PRACTICE MANAGEMENT

people live and perhaps information regarding when and where the client often sees this person.

The person who holds power of attorney also cannot change beneficiary designations for insurance policies, pensions, or registered accounts. “I review that with every senior client every time I meet with them. Once their mental capacity changes, they may no longer be able to change the beneficiary designation,” says Langlois.

In addition, advisors should itemize all of a client’s assets and accounts — including bank accounts, credit cards, loans, pensions, cemetery plots, and insurance policies — and be sure the paperwork and passwords are stored somewhere safe but accessible.

Protecting Clients

Provincial legislation offers protection for vulnerable adults, and Langlois looked to B.C. laws when she needed to make tough decisions about the finances of her client who was being exploited financially. “In some cases, confidentiality rules can be breached if you’re protecting a vulnerable client,” she points out.

Berry says joint accounts and credit limits on credit cards may offer further protection against scammers, who are becoming increasingly pervasive and sophisticated.

Something else that can happen, sadly, is financial abuse from friends or family, and Berry says advisors should watch for signs of possible financial abuse, such as sudden changes in plans or a sense of urgency about a decision. As many as 12% of Canadian seniors with dementia are victims of elder abuse, the most common being financial abuse.

Meanwhile, even the most caring of families can get distracted by their own financial concerns when deciding what to do about, say, a senior’s valuable property. “We make it abundantly clear to people that our first priority is to take care of our clients,” stresses Howard.

There’s a tremendous upside to getting all of this right. Advisors who learn more about cognitive impairment and its impact on financial planning may see more opportunities to help clients and their families — and grow their practice.

“People who care about meaning and relationships, this is where the satisfaction in being an advisor comes from,” says Tamblyn Watts. “If you get good at this, you will gain more clients and you’ll be helping people out.”

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