I agree that the scenario was clearly not in the best interests of the client given the age.  But I disagree with the suggestion that this is elder abuse.  This is flat out client abuse - and it happens to clients of all ages.   Odds are the elderly clients being taken advantage of were once younger clients being sold lackluster mutual funds with high MERs.

The best thing to ensure your parents don't endure portfolio elder abuse is to convince them to stop buying financial product at the bank when they are still young.