What Your Financial Choices Say About Your Brain (Financial Advisor):
“…financial advisors have to be in the forefront of the fight against Cognitive Decline, which can lead to the financial exploitation of the elderly,” added Philip Marshall, an advocate for elder justice.
“Among the first signs of Cognitive changes caused by diseases such as Alzheimer’s, as well as cognitive aging, are changes in our capacity to manage finances,” Karlawish said. One of the goals of his research is to be able to diagnose Alzheimer’s disease before symptoms appear … “Advisors should be watching clients who are making bad financial decisions” or asking illogical or repetitive questions, Karlawish added, and they should be able and willing to take action. He acknowledged that a client’s privacy has to be guarded, “but privacy is only one value to be judged; it is not the only one.”
Consumers are beginning to demand highly trained bankers and advisors who understand cognitive decline, added Ramsey Alwin, director of thought leadership and financial resilience for AARP. Therefore, financial advisors are going to have to be trained to recognize some health issues.
The issues of cognitive decline and exploitation of the elderly are “where drunk driving was 25 years ago, before people took that issue seriously,” Borg said. “People are now starting to take this issue seriously.”
News in Context:
- Reports highlight need for cognitive health innovation given aging global population
- Solving the Brain Fitness Puzzle Is the Key to Self-Empowered Aging
- Neurotechnology can improve our lives…if we first address these Privacy and Informed Consent issues
- Presentations during the session What are most promising lifestyle and tech options to harness lifelong neuroplasticity, and what are key roadblocks ahead? at the 2017 SharpBrains Virtual Summit:
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