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Financial Vulnerability Assessment

34 Questions


For mental health professionals who are well-trained in administering standardized tests, including psychologists, psychiatrists, physicians, therapists, counselors, nurse practitioners and pastoral counselors. Cognitive impairment and financial exploitation often go hand-in-hand. Professionals working with older adults can help prevent financial exploitation while documenting for compliance and risk management that the proper assessments were completed prior to the transaction.


INTERVIEW IS ELECTRONICALLY SCORED AND RECORDED AND TAKES APPROXIMATELY 20-25 MINUTES

The Financial Vulnerability Assessment is an in-depth interview to determine the factors involved in an older adult's financial decisions. It measures two main aspects of financial management. The first section, the Financial Decision Tracker, looks at the intellectual factors (choice, rationale, understanding, appreciation) at play in making a specific financial decision.

Choice

CHOICE

Rational

RATIONALE

Understanding

UNDERSTANDING

Appreciation

APPRECIATION

The remaining three sections determine the contextual factors surrounding finances, such as acquaintances with large influence over the client's finances and decisions, and how susceptible the client may be to these influences. Contextual factors can overwhelm the intellectual factors and impair decisional abilities.

Financial Situational Awareness

Financial Situational
Awareness

Psychological Vulnerability

Psychological
Vulnerability

Susceptibility

Susceptibility




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Create an account to go directly to the brief online training and gain immediate access to the Financial Vulnerability Assessment. Your password protected account keeps every interview secure, organized and accessible to you alone.

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Training


The Financial Vulnerability Assessment is a structured, multiple choice interview conducted in a standardized format while encouraging the client to elaborate as inclined. First-time users of the online Financial Vulnerability Assessment must complete training on the correct way to conduct the interview. Training insures a consistent application, accurate capture of spontaneous data, and valid results. Documentation certifying you as a trained mental health professional may be requested.

Contact Us for more information on training.

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Ongoing Research


Research is critical to refine and continuously improve our assessments and interviews. We recruit older adults to cross-validate the Financial Vulnerability Assessment. We collect data on use of the interview in older adults in Virginia, Minnesota and New York. The Michigan Alzheimer's Disease Center has also made the Financial Decision Tracker part of its longitudinal study on cognitive changes.

Get Certified on the Lichtenberg Assessments

Certification is simple and straightforward. Our convenient online trainings show you how to administer the assessments to achieve accuracy and reliability. Training to become certified to use the Decision Tracker and the Family & Friends Interview is available to all professionals. Training and certification to use the Vulnerability Assessment, however, should be completed only by a mental health professional.



Frequently Asked Questions

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Do I have to be trained to administer these interviews?
Yes.Training insures that the interviews are conducted reliably and effectively to produce the most accurate results. Our trainings are designed to be easy to follow while insuring mastery of the interview skills.
+
What is undue influence?
Influence or coercion by someone who intentionally uses his or her role and power to deceive and exploit the trust, dependency, and fear of another and gain decision-making control. The influencer uses various techniques or manipulations over time to gain power and compliance. These can be so subtle that the victim doesn’t realize he or she is being manipulated. Many cases of financial exploitation result from undue influence.
+
How can I identify undue influence in an older adult?
Some common signs are:

1. Significant gifts to people like caregivers, service providers and acquaintances outside the usual sphere of the older adult’s love and commitment.
2. Gifts to anyone that are so large they threaten the older adult’s economic security.
3. Loans, particularly if undocumented, to anyone.
4. The older adult’s fiduciary (such as an attorney or trustee) making decisions that reflect poor judgment or conflict of interest.
5. Estate planning documents naming non?family members as fiduciaries or beneficiaries.
6. Joint accounts with non?family members.
7. Checks prepared by others but signed by the older adult.
8. Bequests or other arrangements favoring one child, particularly if that child lives with the older adult.
9. Large discrepancies between the older adult’s understanding of his or her estate and its true value
10. Excessive fees charged by professional finance managers such as trustees, attorneys, financial advisors and stockbrokers.
+
What’s the difference between being a conservator, guardian, and having power of attorney?
A conservator is a person (family member, friend, or paid professional), agency or institution appointed by the court to make financial decisions for someone a judge has determined is unable to make such decisions. A guardian is a person (family, friend, or paid professional), agency, or institution appointed by the court to make personal decisions for another. Unlike a conservator, a guardian’s authority is often limited by statutes and can also be limited by the judge to specific tasks or decisions based on the retained capacities of the person. A power of attorney is a legal instrument used to delegate authority to another. The person who signs a power of attorney is called the “principal,” and the person to granted the authority is delegated is the “agent.” A “durable” power of attorney enables the agent to act for the principal even after the principal loses capacity to make decisions, and is effective until revoked by the principal or until the principal’s death. A durable power of attorney generally refers to financial decisions and can be an effective alternative to guardianship, allowing an individual to plan for the control of his or her affairs in the event of incapacity.
+
What is financial incapacity?
The law starts with an assumption of capacity, which refers to decision making regarding a number of financial tasks, such as general financial management of assets and debts, writing checks, paying bills, knowing and using currency and coins, making contracts and writing wills. Financially incapacity means a person is unable to manage their financial resources. This can be the result of a number of conditions including mental illness, dementia, drug use, physical illness and disability. Determination of incapacity is complex. Psychological evaluations, medical reviews, as well as legal standards (that vary from state-to-state) are used in the determination.
+
How can I encourage my entire organization to use the Older Adult Nest Egg interviews and resources?
Contact us and we can work with you to bring Older Adult Nest Egg to your company or organization. Adult Protective Services employees have already been trained in several parts of the country, and we are researching use of the Tracker in Virginia, Minnesota and New York. The Michigan Alzheimer’s Disease Center has also made the Tracker interview part of its longitudinal study on cognitive changes.
+
What is motivational Interviewing?
Motivational interviewing tries to change behavior by gently moving a person from indecision and uncertainty and toward making positive decisions and accomplishing established goals. The technique helps people resolve their ambivalence and insecurities through empathetic listening, helping clients become aware of discrepancies between their goals and behavior, avoiding arguments and direct confrontations, and supporting self-efficacy and optimism.The client is central and is guided to generate the arguments and solutions for change.

Show more questions and answers
+
Do I have to be trained to administer these interviews?
Yes.Training insures that the interviews are conducted reliably and effectively to produce the most accurate results. Our trainings are designed to be easy to follow while insuring mastery of the interview skills.
+
What is undue influence?
Influence or coercion by someone who intentionally uses his or her role and power to deceive and exploit the trust, dependency, and fear of another and gain decision-making control. The influencer uses various techniques or manipulations over time to gain power and compliance. These can be so subtle that the victim doesn’t realize he or she is being manipulated. Many cases of financial exploitation result from undue influence.
+
How can I identify undue influence in an older adult?
Some common signs are:

1. Significant gifts to people like caregivers, service providers and acquaintances outside the usual sphere of the older adult’s love and commitment.
2. Gifts to anyone that are so large they threaten the older adult’s economic security.
3. Loans, particularly if undocumented, to anyone.
4. The older adult’s fiduciary (such as an attorney or trustee) making decisions that reflect poor judgment or conflict of interest.
5. Estate planning documents naming non?family members as fiduciaries or beneficiaries.
6. Joint accounts with non?family members.
7. Checks prepared by others but signed by the older adult.
8. Bequests or other arrangements favoring one child, particularly if that child lives with the older adult.
9. Large discrepancies between the older adult’s understanding of his or her estate and its true value
10. Excessive fees charged by professional finance managers such as trustees, attorneys, financial advisors and stockbrokers.
+
What’s the difference between being a conservator, guardian, and having power of attorney?
A conservator is a person (family member, friend, or paid professional), agency or institution appointed by the court to make financial decisions for someone a judge has determined is unable to make such decisions. A guardian is a person (family, friend, or paid professional), agency, or institution appointed by the court to make personal decisions for another. Unlike a conservator, a guardian’s authority is often limited by statutes and can also be limited by the judge to specific tasks or decisions based on the retained capacities of the person. A power of attorney is a legal instrument used to delegate authority to another. The person who signs a power of attorney is called the “principal,” and the person to granted the authority is delegated is the “agent.” A “durable” power of attorney enables the agent to act for the principal even after the principal loses capacity to make decisions, and is effective until revoked by the principal or until the principal’s death. A durable power of attorney generally refers to financial decisions and can be an effective alternative to guardianship, allowing an individual to plan for the control of his or her affairs in the event of incapacity.
+
What is financial incapacity?
The law starts with an assumption of capacity, which refers to decision making regarding a number of financial tasks, such as general financial management of assets and debts, writing checks, paying bills, knowing and using currency and coins, making contracts and writing wills. Financially incapacity means a person is unable to manage their financial resources. This can be the result of a number of conditions including mental illness, dementia, drug use, physical illness and disability. Determination of incapacity is complex. Psychological evaluations, medical reviews, as well as legal standards (that vary from state-to-state) are used in the determination.
+
How can I encourage my entire organization to use the Older Adult Nest Egg interviews and resources?
Contact us and we can work with you to bring Older Adult Nest Egg to your company or organization. Adult Protective Services employees have already been trained in several parts of the country, and we are researching use of the Tracker in Virginia, Minnesota and New York. The Michigan Alzheimer’s Disease Center has also made the Tracker interview part of its longitudinal study on cognitive changes.
+
What is motivational Interviewing?
Motivational interviewing tries to change behavior by gently moving a person from indecision and uncertainty and toward making positive decisions and accomplishing established goals. The technique helps people resolve their ambivalence and insecurities through empathetic listening, helping clients become aware of discrepancies between their goals and behavior, avoiding arguments and direct confrontations, and supporting self-efficacy and optimism.The client is central and is guided to generate the arguments and solutions for change.

Show more questions and answers

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Institute of Gerontology
At Wayne State University


87 East Ferry St.,
Pauline Knapp Building
Detroit, MI 48202

(313) 664-2600


Wayne State University, Institude of Gerontology

Copyright 2018 Privacy Policy

Older Adult Nest Egg assessments provide information only about financial decision-making performance. Assessment results detail the client’s responses to a specific financial decision or transaction. They assist the interviewer only in identifying potential areas of strength or challenge regarding that decision or transaction and as informed by the interviewer’s independent judgment. Assessments DO NOT provide diagnosis or treatment recommendations. Older Adult Nest Egg assessments are to be conducted by trained interviewers. Assessment reports are not stand-alone and require the interpretation of the interviewer and possibly a relevant professional within their scope of practice and in the context of all information they have gathered about their client. Assessments, risk scores and levels of concern are not intended to diagnose, treat or prevent cognitive impairment. Information provided by Older Adult Nest Egg is not a substitute for face-to-face consultation with a medical or mental health professional and should not be construed as individual medical or mental health advice. Older Adult Nest Egg assessments and the statements made on this website have not been evaluated by other regulatory bodies.