Abstract Objective This study examined family dynamics that are common in families experiencing elder family financial exploitation (EFFE) using an innovative analytical protocol, qualitative genogram analysis. Background EFFE is a form of elder abuse that affects many older adults and their families. Individual factors associated with EFFE have been examined, but what is missing is a greater focus on the complex family dynamics that contribute to this violation of older family members. Method Using qualitative genogram analysis (QGA), a three‐step analytical protocol using family systems theory as a foundation, this study identified key relationship patterns commonly found in families where exploitation had occurred. Family genograms generated from 20 interviewees representing 20 families that reportedly experienced EFFE were used to identify common family dynamic themes. Results Using QGA, we identified four relational dynamic themes across families: distance and closeness, triangulation, power and dominance, and partner influence. Conclusion These themes illustrate that families experiencing EFFE have several similar relational dynamics, which may have contributed to creating contexts that made older family members more vulnerable to financial exploitation. Implications The findings of this study provide important indicators for practitioners (e.g., family therapists, family life educators, family attorneys) and policymakers in supporting older family members in making better financial decisions later in life.