[MUSIC]. Medical research tells us, that managing personal finances is
one of the first things people have trouble with, in
the very early stages of dementia. And this means people
can make some really expensive mistakes before anyone knows there's
a problem. It also means financial professionals may notice a
problem, before anyone else does. So, client may seem a
little more disorganized, and perhaps can't remember recent conversations with
your as well, or, if a client calls and asks
for a withdrawal, they don't seem to understand or can't
quite communicate what that is for. Or they have trouble
finding the words for names of specific places and people.
These are some of the things we'll notice. So, what
should a financial adviser do if they have a concern?
Well, a couple of things. One is, our job is
not to diagnose our job is simply to have a
concern and it, and talk about it with the client.
So, we can help our client by asking if you
have a problem, who would help you, manage your finances?
Identify who that person is. It may be a spouse,
son, or daughter, or close friend. And then, invite your
client to intro, introduce you to that person, and include
that person in your next meeting. There's a couple of
things that are becoming best practices. One of those is
giving clients an opportunity to name an emergency contact. And
at Savant we call that a client advocate designation, to
communicate the value of that person's role is to act
in the best interest of your client. Another is to
If something really goes wrong with a client, you need
to reach out to someone for help. Just so that,
that's not a breach of confidentiality. [MUSIC]