Anybody can retire. It's what comes later that many folks find so difficult.

With people who reach 65 now often living another 20 or 25 years, an increasing number of elderly Americans are having to cope with financial stresses they never expected, for years longer than they ever imagined. Adult children also frequently shoulder a burden as sickness and diminishing capacity make it impossible for their parents to continue managing their own finances.

Small wonder, then, that many people seek professional help, or that financial planners and investment advisers of all stripes are reaching out to this growing market. But while the need is great, so is the opportunity for abuse.

After practicing law for 26 years, Tucson, Ariz., attorney Allan Bogutz says, "I've seen more people coming in today with more inappropriate investments than in the past." Mr. Bogutz, a partner in Bogutz & Gordon and a former president of the National Academy of Elder Law Attorneys, also says he sees an overuse of living trusts, a legal device often used to avoid probate - the procedure required in each state to validate a will - or to provide for the orderly management of assets if one should become disabled or incompetent. And, he says, there are instances in which good life insurance policies are exchanged for others for no other reason than to benefit the agent.

"In the newspapers, you see ads for lots of seminars for estate planning, living trusts, insurance, and almost invariably, these people are selling something," Mr. Bogutz adds. "They are not offering an unbiased look at what's best for people."

The level of abuse is impossible to quantify, but prosecutors, lawyers and consumer groups say they are seeing more and more instances of aggressive pitches to the elderly. Regulators say the culprits run the gamut from brokers with well-known firms to financial planners who work out of their homes.

The North American Securities Administrators Association is developing a uniform competency examination for each state to administer to make sure financial professionals know something about their business besides memorizing state laws. Ron Thomas, head of the group's financial planners and investment advisers committee, compares the lack of a competency exam to taking only the written exam for your driver's license. "You know rules of the road, but can you drive an automobile?" asks Mr. Thomas, who also is director of Virginia's securities division.

The new focus on the post-retirement elderly is leading some financial- services providers to affiliate with social workers, elder law attorneys and accountants. These specialists help them develop a more complete picture of their clients' lives as part of the financial-planning process.

So how do you find a professional who is serious about working with the elderly? Look for those who are adding other professionals to their staffs, such as social workers, nurses or lawyers, or are forming alliances with them.

Check with local agencies that work with the elderly to see if they've dealt with the professional you are considering. Interview several.

Ask if the adviser has done course work or continuing education in gerontology or financial planning for the retired. Check credentials. A law degree, a masters in business administration or a certified public accountant designation is useful, says Marc J. lane, a tax attorney whose Marc J. Lane Elder Law Center is a financial-planning and law firm in Chicago that caters to elderly investors.

"I would be leery of planners who are camouflaged stockbrokers or insurance agents," Mr. lane says. "In reality, they are in it for the sale of financial products rather than addressing the needs of a client."

Get details on fees and compensation. It may be comforting that planners are affiliated with other professionals, but you pay for those services. Planners typically charge by the hour. You also pay an annual fee for investment management. Ask for what's called an ADV form. That means the adviser is registered with the Securities and Exchange Commission. Ask for both part one, which details any disciplinary actions and part two, which outlines how the adviser is compensated.

A geriatric care manager, typically a nurse or social worker, may charge $100 an hour or more. Elder law attorneys cost $200 an hour in major cities, but some may offer flat fees.

Once you've signed on, how can you spot abuse?

A popular scheme is advisers using a client's money for personal use, says Mr. Thomas of the state regulators' association. Check account statements to see that transactions went through as you discussed with the adviser. Don't write personal checks to an individual. If you have a big account, have another financial professional review it.

"It costs money to protect yourself," Mr. Thomas says.

If an adviser files your taxes, pays your bills and handles your financial planning and securities transaction, it's tougher to spot wrongdoing. "It never hurts to have a little more independence," he says.

When adult children get involved in their parents' finances, it is crucial to establish upfront who is the client. Children may feel they are the clients because they are paying the bills for financial planning and legal services, or they may have different ides on how to handle their parents' assets.

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