When clients suffer from cognitive declines due to the onset of Alzheimer’s and dementia, they become more vulnerable to scams, coercions, and manipulations; hence it is important to put protections in place in a timely manner. However, advisors often hesitate to bring it up for fear of offending the client.
Like doctors recommending certain tests for certain ages, our Cognitive Ability Test is recommended for clients 65 years and older. Making it a best practice takes the sensitivity out of it.
Accessing Cognitive Ability Test
You can access it the same as the other questionnaires in AccuProfile. Click here for instructions.
If the client is age 65 or more but haven't taken the Cognitive Ability Test, you will see a yellow alert icon next to Behavior Risk Index.
Reviewing Results
Clients typically get an Excellent or Very Good at age 65, establishing a baseline. When the decline happens (see below), clients see it themselves, so you do not have to be the messenger.
We grade it generously. When the client gets "good", it is time to put protection in place. A red alert icon will prompt you to take action.
Putting Protection in Place
The action typically involves having the Power of Attorney in place. With the client's consent, advisors can also offer to verify unusual withdrawals, and decline the withdrawal requests that look suspicious. This is to protect the clients from scams.
After that, you can set a flag in the system:
A green shield icon will appear to indicate that the protection is in place.