Investing: the case for recognition as an independent capacity |
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| Authors: | Herbert Medetsky Preeti Sunderaraman Stephanie Cosentino |
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| Affiliation: | 1. Psychiatric Consultation Service, New York Community Hospital, Brooklyn, NY, USA;2. Cognitive Neuroscience Division of the Taub Institute for Research on Alzheimer’s Disease and the Aging Brain, New York, NY, USA;3. The Gertrude H. Sergievsky Center, New York, NY, USA;4. Department of Neurology, Columbia University Medical Center, New York, NY, USA |
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| Abstract: | In this article, we provide support for the need to recognize investing as an independent capacity. A comparison of the definitions and models of financial and investing capacities revealed significant differences between them. A review of the status of investing capacity assessment revealed that there are currently no investing capacity specific assessment instruments (ICSAIs). Implications for researchers and clinicians resulting from the lack of recognition of investing as an independent capacity are discussed and used as a rational for the need to develop ICSAIs. The benefits of ICSAI development for financial, legal, and clinical professionals as well as for investors are discussed, and a direction for future investing capacity research is proposed. |
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| Keywords: | Assessment financial capacity independent investing money management |
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