1. On petition and after notice and hearing, the court may appoint a conservator for an adult if the court finds by clear and convincing evidence that both of the following are true:
a. The decision-making capacity of the respondent is so impaired that the respondent is unable to make, communicate, or carry out important decisions concerning the respondent’s financial affairs.
b. The appointment of a conservator is in the best interest of the respondent.
2. Section 633.551 applies to the appointment of a conservatorship under subsection 1.