Ways Advisors Can Address Cognitive Decline

As clients get older, advisors should be on the lookout for signs of cognitive impairment in their clients. Some things to look for include: sudden account changes, unpaid bills, and difficulty with routine financial tasks. While such signs may just be a result of the normal aging process, they could also point to problems like alzheimer’s and other dementia-related diseases. 

In addition to being cognizant of the red flags, one way advisors can help tell whether the signs are indicative of serious health problems is to talk to elderly clients beyond financial matters. Talk about their goals and attitudes, or even about the client’s involvement in social networks. 

To help clients deal with cognitive decline, advisors can involve family members in all the conversations. This way, if or when the client declines, the advisor can still keep the relationship going with the family members to help the client. 

More importantly, while the client is still thinking clearly, advisors need to talk to clients about the risk of alzheimer’s and dementia. This helps to show to the adult children that you are trustworthy and committed to their parents. 

See Margarida Correia, “Senior Moment” or Dementia? Advisors Should Look for Warning Signs, Financial Planning, Apr. 5, 2013.