I am uncertain of how to proceed in the following situation:
My 85 year old client (client for 20 years) now needs aged care accommodation. His sons are taking power over his financial affairs without notifying him to avoid any upset. I saw him last week. He is in good shape considering and understands the need for aged care but not aware the sons have taken over control of the financial affairs
I met with the sons last week and am due to meet again on November 24th about their father’s care and ongoing service. I have already offer them the opportunity to get their respective Financial Road Maps® completed -- One dominant brother had responded back, “No, not required at this stage.”
My client warned me about 7 years ago to be very careful of the dominant son. The sons are anxious to get father repositioned (I hope for right reasons) into aged care --- without some of the streamlined systems I have used in last 7-8 years --- aged care would have occurred much earlier.
This is a good client (past loyalty) and a survival client at approximately $24k paid annually.
Should I ask the sons to reposition to a new adviser given that my client is their father and they now wish to take over his affairs? I would like to help the father but feel it’s incorrect to get involved with him and his sons.
Article ID: 442
Last updated: 20 Nov, 2019
Take care of your client. If his son's don't want to hire you, on your terms for being an adviser, then they have a decision to make about finding a new adviser.