On June 1, 2015, the SEC issued an investor bulletin about “diminished financial capacity”, which refers to when an individual becomes unable to manage their finances. They recommend a number of steps for individuals to take to prepare for such a condition. These steps include:
- Organize important documents and keep them safe and accessible
- Give your financial professionals emergency contacts
- Keep your information and contacts updated
- Report financial fraud and abuse
Some other options to consider include:
- Authorizing a durable power of attorney
- Getting someone you trust involved
Source: Investor Bulletin and Consumer Advisory: Planning for Diminished Capacity and Illness
This alert applies to the Series 6, Series 7, Series 52, Series 65, and Series 66.