- Paperback: 204 pages
- Publisher: AgingInvestor.com (April 25, 2016)
- Language: English
- ISBN-10: 0692702504
- ISBN-13: 978-0692702505
- Product Dimensions: 6 x 0.5 x 9 inches
- Shipping Weight: 11.2 ounces (View shipping rates and policies)
- Average Customer Review: 2 customer reviews
- Amazon Best Sellers Rank: #2,246,218 in Books (See Top 100 in Books)
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Succeed With Senior Clients: A Financial Advisor's Guide To Best Practices Paperback – April 25, 2016
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This month's Book With Buzz: "The Lying Game" by Ruth Ware
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From the Inside Flap
Why should you have to worry about aging clients? What's the big deal? They're not investing new money, they're taking it out. Don't you have enough to do already, with trying to protect their assets and following all the industry's rules? You're probably thinking, I'm doing fine right now. Don't give me any more tasks! As long as I'm protecting portfolios against loss, I should be thanked, not given more responsibilities.
But consider this: Not adding more responsibilities would be fine if people didn't grow older and start to lose clarity of judgment, wouldn't it? And it would be fine if the regulators weren't breathing down your neck, about to push a lot of elder-related mandates on you.
If aging clients would just stay competent to the end of life we'd all be fine. It would be great if no one developed dementia or lost the ability to make financial decisions. But the truth is, our population is aging, and we'll soon be seeing more walkers and wheelchairs on the streetsthan baby strollers. Given that, every financial professional automatically has been handed more responsibility. It is unavoidable. When you have aging clients, the risk is constant that some will become too incapacitated to make sound financial decisions. It's not a rare occurrence but a statistical reality. And if you aren't paying close attention, they will get ripped off and you will lose fees. Financial abuse causes your clients and everyone else's to lose more than $36 billion a year. Your income drains away when money is taken from your clients by fraud and theft.
Preventing their losses and, consequently, your loss of fees is a treacherous maze when your client has diminished capacity. And statistics show us that the average advisor has seven clients right now with diminished capacity. If you think they are safe because you go over their portfolios with themevery year, or that they're far too experienced, sophisticated orintelligent to do something stupid with their money, think again. Pickjust one of your wealthy clients who is age 75 or older right now. Imagine that you lose that client next week for reasons we discuss in this book. They get rid of you or you get rid of them. Calculate the loss of fees for that person's assets under management if she lives to be 90. It's not unusual to live to be 90 years of age these days. And you may have six or more of those aging folks as clients. Do the math. Are yougetting the picture? Your aging clients are sitting ducks. Age alone makes them vulnerable. In this book we explain just how that happens.
I'm Carolyn Rosenblatt, an RN and elder law attorney. My co-author is Dr.Mikol Davis, a clinical psychologist focused on aging individuals. Weare a husband-and- wife team dedicated to preventing financial abuse of the aging folks among us. We wrote this book specifically for financial services professionals with busy lives whodon't have the time to study a lot of aging information while working at their regular jobs. We have decades of experience in working with families who haveaging loved ones. We spend much of our time consulting with families and professionals who are struggling with things that fall within a grey area: the question of competency of the aging person.
Most professionals outside the health care arena do not have any specifictraining regarding aging and, as a result, are largely unprepared formanaging a client with age-related difficulty. Even if an aging parentor grandparent in your own life had dementia or became frail as he aged, that does not prepare you for your clients and their unique challenges surrounding their finances. This book will give you some shortcuts to better expertise.
It will also offer an overall plan to help you stop losing money because your aging clients are being taken advantage of by others. You are in an excellent position to take action to stop these losses.You'll learn what to watch for, and knowing those red flags will bringyou greater confidence. You'll learn how to be proactive rather than reactive, as most financial advisors are now. You wait until you see a problem and then try to figure out how to solve it. Sometimes that leaves you with no good choices. You can lose the client because there was no plan in mind. You may beforced to get rid of a client because you did not involve a third partywhen diminished capacity first reared its head. Or you may wait too long to act, and then a crisis causes you to escalate the matter, but no one has asolution this late in the game. Compliance then tells you to get rid ofthe clienttoo much liability risk. We want to help you avoid that.
Our purpose is also to enable you to honor your older clients, to treat them with the dignity they deserve and to show them that you do more than just manage money. Knowing how to take protective action will help prevent loss. You are in a unique position to do that: You can really get to know your clients.
Think about this: Many clients' families are scattered across the country and around the world. Some families have a lot of communication problems. You, having regular contact with a client at least yearly, if not more often, are in a special position of trust and knowledge. You may spend more time with your client than her doctor, who is probablylimited to a brief visit and a quick look at a medical problem. Even the client's physician is limited in how well she knows your client andwhat is going on in her life. Adult children and grandchildren may or may nothave regular contact and may not know anything about your client'sfinancial picture. You may be the only one, or one of the only ones, in her life who understands her finances, her preferences about spending and her long-term resources. You also know how much your client depends on advice. She can get very badadvice and be persuaded to do disastrous things if no one is watching. That's precisely how assets get drained away by predators. And clients get easily pulled in by a persuasive pitch from "such a nice person," who is a wolf in sheep's clothing.
These predatory people are out there, and they're everywhere. They can be family members, the next- door neighbor, a caregiver or any professional. They devise clever ways to get your client to give them money, sometimesmillions of dollars, over time. This is why we want you to keep watch.Learn how to spot the vulnerabilities in your aging clients. Takeaction. And we suggest what action will be most effective.
Our motivation is to help you assist your aging client in better ways thanever before. Our aim is to guide you in expanding your role as anadvisor who has special expertise with our older investors. We help you see new ways of setting them on an organized and wellthoughtout path. You don't want to lose clients when you see, or even sense, that trouble is brewing because of age-related issues. If you ignore this, it is a sure thing you will lose clients unnecessarily.
From the Back Cover
Have you ever had an older client who seemed to be, well, "losing it"? Did you know exactly what to do? Do you always know where to draw the line when it comes to allowing an aging client to make financial decisions? And how do you handle a client who has a greedy family member whom you strongly suspect is ripping off Mom or Dad?
If you have ever been unsure about how to manage these clients, get the answers here, now. No more struggling over the question of privacy or what actions regulators expect you to take. Your expertise with aging clients will improve dramatically in a short time. This book is designed just for you, the financial professional.
Whether you work in a large wirehouse, a medium-size firm or you are an independent, you are dealing with longevity in our population as never before. The average advisor is said to have at least seven clients with some sort of cognitive impairment.
Your authors, Carolyn Rosenblatt and Dr. Mikol Davis, are a nurse-lawyer, psychologist team of aging experts dedicated to helping you navigate the issues you are sure to face, if you are not seeing them already. We offer practical solutions to everyday problems on this topic, as well as some innovative ideas about how you can become an aging expert of sorts yourself in the complicated world of older investors. We've studied what the regulators want and narrowed it down in this efficient guide. Our 90+ years of combined experience in health, law and the psychology of aging come together to bring you a primer on best practices like no other.
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