Open Access

Challenges Facing Financial Planners Advising Ageing Clients with Diminished Financial Capacity

   | Mar 17, 2024

Cite

ABA (2013), Recognizing and dealing with diminished capacity in older clients, No. 10, viewed 1 May, 2015, http://www.americanbar.org/news/abanews/aba-news-archives/2013/10/recognizing_and_deal.html. ABA ( 2013 ), Recognizing and dealing with diminished capacity in older clients , No. 10, viewed 1 May, 2015, http://www.americanbar.org/news/abanews/aba-news-archives/2013/10/recognizing_and_deal.html. Search in Google Scholar

Alzheimer’s Association (n.d.), Mild Cognitive Impairment, viewed, 12 May, 2015, http://www.alg.org. Alzheimer’s Association (n.d.) , Mild Cognitive Impairment , viewed, 12 May, 2015, http://www.alg.org. Search in Google Scholar

American Bar Association Commission on Law and Ageing and American Psychological Association (ABA/APA) (2005), Assessment of Older Adults with Diminished Capacity: A Handbook for Lawyers, viewed 13 May, 2015, http://www.apa.org/pi/ageing/resources/guides/diminished-capacity.pdf. American Bar Association Commission on Law and Ageing and American Psychological Association (ABA/APA) ( 2005 ), Assessment of Older Adults with Diminished Capacity: A Handbook for Lawyers , viewed 13 May, 2015, http://www.apa.org/pi/ageing/resources/guides/diminished-capacity.pdf. Search in Google Scholar

American Psychiatric Association (2000), Diagnostic and Statistical Manual of Mental Disorders, Fourth Edition. Washington, DC: American Psychiatric Association. Quoted in Stokowski, L.A. (2009), ‘Cognitive Health for an aging population’, viewed, 30 May, 2015, http://www.medscape.com/viewarticle/712095. American Psychiatric Association ( 2000 ), Diagnostic and Statistical Manual of Mental Disorders , Fourth Edition . Washington, DC : American Psychiatric Association . Quoted in Stokowski, L.A. (2009), ‘Cognitive Health for an aging population’, viewed, 30 May, 2015, http://www.medscape.com/viewarticle/712095. Search in Google Scholar

Answers.com (n.d.), What is the difference between a scam and fraud? viewed 13 June, 2015. http://www.answers.com/Q/What_is_the_difference_between_a_scam_and_fraud. Answers.com (n.d.) , What is the difference between a scam and fraud? viewed 13 June, 2015. http://www.answers.com/Q/What_is_the_difference_between_a_scam_and_fraud. Search in Google Scholar

Australian Bureau of Statistics (ABS) (2008), Personal fraud 2007. cat. no. 4528.0., Canberra, ABS. Australian Bureau of Statistics (ABS) ( 2008 ), Personal fraud 2007 . cat. no. 4528.0., Canberra , ABS . Search in Google Scholar

Australian Bureau of Statistics (ABS) (2013), Household Wealth and Wealth Distribution, Australia, 2011–12. cat. no. 6554.0, Canberra, ABS. Australian Bureau of Statistics (ABS) ( 2013 ), Household Wealth and Wealth Distribution, Australia , 2011–12. cat. no. 6554.0, Canberra , ABS . Search in Google Scholar

Bandera, J. (2011), ‘Ethics in the wealth management practice’, National Advisers Trust, viewed 18 May,2015, http://conference.nationaladvisorstrust.com/Portals/3/Ethics%20in%20Your%20Practice%20with%20Janet%20Bandera.pdf. Bandera J. ( 2011 ), ‘Ethics in the wealth management practice’ , National Advisers Trust , viewed 18 May,2015, http://conference.nationaladvisorstrust.com/Portals/3/Ethics%20in%20Your%20Practice%20with%20Janet%20Bandera.pdf. Search in Google Scholar

Banks v Goodfellow (1870) LR 5 QB 549. Banks v Goodfellow ( 1870 ) LR 5 QB 549 Search in Google Scholar

Bant, E. (2009), ‘Incapacity, Non Est Factum and Unjust Enrichment’, Melbourne University Law Review, 33, p. 368. Bant E. ( 2009 ), ‘Incapacity, Non Est Factum and Unjust Enrichment’ , Melbourne University Law Review , 33 , p. 368 . Search in Google Scholar

Basu, A., Byrne, A. and Drew, M.E. (2011), “Dynamic lifecycle strategies for target date retirement funds”. Journal of Portfolio Management 37(2), pp. 83-96. Basu A. Byrne A. and Drew M.E. ( 2011 ), “Dynamic lifecycle strategies for target date retirement funds” . Journal of Portfolio Management 37 ( 2 ), pp. 83 - 96 . Search in Google Scholar

Black v. Aegis Consumer Funding Group, Inc., (2001), U.S. Dist. LEXIS 2632 (S.D. Ala. Feb. 8, 2001). Black v. Aegis Consumer Funding Group, Inc ., ( 2001 ), U.S. Dist. LEXIS 2632 (S.D. Ala. Feb. 8, 2001) Search in Google Scholar

Clemens, E., & Hayes, H.E. (1997). ‘Assessing and balancing elderly risk, safety and autonomy: decision making practices of elder care workers’, Home Health Care Services Quarterly, 16, pp. 3-20. Clemens E. & Hayes H.E. ( 1997 ). ‘Assessing and balancing elderly risk, safety and autonomy: decision making practices of elder care workers’ , Home Health Care Services Quarterly , 16 , pp. 3 - 20 . Search in Google Scholar

Darzins P., Molloy W. and Strang D. (eds), (2000), Who Can Decide: The six step capacity assessment process, Memory Australia Press: Adelaide. Darzins P. Molloy W. and Strang D. (eds), ( 2000 ), Who Can Decide: The six step capacity assessment process , Memory Australia Press : Adelaide . Search in Google Scholar

Dew, R. (2015), Advising and protecting clients with diminished mental capacity, National Compliance Services, viewed 20 May, 2015, https://www.ncsonline.com/wp/advising-and-protecting-clients-with-diminished-mental-capacity/. Dew R. ( 2015 ), Advising and protecting clients with diminished mental capacity , National Compliance Services , viewed 20 May, 2015, https://www.ncsonline.com/wp/advising-and-protecting-clients-with-diminished-mental-capacity/. Search in Google Scholar

Drew, M.E., Walk, A.N. and West, J.M. (2014), ‘Withdrawal capacity in the face of expected and unexpected health and aged-care expenses during retirement’, Working paper, CSIRO-Monash: Melbourne. Drew M.E. Walk A.N. and West J.M. ( 2014 ), ‘Withdrawal capacity in the face of expected and unexpected health and aged-care expenses during retirement’ , Working paper, CSIRO-Monash : Melbourne . Search in Google Scholar

Gardiner, P.A., Byrne, G.J., Mitchell, L.K. & Pachana, N.A. (2015), ‘Financial capacity in older adults: a growing concern for clinicians’, Medical Journal of Australia: 202(2), pp. 82-85. Gardiner P.A. Byrne G.J. Mitchell L.K. & Pachana N.A. ( 2015 ), ‘Financial capacity in older adults: a growing concern for clinicians’ , Medical Journal of Australia: 202 ( 2 ), pp. 82 - 85 . Search in Google Scholar

Gibbons v Wright (1954), 91 CLR 423. Gibbons v Wright ( 1954 ), 91 CLR 423 Search in Google Scholar

Greycar, A. & James, M. (2001), ‘Older people and consumer fraud’, Paper presented at the 4th National Outlook Symposium on Crime in Australia, New Crimes or New Responses convened by the Australian Institute of Criminology, Canberra, pp. 1-10. Greycar A. & James M. ( 2001 ), ‘Older people and consumer fraud’ , Paper presented at the 4th National Outlook Symposium on Crime in Australia, New Crimes or New Responses convened by the Australian Institute of Criminology , Canberra , pp. 1 - 10 . Search in Google Scholar

Griffith HR, Belue K, Sicola A, Sicola, Krzywanski, Zamrini, Harrell & Marson (2003), ‘Impaired financial abilities in mild cognitive impairment: a direct assessment approach’ Neurology, Vol. 60, No 3, pp. 449-457. Griffith HR Belue K Sicola A Sicola Krzywanski Zamrini Harrell & Marson ( 2003 ), ‘Impaired financial abilities in mild cognitive impairment: a direct assessment approach’ Neurology , Vol. 60 , No 3 , pp. 449 - 457 . Search in Google Scholar

Hardingham, I.L., Neave, M.A. & Ford, H.A.J. (1989), Wills and Intestacy in Australia and New Zealand, 2nd ed. Law Book Company Limited, Hardingham I.L. Neave M.A. & Ford H.A.J. ( 1989 ), Wills and Intestacy in Australia and New Zealand , 2nd ed . Law Book Company Limited , Search in Google Scholar

Hood J. In Will of Wilson (1897) 23 VLR 197. Hood J. In Will of Wilson ( 1897 ) 23 VLR 197. Search in Google Scholar

Karp, N. & Wilson, R. (2011), Protecting older investors: The challenge of diminished capacity, prepared for the AARP Public Policy Institute, viewed 4 May, 2015, http://www.aarp.org/content/dam/aarp/research/public_policy_institute/cons_prot/2011/rr2011-04.pdf. Karp N. & Wilson R. ( 2011 ), Protecting older investors: The challenge of diminished capacity, prepared for the AARP Public Policy Institute , viewed 4 May, 2015, http://www.aarp.org/content/dam/aarp/research/public_policy_institute/cons_prot/2011/rr2011-04.pdf. Search in Google Scholar

Lusardi, A., and Mitchell, O.S. (2011), ‘Financial Literacy and Planning: Implications for Retirement Wellbeing’, In Financial Literacy: Implications for Retirement Security and the Financial Marketplace. Eds. A Lusardi and O.S. Mitchell, Oxford: Oxford University Press, (pp. 1-20). Lusardi A. and Mitchell O.S. ( 2011 ), ‘Financial Literacy and Planning: Implications for Retirement Wellbeing’ , In Financial Literacy: Implications for Retirement Security and the Financial Marketplace . Eds. Lusardi A and Mitchell O.S. , Oxford : Oxford University Press , (pp. 1 - 20 ). Search in Google Scholar

Marson, D.C. (2013), ‘Clinical and ethical aspects of financial capacity in dementia: A commentary’, The American Journal of Geriatric Psychology, Volume 21, Issue 4, pp. 382-390. Marson D.C. ( 2013 ), ‘Clinical and ethical aspects of financial capacity in dementia: A commentary’ , The American Journal of Geriatric Psychology , Volume 21 , Issue 4 , pp. 382 - 390 . Search in Google Scholar

McLelland J. (1992), Re Estate of Margaret Bellew, NSW Supreme Court, Probate Division (Unreported), 13 August. McLelland J. ( 1992 ), Re Estate of Margaret Bellew , NSW Supreme Court, Probate Division (Unreported), 13 August . Search in Google Scholar

Peterson, J.C. (2014), ‘Financial exploitation of older adults: A population based prevalence study’, Journal of General Internal Medicine, Volume 29, Issue 12, pp. 1615-1623. Peterson J.C. ( 2014 ), ‘Financial exploitation of older adults: A population based prevalence study’ , Journal of General Internal Medicine , Volume 29 , Issue 12 , pp. 1615 - 1623 . Search in Google Scholar

Pilon, M. (2011), ‘Declining cognitive ability presents challenges to boomer finances’, Real Time Economics, editorial, viewed 6 May, 2015, http://blogs.wsj.com/economics/2011/06/10/declining-cognitive-ability-presents-challenges-to-boomer-finances/. Pilon M. ( 2011 ), ‘Declining cognitive ability presents challenges to boomer finances’ , Real Time Economics , editorial, viewed 6 May, 2015, http://blogs.wsj.com/economics/2011/06/10/declining-cognitive-ability-presents-challenges-to-boomer-finances/. Search in Google Scholar

Plassman, B. L., Langa, K.M., Weir, D.R., Wallace, R.B. (2005), ‘The aging, demographics and memory study: study design and methods’, Neuroepidemiology, 25(4), pp. 181-191. Plassman B. L. Langa K.M. Weir D.R. Wallace R.B. ( 2005 ), ‘The aging, demographics and memory study: study design and methods’ , Neuroepidemiology , 25 ( 4 ), pp. 181 - 191 . Search in Google Scholar

Sharma, N. & Patterson, P.G. (1999), ‘The impact of communication effectiveness and service quality on relationship commitment in consumer personal professional services’, Journal of Services Marketing, Vol. 13 Issue: 8, pp. 151-170. Sharma N. & Patterson P.G. ( 1999 ), ‘The impact of communication effectiveness and service quality on relationship commitment in consumer personal professional services’ , Journal of Services Marketing , Vol. 13 Issue: 8 , pp. 151 - 170 . Search in Google Scholar

Sollitto, M. (2015), Can elderly scams be presented? AgeingCare.com, viewed 15 May, 2015, http://www.ageingcare.com/Articles/prevent-elderly-becoming-scam-victims-138455.htm. Sollitto M. ( 2015 ), Can elderly scams be presented? AgeingCare.com, viewed 15 May, 2015, http://www.ageingcare.com/Articles/prevent-elderly-becoming-scam-victims-138455.htm. Search in Google Scholar

Stokowski, L.A. (2009), ‘Cognitive health for an aging population’, Medscape Public Health, viewed: 30 May, 2015, http://www.medscape.com/viewarticle/712095. Stokowski L.A. ( 2009 ), ‘Cognitive health for an aging population’ , Medscape Public Health , viewed: 30 May, 2015, http://www.medscape.com/viewarticle/712095. Search in Google Scholar

The Unites States Department of Justice (2015), How can adult children develop a financial management plan with their parents? viewed 19 May, 2015, http://www.justice.gov/elderjustice/support/warning-signs-of-diminished-financial-capacity.html. The Unites States Department of Justice ( 2015 ), How can adult children develop a financial management plan with their parents? viewed 19 May, 2015, http://www.justice.gov/elderjustice/support/warning-signs-of-diminished-financial-capacity.html. Search in Google Scholar

UK Office for National Statistics (2011), Mid-2010 Population Estimates, viewed 25 May, 2015, http://www.ons.gov.uk/ons/taxonomy/index.html?nscl=Population+Change. UK Office for National Statistics ( 2011 ), Mid-2010 Population Estimates , viewed 25 May, 2015, http://www.ons.gov.uk/ons/taxonomy/index.html?nscl=Population+Change. Search in Google Scholar

US Census Bureau (2015), People quick facts, viewed 1 May, 2015, http://quickfacts.census.gov/qfd/states/00000.html. US Census Bureau ( 2015 ), People quick facts , viewed 1 May, 2015, http://quickfacts.census.gov/qfd/states/00000.html. Search in Google Scholar

World Health Organization (n.d.), World health statics 2014: Large gains in life expectance, viewed 30 May, 2015, http://www.who.int/mediacentre/news/releases/2014/world-health-statistics-2014/en/. World Health Organization (n.d.) , World health statics 2014: Large gains in life expectance , viewed 30 May, 2015, http://www.who.int/mediacentre/news/releases/2014/world-health-statistics-2014/en/. Search in Google Scholar

eISSN:
2206-1355
Language:
English