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DOL May Help Advisors with Challenges of Investor Cognitive Decline

The Department of Labor has gathered significant information on the challenges facing plan sponsors, advisors and recordkeepers when it comes to the dealing with the cognitive decline of those saving for retirement. So reports Investment News

dementia 3662192 640A report on the topic contains several recommendations, including for “plan fiduciaries to voluntarily establish their own policies and procedures on the topic, such as restricting account access when they suspect a participant is a victim of financial exploitation or has become incapable of making sound financial decisions,” according to the article.

The guidance could include encouraging participants to name a power of attorney proactively. The DOL could also launch outreach and education programs.

Read the full article from Investment News.

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