Alzheimer’s disease and other forms of dementia are forcing many advisors and their elderly clients into ethical and practical grey zones, reports Investment News.
Take one elderly couple who accused each other of financial incapacity, leaving their advisor unsure of who should manage their $700,000 account. The advisor has now asked a court to weigh in, Investment News says.
There are few guides for advisors who find realize one of their clients has dementia. This is despite indications that about two-thirds of advisors surveyed by Investment News are already dealing with clients with dementia.
The family members of those with dementia also face unique economic challenges. In Japan, Bloomberg spoke to Akiko Sakai, who had to temporarily close her art gallery when her 87-year-old mom Asayo moved in with her full time. Asayo has Alzheimer’s disease and her pension and savings now go toward sending her to daily activity programs for those with dementia.