In the November issue of Senior Market Advisor, we take an in-depth look at the damage Alzheimer’s causes individuals, families, caregivers and even our entire health-care-related economy.
As I think about this debilitating, cognitive disease, the question that continues to stare back at me from the page is this — what is the role financial advisors can play in counseling aging clients who may be exhibiting signs of Alzheimer’s or other forms of dementia?
Pruitt says if these aren’t covered ahead of a diagnosis, it opens a whole other set of legal worries for a family. Essentially, he tells clients: “You can take care of these basic estate issues now, one time, or you’re going to stand in front of a judge every year with your records, having to prove your case that you can are competent to handle legal matters for your loved one. And, if you fail to meet the judge’s threshold, he’ll appoint a guardian for your loved one.”
Pruitt says that if an advisor is “too worried about big sales, you’re going to miss that opportunity to get these things taken care of for your client. Really, it’s the difference between building transactional relationships and transformational relationships.”