Financial services professionals are faced with the reality of an increasingly elderly clientele. Because of the relationship of trust built up over the years and the very personal exchanges necessary for good financial planning, they are often well placed to detect signs of vulnerability, and even financial abuse. Although advanced age is not in itself a sign of vulnerability, many situations call for heightened vigilance and a great deal of caution on the part of advisors. By observing and recognizing signs of vulnerability, applying best practices and respecting their obligations, CSF members are able to provide their clients with the best possible support and look after their best interests.
In debt until the end
As the level of indebtedness among Canadians has started to rise again, seniors are not exempt and may find themselves burdened with debts that sometimes follow them to the grave... Read on to know more about this concerning trend and how to help your clients get back on track.
Aging at home, how much does it cost?
Your client wants to stay in their own home for as long as possible? They are not alone. Guy Bonneau, President of the Fédération de l'âge d'or du Québec (FADOQ), recently stated in an interview with Radio-Canada.ca that seniors increasingly want to live in their own homes while maintaining a good quality of life. He believes it is important for governments to respond to this desire.
Managing the arrival of a caregiver
At some point, a client may require the support of a caregiver. This situation calls for additional vigilance and caution on the part of CSF members.
Power of attorney and protection mandates, not so simple after all!
It's highly likely that one day, instead of one of your clients, a mandatary authorized to represent them will come forward. What should you do to ensure that your client's interests are always safeguarded? The information that follows will help you understand the ins and outs of such a situation.
Aging clientele: your obligations
Serving your aging clientele is a major challenge, since older clients will have concerns and needs that are unique to this demographic. Other issues may also arise, such as financial literacy and the protection of personal information.
Tool: What to do if your client appears vulnerable
Unusual behaviors, unsuitability and abuse: download the CSF guide and learn more about how you can anticipate certain common problematic situations and react according to best practices, in line with your ethical and regulatory obligations.