Clement Wealth Management Encourages Families to Talk About Money Before a Crisis

Founder Francis Clement outlines five conversation starters to help families discuss aging, financial wishes and protection against scams

ROCHESTER, N.Y., Sept. 30, 2026 /PRNewswire/ -- Who would you call if an aging parent received a suspicious request for money, or suddenly needed help managing bills? Francis Clement, of Clement Wealth Management, is encouraging families to discuss those questions before an emergency forces decisions, outlining five ways to begin a conversation that respects older adults' privacy and independence.

The U.S. population age 65 and older reached 61.2 million in 2024, according to the U.S. Census Bureau. As families consider changing needs with age, financial preparedness includes understanding a loved one's wishes, knowing where important information is kept and agreeing on how to ask for support.

"The first question doesn't have to be, 'How much money do you have?'" said Francis Clement, founder of Clement Wealth Management. "It can be, 'If something unexpected happened, what would you want us to know, and who would you want us to call?' That gives families a place to begin while keeping the person's wishes at the center."

Clement suggests starting with five questions:

1. What would you want help with, and what would you prefer to keep private? Begin by asking permission to talk. Discuss what support would be useful and who the older adult wants involved. The first conversation does not need to include account balances or a complete review of finances.

2. If you needed help unexpectedly, who should we contact? Identify the financial professionals and other people the older adult relies on. With their permission, keep contact information somewhere an appropriate person can locate it in an emergency.

3. Where are important records kept? Discuss how an authorized person could locate relevant financial and legal documents when needed, including any power of attorney (POA), which identifies who has been designated to act on someone's behalf and under what terms. Families should know where these documents are stored and whom to contact with questions. Review questions about authority with the appropriate professionals; knowing where records are kept does not itself grant access or decision-making authority.

4. What is our plan for a suspicious request for money? Agree on a simple response: pause and independently verify unexpected requests before sending money or sharing information. Call the person or institution using a known, reliable number–not one supplied in the suspicious message. Choose someone the older adult feels comfortable consulting without judgment.

5. When should we revisit the conversation? Agree on a comfortable time to check in again, particularly after changes in health, relationships or financial circumstances. A series of short conversations can make room for questions that do not get resolved in one sitting.

Make scam awareness part of financial preparedness

The FBI reported that complaints from people over age 60 involved more than $7.7 billion in losses in 2025. These are just the losses reported to the FBI's Internet Crime Complaint Center, rather than a measure of all fraud experienced by older adults (FBI source).

Scam preparedness can include discussing whom to call when a request feels urgent, secretive or unusual. Families can also ask financial institutions about available safeguards, including a trusted contact designation. For brokerage accounts, a trusted contact may be engaged in certain circumstances but does not gain authority to transact or make decisions on the account (SEC investor guidance).

"Families can make it easier to ask for help by agreeing that a suspicious call or message is something to talk about, without blame or embarrassment," Clement said. "The goal is to help someone feel supported and confident about the next step."

Anyone who suspects fraud should promptly contact the relevant financial institution and report suspected internet-enabled crime to the FBI at ic3.gov.

About Clement Wealth Management

Clement Wealth Management is a Pittsford, New York-based financial planning firm founded by Francis Clement. Francis J. Clement is a self-employed fiduciary advisor who runs his New York based practice assisting clients in 29 states. He began his financial services career in 1997 and became a Wealth Management Advisor in 2011, after earning the coveted Certified Financial Planner ™(CFP ® ) designation. He and his team at Clement Wealth Management use a comprehensive fee-based planning process to guide professionals and business owners toward financial independence.

SOURCE LaLew Public Relations