As clients get older, they can start to lose their cognitive acuity.
Even worse, they can suffer from dementia-related diseases like Alzheimer’s. Not only will be hard to watch your clients suffer, their conditions could also expose you to possible legal issues if they start to ask about unsuitable investments.
Read: The compromised client
So, if they do start acting out of character, Financial-Planning.com suggests taking four steps to protect your practice. These include:
- Document your phone calls and discussions with older clients to minimize legal liabilities
- Ask for an emergency contact when setting up or revising their accounts