By helping to proactively navigate the challenges of dementia and elder care before they become a crisis for the client and their family, financial advisors have an opportunity to further develop trust and confidence while deepening existing client relationships. Elder-care planning also engages the next generation prior to wealth transfer. This multi-generational approach can educate families in sustaining wealth across generations. Elder-care planning truly adds value when a client is at their most vulnerable.
Five Steps For Advisors
Financial advisors who notice any signs of cognitive impairment when meeting with clients should consider the following:
1. Reach out to the next generation in line for succession, executors and/or the designated emergency contact to discuss the matter and concerns. Are they too noticing changes in behavior?
2. Invite additional family members to client and business meetings and document discussions. These can be important to protect families against any risk of financial abuse.
3. Recommend families contact a doctor for a proper diagnosis. Early diagnosis is critical and can improve brain function, reduce symptoms and slow down the rate of decline.
4. Partner with subject matter experts on the condition to offer the necessary services, resources and support to help the family best cope.
5. Proactively plan and document a family’s care wishes while your client can still make sound decisions.
Dealing with this type of situation can be difficult for any financial advisor. It not only requires compassion and commitment, but an understanding of the progressive nature of the disease and the importance of acting quickly to support and safeguard a family’s wealth. Financial advisors that can help families navigate this difficult and often debilitating process will provide an immense benefit to all involved while deepening their personal relationship as a caring professional with multiple generations.
Joanna Gordon Martin is the founder and chief executive officer of Theia Senior Solutions, an integrated elder-care platform and consulting firm that helps advisors and families navigate the complexities of dementia and elder care.