Riverside Investment Partners has discovered through our years of experience that there are two very special groups of clients that require special attention. These are Senior Citizens and Trust accounts. We have learned of these special needs not only by helping our clients as they age, but also by assisting our own families with issues related to aging.
As the baby boomer enter into their 50s, 60s and 70s, their parents are entering into their 70s, 80s and 90s. With the reduce cognitive ability that often accompanies the aging process, most senior citizens begin to lose the ability to wisely manage their own money. Whether its mental fatigue, dementia or, worse yet, a fraudulent sales person, senior citizens need a wise, caring and protective eye on their money and investments.
This is where Riverside Investment Partners, as a registered Investment Advisor, can be very helpful. We are an investment Fiduciary with a legal obligation to always work in our client’s best interest. The Fiduciary obligation is rare within the investment world as the vast majority of investment professionals are actually just salesmen. The seller of financial products (stocks, mutual funds, ETFs, annuities, etc) have no legal obligation to make the best possible recommendations for their client; only a Registered Investment Advisor has the fiduciary obligation.
Riverside IP believes it is good practice for all seniors to look for, and establish, a relationship with an investment Fiduciary. It is important to establish this relation before the senior loses mental competence. With a Fiduciary leading the investment management, the client, and their family members, can relax in the confidence of knowing that no one is taking advantage of them.
Another method of protecting the investment resources of a senior is to establish a Trust Account with a trusted loved one acting as the Trustee or, in some cases, hiring a professional Trustee such as a Bank Trust Department.
Riverside Investment Partners has helped many clients with their trust accounts. We have recommended Estate Planning attorneys to our clients, we have accompanied our clients to the attorney’s office and we have been named as the Investment Advisor to the Trust. When a client is in need of a Trust, we will provide whatever assistance our clients need in order to establish and manage a well thought-out Trust Account.
Trust accounts receiving investment recommendations from a Registered Investment Advisors receive the same benefits as a senior citizen working with RIA; that is, Fiduciary advice in the trust’s best interest. However, a Trust Account has the ability to “live-on” after the death of its founding donor. The Trust may continue for the benefit of grandchildren or for the benefit of a special-needs child.
It is important know that as the investment fiduciary, Riverside IP has no authority or input into the management of the Trust or how its assets are distributed; we provide only investment advice to the Trust’s assets.
Riverside IP reaches out to all seniors who prefer a Fiduciary investment advisor for their personal accounts, IRA accounts or Trust account.