suspect elder financial exploitation,” said Sam Kunjukunju, vice president of consumer education at the American Bankers Association Foundation. “Establishing a uniform national framework would eliminate inconsistencies among state laws and enable more decisive action.”

One lesson learned in states that already have such rules in place, Kunjukunju said, is that educating seniors about them is critical. “When an older adult doesn’t realize they’re falling for a scam, but the banker suspects it, the older adult can be put off,” he warned. “We need to get ahead of all that.”

What to Watch For. The good news is that spotting abuse isn’t exactly rocket science. As a baseline, advisors should be on the lookout for sudden changes in client behaviors, alterations in appearance or demeanor, and unexpected transactions. For example, if a client who has never used wire transfers before suddenly wants to send $15,000 to a foreign bank account, that’s a major red flag.

Who wants to make a deal?

Pretty much anyone and everyone in the RIA space, lately. The year is off to the fastest start ever for mergers and acquisitions involving registered investment advisors. There were a record 93 transactions in the first three months of 2026, which tied the third quarter of 2025 for the most deals in a single quarter, per recent data from DeVoe & Company. M&A has been accelerating for a long time, and almost every year since at least 2013 has set a new highpoint in deal volume.

“Many arrows point toward another record year,” said David DeVoe, founder and CEO of the company, in the report.

All Firms Must Go?

The 93 deals in the first quarter were 24% higher than the 75 observed during the first quarter of 2025, and 43% above the 65 in the first three months of 2024, per DeVoe. But it’s not just the volume of transactions that has been increasing. Additionally, the size of firms being acquired has trended upward, with two-thirds of the deals being purchases of RIAs with more than $500 million in assets under management. That’s significant, as half of the deal volume in 2023 involved firms with $500 million or less.

A separate report by Marshberry identified 94 wealth advisory deals during Q1 (close enough, right?). That company cited the biggest acquirers as:

• Hightower Advisors, which announced six purchases.
• Savant Wealth Management, which bought five firms.
• EP Wealth Advisors, which picked up four.

They Might Be Giants. Even as the average size of acquisitions by AUM has risen from $819 million in 2023 to nearly $1.2 billion in the first quarter of 2026, the biggest companies (those with $5 billion and up) have not been selling much faster than in the past, DeVoe found. At 14 such deals during the first quarter, the category is on pace to match the 36 transactions in all of 2025, up from 34 in 2024, according to the report.

That raises the age-old question, “Is it better to be a small fish in a big pond, or a goldfish in a pond lined with doubloons?”

We’ve got good news and bad news.

First, the good news: A majority of retirees say their standard of living is satisfactory, according to a new report from the Employee Benefit Security Administration, with half even saying their standard of living is excellent or very good. Now the bad: Fewer Americans feel confident about having enough money to live comfortably in retirement compared with a year ago, and there are serious concerns about the stability of Social Security and Medicare. It’s a decidedly mixed message about Americans’ retirement prospects, but what’s not in doubt, the survey shows, is that financial advisors are a trusted source of guidance.

“Retirement confidence has clearly softened this year and the data show why,” said Craig Copeland, director of wealth benefits research at EBRI. “Americans are contending with a mix of immediate financial pressures and long-term uncertainty, making it harder for people to feel secure about their retirement.”

Why So Worried?

Survey data shows Americans are most concerned about whether their savings will be sufficient. Worries about inflation and the cost of living are also weighing people down, and fewer workers believe they will be able to meet basic expenses in retirement. Fewer feel they are financially well enough to handle an emergency expense either now or in the future, too, and a larger share report that debt is a major problem for their household.

By the numbers:

• Workers’ confidence in having enough money to live comfortably in retirement fell 6 percentage points from 2025 to 61%.
• Retirees’ confidence fell 5 percentage points to 73%.

Likewise, concern about changes to the retirement system remains high, with seven in 10 retirees and four in five workers worrying the federal government will somehow jeopardize their financial security, namely through changes to Social Security or Medicare. Only about half of workers and six in 10 retirees said they are confident those programs will continue to provide benefits of equal value in the future.

Apparently acting on their concerns, nearly one-quarter of workers adjusted their target retirement age in the past year, with most moving it later and 16% now saying they’ll never retire. The median expected retirement age for workers remained 65 years old, but retirees reported a different reality. That is, most retired before age 65, with a median retirement age of 62, and nearly half said they retired earlier than planned.

Where to Turn? More than two in five workers and one-quarter of retirees said they do not know where to go for financial or retirement planning advice, and confidence in having the right educational and support resources declined from 2025. At the same time, about four in 10 Americans currently work with a professional financial advisor, and many of the rest expect to do so in the future.