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Editor's Note: This is the second post in a series for International Fraud Awareness Week, November 17-23. Fraud is one of the most serious issues clients deal with today. We hope that through this series, Financial Advisors gain a deeper awareness of the types of fraud their clients face and an understanding of how to help spot it before any damage is done.

TL;DR Summary:

• More than 10,000 Americans reach 65 years of age per day. Medicare is becoming the single most important healthcare security for senior citizens.
• A few common types of Medicare Fraud are eating away money from your clients and taxpayers: Upcoding and Unbundling, Phantom Billing, Kickbacks, and Waiving Unqualified Medicare co-pays and deductibles
• Equipping clients with knowledge of these frauds and the laws to protect them could save countless hours and dollars.
  

If you’re the type that cozies up to a good business book, below we outline an essential Fall reading list – put together by Financial Advisors for Financial Advisors. Our recurring series the “Advisor Spotlight” asks Vanderbilt Advisors to share books that have helped shape or influence their practice over the years. Below are just a few of our favorites:

Automation has given rise to Robo-Advising, a new technology that uses algorithms to aid in investment decisions, including those related to impact investing. What is an algorithm, and what does it offer to the Financial Advice Industry? An algorithm is a process or set of rules to be followed in calculations or other problem-solving operations, usually done by a computer. In Financial Services, a Robo-Advising algorithm is mainly used for non-complicated portfolio management. Clients can choose from a wide range of companies and services with a lower minimum initial investment than most traditional Financial Advisors. The account fee is low-cost to zero, which attracts a large group of clients who typically find an advisor’s fee as a cost-prohibitive barrier. As this technology becomes increasingly popular, there have been talks about the replacement of the human Financial Advisor.

Editor’s Note: Each month Vanderbilt Financial Group features an advisor in the Vanderbilt family who exhibits the VFG values of Gratitude, Respect, Innovation, Teamwork and Trust on a consistent basis. These values impact their work with clients and VFG staff, and ultimately pushes for an excellence in their business practices that is unparalleled and incredibly unique. Beyond high-level producers, these advisors offer sage advice and best practices for boosting your business on your terms according to your values. This month’s Advisor Spotlight features Jack Chite, President of Vanderbilt Insurance.

Editor’s Note: Each month Vanderbilt Financial Group features an advisor in the Vanderbilt family who exhibits the VFG values of Gratitude, Respect, Innovation, Teamwork and Trust on a consistent basis. These values impact their work with clients and VFG staff, and ultimately pushes for an excellence in their business practices that is unparalleled and incredibly unique. Beyond high-level producers, these advisors offer sage advice and best practices for boosting your business on your terms according to your values. This month’s Advisor Spotlight features Mehul Thakker of Empowered Investments.