The Memory Loss Dilemma for Aging Clients

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Memory loss should be a concern when it comes to the wellbeing of your aging clients and their investments. Are you prepared?

By 2030, there will be 72.1 million people in the U.S. over age 65, or “elders.” More than 10%, 7.7 million, will have Alzheimer’s disease (AD). A large number of impaired clients will execute or attempt to make financial transactions and decisions. Some of those transactions could be with you.

According to respected researcher, attorney and neuropsychologist at the University of Alabama, Burmingham, Dr. Daniel Marson, we need to be ready to help those who lose the capacity to make financial decisions, as Alzheimer’s affects a huge part of our population. The problem is growing. Financial institutions, organizations and banks need to take preventative steps to avoid financial losses and exploitation of their clients.

What are the implications of aging and memory loss for the financial services industry? Demographics and dementia demonstrate that policies need to change and institutions need to explicitly plan for diminished financial capacity with their investors. We’re not just talking about escalating a matter to compliance when a client seems to be behaving oddly. Institutions and organizations must get over the brick wall excuse that it’s not their problem, it’s the family’s problem.