A Step Toward Safety: Lessons from an Investment Advisor’s Perspective

The Paul Truesdell Podcast

A Step Toward Safety: Lessons from an Investment Advisor’s Perspective

As an investment advisor, my practice is built on trust, foresight, research, facts, forecasting, and a deep commitment to my clients’ financial well-being. With a client base that’s 90% retirees and 10% business owners, my role extends far beyond managing portfolios. It’s about holistic wealth preservation—ensuring that decades of hard work, disciplined saving, and strategic investing aren’t undone by unforeseen risks. I have experience involving five decades, beginning in the 80s.

While market volatility or tax changes often dominate financial conversations, one of the most insidious threats to my clients’ security doesn’t come from Wall Street. It lurks in their own homes: the risk of slip-and-fall accidents, particularly for retirees. A single misstep can unravel a lifetime of effort, and I’ve seen the consequences firsthand. Let me share a story from my past, a lesson from a death investigation during my time with the Tampa Police Department, many decades ago, and weave it into the broader mission of protecting my clients’ legacies through comprehensive wealth advisory.

Years ago, while serving with the Tampa Police Department, I was called to a quiet suburban home to investigate a dead body call. The call did not require a full homicide team response and was rather routine. The scene was unassuming—a tidy bathroom in the house of an elderly widower. The man, in his late 80s, had lived independently, proud of his self-reliance, with a weekly housekeeper who tended to his home. That morning, the housekeeper arrived to find him lifeless on the bathroom floor. Rigamortis had set in, and early signs of body decomposition indicated he had been dead for several days. No paramedics were called; the housekeeper’s discovery prompted a police response. The man had tripped on a small bathroom rug, its corner slightly curled from wear. As he shuffled across the tile floor, his foot caught the rug’s edge, sending him lurching forward. His forehead struck the porcelain bowl of the toilet with devastating force, killing him instantly.

We conducted a thorough investigation to ensure there was no foul play. It was what it appeared, nothing more or less, but the i’s were dotted, t’s crossed regardless. From the initial response to my securing the home around four to five hours elapsed. Additional latent investigative time was spent along with that of the medical examiner.

The medical examiner’s report confirmed our findings: a broken neck from the impact, compounded by a severe head injury. The death was ruled an accident, with no evidence of foul play. The rug, a seemingly harmless household item, had become a deadly hazard. I remember standing in that bathroom, struck by how something so mundane could end a life so abruptly. That case stayed with me, and years later, as an investment and wealth advisor and manager, I’ve shared it countless times with many clients. The story is my way of teaching and reminding my clients that wealth preservation isn’t just about dollars and cents—it’s about safeguarding the life you’ve built, down to the smallest details in your home. Such stories are not unusual and it’s merely one of many homicides I worked on. The reports of actor Gene Hackman’s wife's death from Hantavirus Pulmonary Syndrome and his eventual lonely and confused passing, highlight how even prominent lives can be disrupted by a single misstep or failure to take appropriate action.

Slip-and-fall accidents are a leading cause of injury among older adults, and the statistics are sobering. According to the Centers for Disease Control and Prevention (CDC), over 3 million older adults visit emergency rooms annually due to falls, with more than 800,000 hospitalizations. One in four adults over 65 falls each year, and falls are the leading cause of fatal and nonfatal injuries in this age group. In 2020 alone, falls resulted in over 34,000 deaths among older Americans. For retirees, who make up the bulk of my clientele, these accidents often occur at home, where familiarity can breed complacency. Bathrooms, kitchens, and stairways are common danger zones, but even a living room can become hazardous if a throw rug or misplaced towel lies in wait.

Throw rugs, in particular, are a frequent culprit. Their edges can curl over time, especially if not secured with non-slip backing or tape. For retirees who shuffle their feet—a common gait change with age—these rugs are traps waiting to spring. A momentary loss of balance can lead to a fall, and the consequences can be catastrophic. Hip fractures, head trauma, and spinal injuries are all too common, often requiring lengthy recoveries or leading to permanent disability. In the worst cases, like the man in Tampa, a fall can be fatal. Towels left on the floor, clutter, or even uneven transitions between rooms can pose similar risks. These hazards are deceptive because they’re so ordinary, blending into the backdrop of daily life until it’s too late.

My experience in Tampa shaped, in part, how I approach holistic wealth advice and management. When I meet with clients, I don’t just review their investment portfolios or discuss estate planning. I take a holistic view, recognizing that their financial security is intertwined with their physical safety. For my retiree clients, many of whom are in their 70s and 80s, I emphasize home safety as a critical component of wealth preservation. A single fall can lead to medical bills, long-term care costs, or the loss of independence, draining savings and derailing financial plans. For my business owner clients, who are often juggling demanding schedules, I stress the importance of ensuring their aging parents’ homes are safe, as many are responsible for their care.

Part of my advisory process involves candid conversations about lifestyle adjustments. For example, I encourage clients to conduct a home safety audit. This means removing throw rugs or securing them properly, installing grab bars in bathrooms, improving lighting in hallways and staircases, and eliminating clutter. Non-slip mats in showers and tubs are a must, as are handrails on both sides of stairs. For clients with mobility issues, I suggest consulting an occupational therapist to assess their home and recommend modifications. These steps, while simple, can make a profound difference.

Another sensitive but necessary topic is driving. For some retirees, declining vision, slower reflexes, or medication side effects make driving unsafe. Continuing to drive poses risks not only to themselves but to others. I’ve had tough conversations with clients, urging them to consider alternatives like ride-sharing services or public transportation. In one case, a client’s daughter thanked me for raising the issue, as her father’s near-miss accidents had been a growing concern. By addressing these issues proactively, we protect not just their financial assets but their dignity and safety.

These discussions are deeply personal, and they require trust. My clients know I’m not just their advisor—I’m their advocate, drawing on every lesson I’ve learned, from police work to financial planning. The Tampa case is a story I share not to alarm but to educate. I tell it to illustrate how quickly life can change and how small precautions can prevent tragedy. I often say, “You’ve spent decades building your wealth. Don’t let one missed step take it away.” That phrase resonates, both literally and figuratively, because it captures the fragility of the lives we’ve worked so hard to create.

Beyond individual actions, I encourage clients to involve their families. Adult children or trusted relatives can help inspect homes, arrange for modifications, or even assist with downsizing to a safer living environment, like a single-story home or a retirement community with built-in safety featur...