Julie Neitzel Speaks to Family Wealth Report about Cognitive Decline and the Importance of Trust

May 23, 2017

The cognitive decline of an aging family member is an important, but often a difficult, topic to discuss. Despite its financial implications, cognitive decline is a topic that even some financial advisors don’t address until tragedy strikes. However, with $18 trillion in the hands of those 65 or older and financial crimes against the elderly on the rise, it’s a topic that families – and their advisors – must approach.

WE Family Offices Partner Julie Neitzel, who has written on the topic before, recently spoke to Family Wealth Report about the importance of getting families to be aware of the possibility of their loved ones facing cognitive decline and how to prepare for it.

“The issue of cognitive decline, and of getting people to be aware of this risk and to prepare for it, comes down to a question of trust,” Neitzel explains. “In many cases, ultra-wealthy individuals might, because of distrust and wariness of being exploited, only have a small number of people they can turn to.”

While there is an increased focus in the industry on serving the financial needs of the millennial generation, Neitzel advocates for a big-picture approach. “What is overlooked is that for wealth to transfer to Millennials, the Silent Generation and the Baby Boom Generation need to have guidance and planning to enable that wealth transfer,” she says. It’s this philosophy that guides her work with clients, which often includes reviewing their circumstances, issue-spotting and resolving family governance issues.

Subscribers to Family Wealth Report can read the entire discussion here.