I recently spoke with some bank colleagues about the role and benefits of elder care services in banks. At first glance this may seem an unlikely combination, but in fact, it is increasingly a benefit offered to private bank and trust clients. Some banks have been doing this for many years, and a few others are just now incorporating the service into their trust or private bank services. Banks are paying bills, managing assets, setting up in-home care, etc to ensure a customer’s well-being. Sometimes they are even setting up the sale of a house. Oftentimes they will bring in geriatric care managers to oversee the care and care coordination. They may charge an additional fee for these services, or include them in the asset management fees paid by the
Trust officers have close relationships with their clients, and are often the first to notice when their elderly client (or a younger client with special needs) needs more services to remain safely in the home. Starting early and bringing in services as the needs evolve allows an elder to age in place safely. For the bank, attracting and managing bank deposits is of primary importance and keeping an elder safe, and in his or her own home, will go far in maintaining the elder’s assets.