Ethically Serving Seniors with Diminished Capacity_OH

As the senior population increases, a number of associated challenges have become apparent and are moving toward center stage in the management of advisory relationships with older clients. As people age, they may experience changes in physical and cognitive capacities that can impair their ability to make sound financial decisions. In addition, given the physical vulnerability of many seniors and their tendency to rely on others for advice, older Americans are often susceptible to fraud and financial exploitation— conditions that are frequently discovered or first identified by financial advisors. Those who want to work with and serve the senior market ethically and effectively must adjust their business practices and protocols to meet the challenges—and opportunities—this market presents. 

The course includes the following chapters:

  • Ethically Working with Senior Clients
  • Understanding Age-Related Physical and Cognitive Changes
  • Understanding Competency and Recognizing Signs of Diminished Capacity
  • Protecting Clients and Mitigating Risk
  • Elder Financial Abuse

This is an intermediate level course. Upon conclusion, students will be able to:

  • demonstrate understanding of the ethical duties that financial advisors owe to clients in general and the specific duties owed to senior clients
  • cite the types of information that advisors must obtain to ensure the suitability of a product recommendation
  • describe the various physical, psychological, and cognitive changes individuals face as they age 
  • explain what financial professionals can do to help ensure client understanding of financial concepts and products
  • identify the warning signs that may indicate a client is suffering from cognitive impairment
  • explain how to have a conversation about cognitive impairment with one’s clients
  • take steps to protect themselves and their practices, and mitigate their own risks
  • describe the tools that financial professionals can use to protect clients who may be suffering from cognitive impairment
  • cite the various red flags that may indicate a person is being financially exploited or abused
  • explain how advisors can protect older clients from financial abuse