The growing population of seniors represents an opportunity to build your business — if you know how to serve elderly clients. That means understanding the challenges seniors face, from physical and cognitive impairment to social isolation and abuse.
Here are some ways you can work successfully with Canada’s growing population of elderly clients:
> Show sensitivity
Seniors have varying attitudes toward money depending on their age. People in their 80s and older, who lived through the Great Depression and the Second World War, tend to be savers, not spenders, unlike their younger counterparts.
Advisors need to respect differences in generational perspectives, says Debbie Gilbert, a certified professional consultant on aging who runs Generations, a Toronto-based organization that works with baby boomers and seniors. Older people, she says, may be unwilling to spend their money.
“They’re often shocked by care costs and prefer to save their money as a legacy for their children or a charity,” Gilbert says. “Advisors need to respect that mindset and understand the reasons for the reluctance.”
> Observe signs of decline
Watch for changes in your older clients’ memory and comprehension. Mental decline is not a normal part of aging; symptoms like confusion and short-term memory loss can result from medication problems, inadequate diet or sleep, or emotional upset, as well as brain impairment.
Signs of mental incapacity may include difficulty understanding basic concepts, memory loss, confusion and incoherence. But only a proper assessment can make that determination.
Watch, too, for changes in appearance. Does a client who’s normally impeccable suddenly look unkempt? It might indicate they’re having problems with normal activities.
“You have an important role to play in helping your older clients manage changes in their physical and mental health,” Gilbert says. “Ask how they’re managing and whether they’re concerned about anything.”
> Watch for Signs of Abuse
The growing problem of elder abuse usually involves family members, says Leony deGraaf, an elder planning counselor and president of deGraaf Financial Strategies in Burlington, Ont. Abuse can be emotional, physical or financial.
Does the client appear fearful or intimidated in the presence of the person holding power of attorney or their adult children? Are they bruised? Are they making questionable transactions or odd requests for money?
If you suspect wrongdoing, talk to the client in the absence of the suspected abuser. Ask whether the client is having trouble at home. Keep notes of the discussion. But don’t jump to conclusions.
If your suspicions persist, talk to your firm’s compliance department. The next step is to contact the Office of Public Guardian and Trustee, which can freeze the client’s accounts pending an investigation.
> Show Respect
Treat seniors as unique individuals and remember that no matter their age, they have the right to make their own decisions as long as they’re competent.
“Don’t tell them what to do,” says Gilbert. “Respect their autonomy and make every effort to understand the priorities and values that underlie their decisions.”
This is the second instalment of a two-part series on working with elderly clients.