Your elderly clients are exactly what professional thieves are looking for. They know, from the massive success they’ve had in stealing from elders, that age is the biggest risk elders have that can affect their money judgment.
But as a professional, is it really your business to keep them safe from outside predators? It’s one thing if the person taking advantage is in your own organization or office. That puts an obvious burden on you to act. But it’s the subtle things that you learn from your client about losing money to someone that should get your attention too.
Maybe she tells you she had a lot of credit card charges and she can’t remember how they got there. It could be that she has memory loss. And it could be that the ability to address an incorrect charge on a credit card bill is being eroded by dementia in its early stages. It’s hard to know from a single contact or phone call with a client. But if you care about this, you can dig deeper.
I believe we can all do more to protect our aging clients from the many sources that threaten their financial safety. Yes, we can help keep them from becoming victimized. The first step is to understand diminished capacity. It is more complex that you may think. You can’t tell from a casual conversation with your client that her ability to make safe financial decisions is going downhill. It will take a few conversations and some observing and questioning on your part.
You don’t have to be a doctor to see the signs. You can educate yourself to know the red flags of diminished capacity
Would you like to get the details on diminished capacity in aging clients? If you want to be an active part of the solution to elder abuse, take advantage of our expert help with a webinar at AgingInvestor.com. Best Practices for Clients With Diminished Capacity is a great place to start. Sign up today!