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financial planner between elderly client and family

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adamjohnson
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financial planner between elderly client and family  Reply with quote  

Hi, I have an ethical concern/question about the financial planner profession.

If a financial planner has formed a very close personal relationship with a well-off elderly client (mid nineties, has moments of confusion) to the extent that the planner makes all medical/life decisions (due to forming an emotional relationship) withholds information from the family, and becomes angry and upset when the family tries to become involved--well, is that a concern?

This is happening with a family I know. The financial planner is inserted (perhaps through willful action) between client and family.

I tried to download information from some 'certified financial planner guidelines' websites, but don't see anything that directly related.

The situation is tricky because the fondness is real; the elderly client seems to dearly love the financial planner (who visits many times a week.)
And the elderly person is so dear that it is possible that the financial planner could be genuinely fond of the client.

However, there is a great deal of money involved and I would think this is precisely the situation that professional ethical guidelines would help a professional avoid.

I personally witnessed an angry outburst from the financial planner, and it was pretty intense. To me, I could imagine/detect an element of threat (because the planner so controls the client.) And indeed, the family feels threatened and concerned. Withholding health/medical information from the family also seems unprofessional.

I can in no way imagine my own accountant or broker having these emotional outbursts.

What professional guidelines can I download as a first step? I'm sure there must be something.

Thanks in advance for your help.

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Last edited by adamjohnson on Mon Jan 23, 2017 6:50 am; edited 1 time in total
Post Fri Jan 20, 2017 8:31 am
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GardenCat
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If this is a legitimate concern, ie, this is a real post...

This seems like an issue that can be addressed through some type of "anti senior abuse" agency. The family can get legal advice and assistance. There is usually a state agancy, sometimes a county agency.
Post Sun Jan 22, 2017 9:47 pm
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oldguy
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quote:
very close personal relationship with a well-off elderly client (mid nineties, has moments of confusion) to the extent that the planner makes all medical/life decisions (due to forming an emotional relationship) withholds information from the family, and becomes angry and upset when the family tries to become involved--well, is that a concern?


This is so common that Congress has been looking for a way to block it for a few years.. The classic scam is that a a small-town " trusted elderly banker" sells inappropriate annuities to elderly couples. Annuities have outrageous sales commissions to start and are notoriously poor investments.

So the banker guards that relationship, becomes extremely possessive. Takes the elderly couple to dinner regularly, takes them for Sunday drives, etc. The banker knows that, if the elders talk to anyone else, they will be advised to sell and invest in a better investment. These are seldom financial planner, they are usually bankers - a planner knows better than to enter into such a scheme, his/her reputation would be destroyed.

But, to my knowledge, Congress did not pass a Law. The financial magazines and Papers wrote several articles - that publicity made it hard for the offending bankers to sell the inappropriate products.
Post Sun Jan 22, 2017 10:15 pm
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