Financial Planning Focus – Preparing for Diminished Financial Capacity

By Andrea Brashears-Lusk, CFP®
As defined by the Consumer Financial Protection Bureau, “diminished financial capacity” is a legal term used to describe the decline in a person’s ability to manage money and financial assets to serve their best interests, including the inability to understand the consequences of investment decisions. Financial capacity is one of the first abilities to decline with cognitive impairment. It incorporates core skills such as conducting cash transactions, understanding debt and loans, paying bills and maintaining sound judgement to avoid financial exploitation. Although diminished financial
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Special Release - Race to the Bottom

Earlier this year, Charles Schwab announced they were lowering commissions on stock and exchange traded fund (ETF) trades from $8.95 to $6.951 making them the cheapest brokerage firm for purchasing and selling stocks and ETFs. Not to be outdone, Fidelity shortly thereafter announced they too were lowering their fees, from $7.95 to $4.952. Fidelity’s time at the top (or bottom) didn’t last more than a few hours, as Schwab lowered their trading commission to match Fidelity later the same day. The new commission rates for both Schwab and Fidelity are now in effect and will likely benefit the vast
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