Financial advisers should help clients with opioid problems, state agency says
A client who suddenly demands money from retirement savings or home equity lines could be struggling with an opioid addiction or under the control of someone who's addicted, the state Banking and Securities Department says in a new guide for financial advisers.
An InvestmentNews survey of more than 400 advisers found that 36 percent have had clients or clients' family members who were addicted to opioids.
Clients with an addicted family member can raid their retirement savings to pay for a drug treatment program without realizing that help is available that addicts often go through several rounds of treatment, the guide says.
Financial advisers should help clients prepare for cash needs and minimize their financial losses, the guide says.
The guide also provides tips on recognizing when someone with an addiction is coercing money from one of their clients.
It also provides links for more information for the advisers as well as links they can provide to their clients.
Brian Bowling is a Tribune-Review staff writer.