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July 21, 2009 at 08:00 PM
Financial advisors want help with dealing with older clients who develop symptoms of Alzheimer’s disease, Fidelity Investments reports.
Fidelity, Boston, came to that conclusion afer surveying about 350 advisors from the independent, wirehouse, insurance, regional, bank and registered investment advisor channels.
About 84% of the U.S. advisors it surveyed have encountered at least one client with symptoms of Alzheimer’s, which gradually erodes an individual’s memory and cognitive functions.
Fidelity found that 96% of the advisors feel less than fully equipped to help clients with Alzheimer’s. Half of those who suspect a client may be afflicted with the illness said they are uneasy about bringing up the subject out of fear that they may be wrong about the symptoms, lack information about where to refer clients, or lack knowledge of the financial and legal guidelines needed to best serve a client with the illness.
Fidelity also found that 59% of advisors said that, as a standard practice, they have established plans to deal with clients diagnosed with a debilitating disease such as Alzheimer’s. But 41% said they would address the issue only as the need arises.
