Advisors work with more vulnerable clients as population ages

New IFIC resources will help FAs address the needs of elderly investors

Advisors work with more vulnerable clients as population ages
Steve Randall

Financial advisors can now access new resources to help them assess and meet the needs of elderly and vulnerable investors.

IFIC’s Vulnerable Investors Resource Centre has published a video and accompanying presentation focused on helping clients with diminished capacity and decision making.

The resources help FAs identify signs of cognitive decline in their clients and to safeguard their clients’ financial security.

“The issue of aging investors and diminished capacity raises challenging legal, regulatory and ethical questions and affects all financial services stakeholders,” said Paul C. Bourque, President and CEO, IFIC. “Our objectives with these new resources are to make advisors more aware of this complex issue and to help them more confidently serve these clients.”

This is becoming a bigger issue for FAs
With the aging population in Canada and globally, the issues surrounding elderly and vulnerable clients are increasing.

The IFIC video features Dr Carole Cohen, geriatric psychiatrist at Sunnybrook Heath Sciences Centre. She says that the new resources will be valuable to advisors.

“As the population ages, financial advisors will interact with more clients who have diminished decision-making capacity,” said Dr. Cohen. “The materials developed by IFIC provide information to guide advisors in thinking about the concept of capacity as they continue to work to improve their interactions with older investors.”