Even seasoned financial advisors may have questions about how to best assist aging clients, especially when clients need long-term services and support (LTSS) due to a decline in cognitive or physical health. Our own Steve Starnes, CFP® co-authored a September 2018 cover story on the subject for the Financial Planning Association’s Journal of Financial Planning.
The article, “Advising Clients Under Stress,” explores what to look for and strategies advisors can take to offer meaningful assistance to families facing LTSS challenges. As the authors note, “The goal is not just to provide good advice, but good advice the client will follow.”
The piece explores common challenges families and advisors can expect – such as the reality that critical caregiving decisions often end up being made amidst a crisis, and the difficulties that arise when an individual “may be unaware of or unwilling to acknowledge their own reduced ability to make good decisions.”
The article also clarifies a few common misperceptions – such as the role of the caregiver versus the advocate, and different techniques for communicating versus coaching. It offers a host of practical steps and strategies families and advisors can take as they face the challenges of effectively navigating through periods of stressful long-term care.
Advisors and families alike should find the article of interest.