Sorting Financial Matters in the Face of Deteriorating Cognitives

A certified wealth strategist and accredited investment fiduciary, Kirby Spencer McDonald founded Illuminate Financial in Omaha, Nebraska, in 1999. Leveraging his educational background and experience, Kirby McDonald offers customized financial strategies and solutions through wealth management to his clients, including high-net-worth senior individuals.

Specifically targeting affluent clients, wealth management entails personalizing financial and investment advice and strategies based on the client’s objectives and end goals. Though targeting clients across all spectra, seeking wealth management advice is common amongst wealthy senior individuals. Often affected with varying levels of depreciating mental faculties, whether from age or exacerbated by medical conditions such as Alzheimer’s, financial management decisions often deteriorate. This includes investment decisions, income or savings management, utility payments, credit pursuits, and insurance.

The reluctance to commit lifelong investments and assets to a secondary party presents another issue. A significant percentage of senior citizens still believe in their financial decisions, even in the face of changing economy, diversified investment approaches, taxes, fraud risks, and inflation.
While old age dementia levels vary, the deterioration escalates fast in most cases. Identify a confidant or professional to assist in finance and wealth management in good time. This covers matters as minor as paying the water bill to real estate management and investment in stocks.

Secondly, consider fiduciary-protected accounts for assets, account consolidation to ease oversight and tracking, multi-factor authentication to reduce fraud, and automating scheduled payments. While friends and family may assist, a feasible and all-inclusive financial and wealth management plan requires a financial advisor’s innate knowledge and skills.