According to a survey from Fidelity Investments, a huge percentage of financial advisers — 84% — had dealt with a client who suffered from Alzheimer's disease, and 96% of those surveyed didn't feel fully prepared to assist clients suffering from the disease.
According to a survey from Fidelity Investments, a huge percentage of financial advisers — 84% — had dealt with a client who suffered from Alzheimer's disease, and 96% of those surveyed didn't feel fully prepared to assist clients suffering from the disease.
The survey — of 350 advisers — was conducted on behalf of Fidelity by Harris Interactive Inc. of Rochester, N.Y.
Half the advisers surveyed reported that in cases where they suspected that a client had Alzheimer's, they didn't feel comfortable raising the subject for fear that they may be incorrect, because of a lack of knowledge about where to refer clients or due to insufficient expertise in the financial and legal guidance needed.
Still, most advisers had some plan in place; 59% said that as a standard practice, they put plans in place for all clients in the event that they were diagnosed with a debilitating disease such as Alzheimer's.
However 41% of advisers surveyed said that they addressed the issue only as the need arose.
The most frequent strategies that advisers use to manage a client with Alzheimer's are to make sure that a spouse or other family member participates in the decision making and to make sure that all activities and decisions are confirmed and well-documented.
In its latest estimate of retirement costs, released March 26, Fidelity reported that a 65-year-old couple retiring this year will need about $240,000 to cover medical expenses during retirement.
But that total more than doubles to $495,000 if one spouse develops a debilitating disease such as Alzheimer's, Fidelity noted.
