Challenges Facing Financial Planners Advising Ageing Clients with Diminished Financial Capacity

Teale John ()
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Teale John: University of New England, P.O. Box 375, Bli Bli, Qld 4560, Tel: 0419 308 488, Armidale, Australia

Financial Planning Research Journal, 2015, vol. 1, issue 1, 7-21

Abstract: Old age can be associated with declining cognitive abilities and the development of Alzheimer’s disease and dementia. These conditions generally result in a reduced ability to make sound financial decisions, that is, a reduced financial capacity. This reduction is an important issue for financial planners, but reduced financial capacity is often difficult to detect. Moreover, severe legal consequences can result for financial planners who provide what is later deemed to be inappropriate financial advice to clients with these conditions. Consequently, this article aims to help financial planners understand this condition and the actions to take when it is detected.

Keywords: Financial planners; Financial advice; Alzheimer’s disease; Dementia; Best interest (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:finprj:v:1:y:2015:i:1:p:7-21:n:1001

DOI: 10.2478/fprj-2015-0001

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