More and more advisors share stories with us about how clients change as they age. In particular:
Forgetfulness
Repeatedly asking for the same information
Becoming more challenged with their finances
Poor decisions relating to money
This is a very challenging situation. While we may know in our gut something isn’t right, we’re not trained clinicians and should not jump to conclusions about a client’s wellbeing. So how do you approach this situation? Perhaps ask the client: “What would you want to happen if you became incapacitated and I needed direction with respect to your financial plan?” Hopefully, the client will suggest you deal with their POA or a Trusted Person. You can establish who this Trusted Person is when you initially bring the client on or are doing subsequent reviews. Canada Life has a good document that you can use with your clients. Keeping detailed notes is very important in these situations too. As always, we look forward to your comments.
Scott Edgington, CEA
Regional Director, Business Development Wealth
Qualified Financial Services
Rick Gallant Regional Director, Business Development Wealth
Qualified Financial Services
This communication reflects the views of Qualified Financial Services Inc. as of the date published. The information in this publication is for general information purposes only and is not to be construed as providing individual legal, tax, financial or other professional advice. Qualified Financial Services Inc. assumes no responsibility for any errors or omissions in the information contained herein nor for any reliance placed on such information. Please seek independent professional advice before making any decisions.
