Warning signs your client is suffering from dementia

May 18, 2014 @ 12:00 am

Runtime: 1:52

Making mistakes with personal finances is one of the first symptoms of dementia, according to Steven Starnes, a financial adviser at Savant Capital. Find out what to watch out for.

Video Transcript

[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 update your privacy policy so you have a little flexibility. 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]

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