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The Next Frontier


Feb 27, 2019

Client conversations about aging are difficult but essential -- especially when advisors are entrusted to protect their clients and families. Dr. Mikol Davis and Carolyn Rosenblatt, co-founders of aginginvestor.com, join host Bill Coppel – Managing Director and Chief Growth Officer at First Clearing -- to discuss how advisors can start this dialogue in an age where the role of the advisor goes beyond simply managing money.

Engaging in dialogue with someone about aging and diminished capacity can be filled with landmines. From personal feelings of independence to family conflict, these conversations can bring up strong emotions. Dr. Mikol Davis and Carolyn Rosenblatt believe the advisor can play a significant role here, however, they have found that financial advisors typically do not possess the knowledge needed to lead these conversations well. But because statistics show the average advisor works with at least seven clients with some form of diminished capacity, possessing this knowledge is critical. In this episode, Mikol and Carolyn provide things advisors should know when navigating the conversation, such as how to identify signs of diminished capacity in clients, what kind of data to track over time, how to involve family members and third-party mediators in discussions, and where to find resources.

In this episode, you’ll hear:

  • How society’s stigma on aging effects conversations
  • When and how to initiate dialogue with clients about aging
  • The signs that identify diminished capacity symptoms
  • How to involve family members in these discussions
  • Why third-party mediators are important
  • The unique needs of senior clients
  • The signs of elder abuse

Dr. Mikol Davis is a clinical psychologist, gerontologist, author, and mediator with years of experience in mental health and telemedicine. Carolyn Rosenblatt is a medical professional, registered nurse, and attorney. Both have worked extensively with issues of aging, and the two combined their areas of expertise and interest to co-create aginginvestor.com. The site is a resource for the financial services industry to learn about aging, offering books, ebooks, online courses, and checklists related to the topic. They have written two books for financial advisors — Succeed with Senior Clients and Hidden Truths About Retirement and Long Term Care — and a family resource book, titled The Family Guide to Aging Parents.

Ways to contact Carolyn and Mikol:

  • Website: aginginvestor.com
  • Book: Succeed with Senior Clients, Hidden Truths About Retirement and Long Term Care, and The Family Guide to Aging Parents

Disclosure:

This content is provided for general informational purposes only. The views expressed by non-affiliated guest speakers are their own and do not necessarily reflect the opinion of First Clearing or its affiliates. First Clearing and its affiliates do not endorse any guest speakers or their companies and therefore give no assurances as to the quality of their products and services. This channel is not monitored by First Clearing. For more information on our podcast visit firstclearing.com. First Clearing is a trade name used by Wells Fargo Clearing Services, LLC, member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo and Company. Copyright 2018 Wells Fargo Clearing Services, LLC. All right reserved. First Clearing provides correspondence services to broker-dealers and does not provide services to the general public. CAR 1018-05438