At a glance
- McLanahan, a physician and founder of Life Planning Partners in Jacksonville, Fla., said financial management skills are the first to go.
- One in six people in the U.S. were 65 or older in the 2020 Census.
- McLanahan said her firm also asks clients where they plan to age and who will help with financial and healthcare decisions, and arranges a nursing home visit as part of that conversation.
Advisors should train everyone in the office to spot a client's cognitive decline and keep a trusted contact form on file for each client, Carolyn McLanahan said at InvestmentNews' Women Advisor Summit.
McLanahan, a physician and founder of Life Planning Partners in Jacksonville, Fla., said financial management skills are the first to go. "Once you identify it, you can't sit on it," she said, according to InvestmentNews. She recommended completing the trusted contact form during the estate planning review, before serious decline sets in. She pointed to the CFP Board's Guide to Planning For and Managing Diminished Financial Capacity in Clients, which lists red flags for diminished capacity and financial exploitation.
Advisors who make the trusted contact form part of the estate planning review get it signed before a capacity question forces the issue. One in six people in the U.S. were 65 or older in the 2020 Census. McLanahan said her firm also asks clients where they plan to age and who will help with financial and healthcare decisions, and arranges a nursing home visit as part of that conversation.
Reported by the Tax & estate planning desk from InvestmentNews. Published . Corrections