Advising clients with dementia

Dementia changes the advice process, but it should never change the dignity with which somebody is treated. One of the biggest considerations is establishing whether the client can understand the decision being made at that particular time. A diagnosis does not automatically mean somebody lacks capacity, and capacity can fluctuate.

Practically, that can mean shorter meetings, simpler language, written summaries, allowing more processing time and avoiding unnecessary pressure. Where appropriate, we may also discuss whether a valid Lasting Power of Attorney is in place before it is actually needed.

Families can be incredibly helpful, but there is an important boundary: being someone’s son, daughter or spouse does not automatically give them authority to make financial decisions or access confidential information.

Good advice here is not about taking control away from somebody. It is about adapting the process so they can retain as much control, independence and dignity as possible.

Dementia is something that has impacted my family, and we've supported client families going through it too. The most important work happens before dementia becomes an issue.
While a client is feeling strong and able to make decisions confidently, the priority should be to get an LPOA in place, the accounts and objectives clarified, and the next generation involved in the discussion. Get that right and you can spare the family considerable additional difficulty at what is already an incredibly challenging time.
Then comes the harder, quieter part. Someone you've likely known for decades is gradually losing clarity, and you may be one of the familiar voices they still recognise. Preserve their dignity and independence for as long as possible, work sensitively with their family and, above all, keep turning up.
It is a reminder that the value of a long term professional relationship isn't always measured in investment returns. Familiarity, patience, and continuity can be equally valuable.

Capacity can vanish faster than anyone plans for. A member of my family went from running her own affairs to needing full-time care within a couple of years, and the people looking after her needed real training, not good intentions.

That is the risk for advisers. Close to a million people in the UK live with dementia, and some are still signing paperwork they no longer understand. A diagnosis does not remove capacity, and it fluctuates, so check it at every decision. Get the Lasting Power of Attorney in place while your client is well; waiting until you need it is too late.