For someone with Alzheimer's disease, one of the first skills to decline is the high-level function required to accomplish financial tasks such as paying bills, balancing a checkbook or reading a brokerage statement.
Unfortunately, the number of Americans with Alzheimer's disease is expected to nearly triple by 2050. This epidemic will put even more pressure on financial advisors and stockbrokers to make sure they are not taking advantage of their clients.
According to a new government-funded report, which was published in the medical journal Neurology, the number of people suffering from this devastating disease will increase to 13.8 million over the next four decades, from 5 million today. Nearly half of those 85 and older are victims, according to the Alzheimer's Association.
Only a few federal, state or industry guidelines exist to help financial planners navigate the potential legal, ethical and practical challenges of dealing with clients who exhibit mild or moderate dementia.
Were your loved ones sold investments or asked to make financial decisions by their brokers or financial advisors while suffering from Alzheimer's disease? Call Soreide Law Group for a free consultation with an attorney at: 888-760-6552
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