Broker Check

Diminished Decision-Making Capacity

August 24, 2021

John Schooler here:

John Page and I attended a workshop today that address the issue of diminished decision-making capacity. This is becoming a real issue for financial advisors dealing with elder clients and helping clients deal with issues around their elderly parents.

Based on the old adage "don't worry alone," much of the discussion was around utilizing your advisors for help.

Here are couple of tips:

communicate frequently
talk to the other family members and have a trusted contact designated
watch for signs from a family member or friend of the loss of cognitive abilities

name a trusted contact on the clients accounts
a diminished capacity letter
have a will or trust and have advanced directives, power of attorney and health care directives.

watch for behavioral changes, changes in trading activities or account withdrawals
use account monitoring software
have account transaction alerts

let us know if you have any questions