Clients with Dementia? Financial Advisors Must Prepare in Advance

We have written in prior blogs about how clients with dementia will increase, and the need for financial advisors to prepare in advance. Financial advisors often have a long standing relationship with their client and may be the first to notice changes or have concerns about financial decisions the client is making.

A recent article in Investment News also discusses how financial advisors are advocates – not just for the client’s financial decisions, but for their physical and cognitive health status as well.

The Gilster Group work with financial advisors to identify signs and symptoms that are concerning, and develop policies and protocols to protect their clients, and themselves. And it is best to have policies in place before having a client in need.

Advisors should have a proactive and well thought-out plan to follow in order to appropriately address concerns about a client’s ability to make decisions. Such plans will ensure that the decisions made are in the best interest of the client – even those with memory impairment – in order to protect the client, the advisor and the firm. It may also serve as an opportunity to see that their client receives the attention that they need in the event of memory impairment, serving both the financial and personal needs of clients.

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