The Ohio Department of Commerce announced a statewide initiative to empower financial advisors and educate families on the financial costs of treatment programs and how to find financial support.
Recovery Within Reach is an attempt by the Ohio Securities Commissioner designed to train advisors and connect the general public with critical information about the economic impact of opioid addiction.
A recent statewide survey found that Ohio advisors believe 1 percent of their client's finances have been affected by opioid addiction. Only ten percent of advisors report completing a training program to assist clients impacted by opioid use disorder. According to the survey, the median financial impact of opioid misuse/addiction was estimated to be approximately $35,000 per client per year.
Through the new initiative, individuals will learn how and where to find treatment through a mapping system and will be encouraged to work with a licensed financial professional to address the cost of treatment. Opioid addiction represents a significant financial risk to clients and their families. The program's goal is for trusted financial advisors to serve as another line of defense so that treatment access and cost are not barriers to recovery. The state is developing training and collateral for financial advisors to help them begin what could be difficult conversations with clients and also advise them on the next steps.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
