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Welcome to the 2017 AFS Annual Meeing, being held this year, in conjunction with FPA in Nashville!
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Monday, October 2 • 3:00pm - 4:00pm
I1b Programmed Financial Literacy Testing - A System for Mitigating Cognitive Decline-Induced Financial Decision Quality Erosion?

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The risk that comprised financial decision making capacity in advanced age presents to lifestyle quality, family wealth, and general welfare is considered, as are common risk control measures. It may be likely that such measures are frequently overlooked, misapplied, or underutilized. Several  financial control transfer devices, such as conservatorships/adult guardianships, as well as estate planning devices such as powers of attorney and living trusts are explored and compared. The advantages to wealth holders, financial advisory practitioners, and social welfare an early detection and remediation alert/activation system for this problem is  explored, and a framework for one proposed, with the suggestion that such a system be embedded into standard financial planning annual review procedure. Model questions derived from other researchers’ work, tied to a risk-tolerance-questionnaire analog chassis, are suggested as a beginning point to encourage the development of a simple, easily adoptable system for the advisory profession and its related industries. A pilot study of seniors’ literacy with financial concepts germane to typical financial planning clients presenting descriptive statistics for first-tranche primary data from a unique instrument is presented.

Author(s): Jeff Camarda, Ph.D., CFA, EA


Jeff Camarda, Ph.D., CFA, EA

Chairman, Camarda Wealth

Monday October 2, 2017 3:00pm - 4:00pm

Attendees (1)