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"TAMRIS" - Setting standards

Independent, Impartial, Objective

 

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As we age we naturally become more reliant on others for our physical, emotional and financial wellText Box:   being.

In an industry where advice is not regulated, where self interest abounds and, where standards are generally low, the elderly are at greater risk of financial abuse.

TAMRIS recommends that all financial advisors who manage the affairs of the elderly be subject to special scrutiny and, be required to follow the highest professional standards when dealing with elderly clients. 

Elderly clients are at greatest risk of depleting capital within their lifetimes and therefore, the consequences of inappropriate advice are much greater.

Standards

TAMRIS recommends the following basic standards for any firm looking to manage the affairs of elderly individuals

  • Investment Discipline, resources, systems, expertise

    • They must possess and be able to demonstrate a robust investment discipline. They must have the resources to research securities/mutual funds used, and the markets, styles and market components to which they allocate. They must have portfolio construction expertise and a well defined portfolio construction, planning and management discipline.

  • Asset and liability modelling and management.

    • They must have competence in the integration of the management of assets and the management of financial needs over time (or subcontract this to those who do have the expertise) and must have conservative modelling or wealth forecasting disciplines.

  • Costs, value for money and communication

    • They must work on a fee basis (hourly fees or percentage of funds under management), they must disclose all fees and costs and must have rigorous reporting and communication standards.  They must also provide a clear commitment to education and risk assessment.

  • Integrated

    • They must be focussed on working within an integrated wealth management arrangement where this exists and to promote one where it does not.  They must make sure that all advice and recommendations reflect the needs and structure of the client’s overall financial position.

Education

But, it is not just a question of monitoring the activities of the advisors. It is also a question of educating those who come regularly into contact and occupy positions of trust amongst our older generations.

These can include retirement homes, community centres, lawyers, accountants, funeral services,  home care companies as well as those dealing specifically with fraud, physical and emotional abuse.

TAMRIS can help these organisations provide better information to their clients and members and to vet those advisors who come into contact with their clients or members.

For example TAMRIS has been to senior education events where community centres for the elderly have invited direct product sellers, motivated by commission and using high pressure selling tactics.  This is inappropriate!

No service company, non profit organisation or community/religious centre should be exposing clients to direct selling operations.  They should also not be referring clients to financial advisors without due diligence and independent vetting.Text Box:    

Services

TAMRIS provides two main services to elder health and lifestyle companies, both of which are fee based.  These are as follows.

  • Review Services - TAMRIS will provide a review of your wealth management relationships and policies.

  • Education - TAMRIS will help institute a financial education and awareness program for members, residents or clients and help to direct content from other advisors.

For more information and/or a consultation, please contact Andrew Teasdale at TAMRIS.

TAMRIS does not recommend that any health and lifestyle organisation provide referrals to or develop any close business relationships with financial advisors or financial institutions. 

As such, TAMRIS will not provide any vetting of financial advisors for elder health and lifestyle service companies who are looking to develop such relationships.