There is a buzz going on about the problems financial professionals are having with clients who are aging and losing capacity for financial decisions. It directly affected Kathleen Pritchard, head of business development at Legg Mason.
Her father-in-law was diagnosed with Alzheimer’s disease at 73 and she and her husband approached the father’s financial advisor for help. He had been managing an estate worth over 8 million dollars. He said,
“I basically don’t do any of that. I just manage your dad’s money.”
Of course, the broker in Pritchard’s father in law’s matter lost the assets under management. If retention of aging clients and their heirs is a concern of yours, we would like to offer you what Kathleen Pritchard identified as a necessity.
Legg Mason commissioned a study, surveying 500 financial advisors about the needs of their aging clients.
Here is the most crucial finding from that study, which explains why AgingInvestor.com was recently launched:
“The majority of advisors surveyed would like to receive training or education of the changing financial needs of aging clients in order to deliver critical advice to their clients and engage client families more closely.”
We think this should apply to anyone and every professional who works with aging clients. Training and education about how to best deal with seniors who have diminished capacity is essential if you want to avoid mistakes, financial losses and having clients go elsewhere for services, just as Ms. Pritchard’s father did with her help.
Whether your field is finance, law, real estate, business or any other area that requires that a client make financial decisions, you need to get as much information about the nuances of aging decision making as you can.
We’re here to offer you that education. A great way for you to start on yours is with our complete, one hour webinar that covers diminished capacity. Here’s what you’ll be able to do after you take the webinar, available any time:
2. Understand diminished financial decision-making capacity (It’s complex, but we break it down!)
3. Clearly identify red flags you absolutely need to recognize.
4. Decide just what to do when you see warning signs of cognitive impairment in your client.
You can get all this learning for the reasonable price of just $39! If you are a financial professional, there’s the added bonus of getting a CFP accredited hour of CE too.
Sign up for your webinar HERE and start learning today or anytime. You’ll be smarter about aging clients than ever!
Thanks for being part of our community dedicated to preventing elder abuse.
Until next time,
Carolyn Rosenblatt, RN, Elder Law Attorney
Dr. Mikol Davis, Psychologist, Gerontologist