adam received his master’s in economics from the new school for social research and his ph.d. from the university of wisconsin-madison in sociology. a financial power of attorney (poa) is a legal document that grants a trusted agent the authority to act on behalf of the principal-agent in financial matters. this kind of poa is also referred to as a general power of attorney. the authority outlined in the poa can be fairly broad or, in some cases, restrictive, limiting the agent to very specific duties. this poa gives the agent the power to manage the financial life of the principal when that person is unable to do so. the individual granted poa is limited to the agreement and cannot do anything not specified under the power of attorney.