As the opioid epidemic worsens across the US, the toll it imposes on the economy has risen to staggering heights causing an economic loss of more than $1trillion  ¹. The staggering numbers of opioid use disorder (OUD), overdoses and deaths continue to escalate, while threatening the economy, careers, family finances and retirement dreams.

Financial professionals are uniquely positioned to help their clients facing addiction but rarely equipped to address it. In this first-ever, comprehensive training program for financial professionals, discover the essential tools and information that every financial professional needs to serve clients and families affected by substance abuse.

Millions of Americans and their families are not only dealing with substance abuse but also confronting a life-threatening illness. Unfortunately, the shame and secrecy surrounding addiction often lead families to withhold this information, making it challenging for financial professionals to address these issues proactively. Without awareness of their clients’ struggles, critical aspects of retirement and financial planning may inadvertently be overlooked potentially resulting in costly mistakes or the unintentional passing of assets to heirs who may misuse them to their detriment.

The financial devastation and challenges that may arise:

• Managing bills and controlling expenditures
• Liquidating assets
• Navigating bankruptcy
• Finding and affording treatment
• Securing life insurance coverage
• Addressing missed contributions to savings, IRA, and 401k accounts
• Mitigating financial fraud or elder financial abuse

The shame and secrecy associated with addiction further compound these challenges, leading many families to conceal the true costs. Recognizing and addressing these financial implications is crucial for effective financial and retirement planning.

Meeting clients’ financial and retirement goals extends beyond traditional financial advice. It involves meeting clients where they are, acknowledging the real-life impact of OUD, and providing agile planning that considers the unique challenges posed by substance abuse. By understanding and addressing the financial complexities associated with OUD, financial professionals can play a vital role in helping clients navigate these difficulties and work towards a more secure financial future.

Protecting clients reaches beyond simply offering insurance, investments, or tax-saving strategies to protect, build and distribute their assets. Cheryl Canzanella, CLU, ChSNC, LUTCF has made it a priority to educate and prepare financial professionals to help their clients facing financial burdens due to the opioid epidemic.

Financial Professionals may include Broker-Dealers, Securities Salespersons, Investment Advisers, Investment Adviser Representatives, Investment Officers, Insurance Advisors and clients.

Provide a customized comprehensive education and training program that can be rolled out by The American College to equip financial professionals with the tools they need to consult with their clients on the financial hardships and solutions related to the opioid epidemic. Implement educational training formats that include in person or virtual presentations, online course modules, panels, round table discussions, breakout sessions, webinars, fact sheets and tools.

OUD affects millions of Americans and their loved ones but rarely comes up in conversations with our clients. Financial professionals, plan for the unknowns in life and are prepared to help clients when they fall on hard times or experience unexpected life changes like unemployment, a medical crisis, divorce, loss of a loved one, etc. But how can a financial professional help if they are unaware of the struggles their clients may be facing. Families are dealing with not just the financial burden of substance abuse and recovery but a life-threatening illness. Without proper planning and guidance, they could make costly mistakes or a legacy could unintentionally be passed to heirs who then use those assets unwisely or to their detriment.

OUD can be financially devastating: Paying bills and controlling expenditures; Liquidating assets; Navigating bankruptcy; Finding and affording treatment; Securing life insurance coverage; Missed contributions to savings, IRA and 401k accounts: Financial fraud or elder financial abuse related to a family member’s use; The shame and secrecy of addiction that can cause many families to hide its costs.

Financial professionals are uniquely positioned but unfortunately rarely equipped to address these and other concerns, among clients and families affected by OUD. In this first-ever, comprehensive training program for financial professionals, discover the essential tools and information that every financial professional needs to serve clients and families affected by substance abuse.

Participants will learn:

Course for Financial Professionals

DESCRIPTION

As the opioid epidemic worsens across the US, the toll it imposes on the economy has risen to staggering heights causing an economic loss of more than $1trillion  ¹. The staggering numbers of opioid use disorder (OUD), overdoses and deaths continue to escalate, while threatening the economy, careers, family finances and retirement dreams.

Financial professionals are uniquely positioned to help their clients facing addiction but rarely equipped to address it. In this first-ever, comprehensive training program for financial professionals, discover the essential tools and information that every financial professional needs to serve clients and families affected by substance abuse.

Millions of Americans and their families are not only dealing with substance abuse but also confronting a life-threatening illness. Unfortunately, the shame and secrecy surrounding addiction often lead families to withhold this information, making it challenging for financial professionals to address these issues proactively. Without awareness of their clients’ struggles, critical aspects of retirement and financial planning may inadvertently be overlooked potentially resulting in costly mistakes or the unintentional passing of assets to heirs who may misuse them to their detriment.

The financial devastation and challenges that may arise:

• Managing bills and controlling expenditures
• Liquidating assets
• Navigating bankruptcy
• Finding and affording treatment
• Securing life insurance coverage
• Addressing missed contributions to savings, IRA, and 401k accounts
• Mitigating financial fraud or elder financial abuse

The shame and secrecy associated with addiction further compound these challenges, leading many families to conceal the true costs. Recognizing and addressing these financial implications is crucial for effective financial and retirement planning.

Meeting clients’ financial and retirement goals extends beyond traditional financial advice. It involves meeting clients where they are, acknowledging the real-life impact of OUD, and providing agile planning that considers the unique challenges posed by substance abuse. By understanding and addressing the financial complexities associated with OUD, financial professionals can play a vital role in helping clients navigate these difficulties and work towards a more secure financial future.

KEY TAKEAWAYS

Participants will learn:

• 
  
• Tools to offer clients impacted by opioid addiction
• 
  
• Financial behaviors that may indicate a problem
• 
  
• Questions to ask and how to have a conversation
• 
  
• Resources to offer clients and where to send them for help
• 
  
• How to identify fraud or elder financial abuse that may be related to addiction
• 
  
• General strategies to assist clients facing financial challenges

¹https://www.jec.senate.gov/public/index.cfm/democrats/2022/9/the-economic-toll-of-the-opioid-crisis-reached-nearly-1-5-trillion-in-2020