Elderly and vulnerable people—guide to investments and advice
Elderly and vulnerable people—guide to investments and advice

The following Private Client practice note provides comprehensive and up to date legal information covering:

  • Elderly and vulnerable people—guide to investments and advice
  • Cash
  • Current and deposit accounts
  • National Savings
  • Gilts
  • Equities
  • Quoted shares
  • Unquoted shares
  • Investment trusts
  • Unit trusts
  • More...

Solicitors are not generally involved in the actual determination of where a client should invest and must be careful not to give financial advice to clients unless they are regulated to give such advice by the Financial Conduct Authority (FCA). It will be appropriate in most cases for clients to seek professional independent advice from a financial adviser. Such advice will help the client to define their investment objectives, which will involve identifying their actual income requirements and balancing this with their desire to protect their capital and also identifying their risk profile. Nevertheless, there is no reason why a solicitor should not help a client by describing the various investment opportunities without recommending any particular one.

Additionally, a solicitor may well have the responsibility as an attorney or deputy in administering the assets/investments of a person. Some broad understanding of the available opportunities, particularly if they come as a recommendation from a third party, is essential so that a decision based on needs and objectives, as well as risk factors, can be thoroughly explored. For further guidance on investing for someone as their attorney or deputy, see Office of the Public Guardian guidance Investing for someone as their attorney or deputy and Practice Note: Funds in court and investments on behalf of a protected person.

The elderly client may be approaching retirement or actually retired.

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