Financial Professionals Need To Get Ready For A Wave Of Clients With Alzheimer's Disease

Away from HerStill from Away With Her where Julie Christie’s character struggles with Alzheimer’s.

Photo: IMDB

The number of American’s diagnosed with Alzheimer’s disease is expected to almost triple to 13.8 million by 2050 from 5 million now.And this “epidemic” will add pressure on advisors and their practices, writes¬†Mary Beth Franklin in Investment News.

As cognitive functions decline people with Alzheimer’s struggle with financial tasks. “One of the first skills to decline is the high-level function required to accomplish financial tasks such as paying bills, balancing a checkbook or reading a brokerage statement,” Franklin writes.¬†

Advisors that have clients with Alzheimer’s face legal and ethical problems. Some say that a written policy will help advisors avoid such problems.

Steve Starnes with The Monitor Group says advisors should do a few things if they notice their client’s cognitive functions are deteriorating. These steps include updating the client’s legal documents and estate, encouraging them to see a doctor, and helping them pick an advocate.

Read the entire piece at Investment News >

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