Help for Clients Who Take Financial Caregiver Role

A new guidebook for advisers and clients aids in managing the money of a loved one with dementia.

With over 5 million Americans suffering from Alzheimer’s disease—a number that is anticipated to triple by mid-century—an adviser is almost sure to have clients whose lives are affected. Transamerica, in partnership with Massachusetts Institute of Technology AgeLab has just published a free book to help those who handle the finances of someone with dementia.

 In “The Caregiver’s Guide to Financial Planning in the Shadow of Dementia,” the team explains what actions to take during the three stages of decline, including how to create an initial financial plan; confronting the leading symptoms of caregiver stress, and how to manage them; and the important topics to discuss when creating and managing a loved one’s financial plan, including sections on how to ask the right questions of financial advisers.

“The guide explains financial concepts that caregivers should understand, and it helps prepare them for the critical conversations they must have with their loved one’s financial adviser,” says Dave Paulsen, president, Transamerica Distributors.

A companion book, “The Advisor’s Guide to Financial Planning in the Shadow of Dementia,” was published last fall. It instructs advisers on how to work with dementia caregivers, but also the client who exhibits signs of the disease. The book suggests advisers have a unique opportunity to recognize the signs of dementia in their clients earlier than many others in that person’s life. Also provided is guidance on how to work with a client who is suffering from the disease, including how to address difficult liability questions.

The Transamerica companies are providers of life insurance, savings and retirement and investment solutions, serving customers throughout the United States. The MIT AgeLab is a multidisciplinary research program that works with business, government, and nongovernmental organizations to improve the quality of life of older people and those who care for them.

“The Caregiver’s Guide to Financial Planning in the Shadow of Dementia” can be found here. The companion guide for financial advisers is also available at