“I can think of no other condition that places such a heavy burden on society, families and communities and of course the economy,” Dr. Margaret Chan, Director General, World Health Organization, said at the G8 dementia summit.
On October 2, in Cambridge, Mass., Transamerica and the Massachusetts Institute of Technology's (MIT) AgeLab led an industry roundtable discussion, Financial Planning in the Shadow of Dementia. This co-sponsored event featured experts in academia, medicine and finance discussing the family dynamics, progression, science and financial costs associated with dementia.
The symposium, hosted on MIT’s campus in the prestigious Kresge Auditorium, was designed to help financial advisors work effectively with clients living with dementia. More than 125 were in attendance. The audience also included representatives from companies on the front line of helping people live with dementia to age in place—including our friends at GeriJoy.
This symposium allowed Transamerica and the MIT AgeLab to harness an opportunity to highlight one of the most important topics facing the financial advice industry. Cognitive impairment and Alzheimer’s disease can devastate lives, and the lingering effects can impact all generations within a family. Without proper advice and planning, entire estates can ultimately be destroyed.
Transamerica’s advisor portal, New Age of Advice, released electronic copies of The Advisor’s Guide to Financial Planning in the Shadow of Dementia written in collaboration with the MIT AgeLab and with significant contributions from certified financial planner Steve Starnes and the Alzheimer’s Association.
A caregiving guide will also be released on New Age of Advice later this fall. The guide will serve as a tool for advisors to help better serve clients who have taken on a caregiving role.
Transamerica and MIT AgeLab would like to thank the participants, who have generously shared their expertise so that the financial industry can better serve the many families affected by dementia.
President, Transamerica Investments & Retirement Division