Recovery Within Reach: Financial planners offered as resources for addiction recovery

A new statewide initiative seeks to educate financial advisers about opioid abuse so they can better serve clients and provide pathways to addiction resources.

Gov. Mike DeWine and the Ohio Department of Commerce Division of Securities announced the launch Aug. 23 of Recovery Within Reach, a program to train Ohio’s financial advisers to inquire about addiction and connect the public with information about the economic impact of opioid addiction on families.

Through the program, individuals would learn how and where to find treatment and would be encouraged to work with a licensed financial professional to address the cost of treatment.

Among those supporting the Recovery Within Reach campaign is Lori Eisel, president of Pickerington-based Arcadia Financial Partners.

Eisel, the widow of former Violet Township Fire Chief and Township Administrator John Eisel, said she understands both the financial devastation and isolation for families struggling with opioid-use disorder. In addition to her job as a financial planner, Eisel has an adult son who has struggled with opioid addiction since his teenage years.

After several rounds of treatment and significant financial expense, her son is in recovery and seeing success, she said. She wants others to know there is hope.

“People are reluctant to talk about opioid use disorders with anyone, let alone financial advisers,” Eisel said. “Families don’t need to jeopardize their own financial security to access treatment and care for their loved ones. With this new initiative, financial advisers will gain awareness and knowledge to help clients learn about available treatment options and how best to access them.”

According to information from the Ohio Department of Commerce, 2.7 million people age 12 and older in the U.S. experienced opioid addiction in 2020 and one in 13 Ohioans live with substance-use disorder.

The department reported that a 2022 survey of financial advisers in Ohio found the median financial impact of opioid misuse/addiction was estimated to be approximately $35,000 annually per client.

Despite these figures, the survey found only 56.5% of financial advisers in the state received direct communication from clients dealing with opioid misuse/addiction.

Eisel said in addition to treatment, costs related to substance abuse can include legal expenses and such things as accident damages to vehicles driven by someone under the influence of drugs and/or alcohol.

"The campaign is going to educate financial planners in seeing the red flags," Eisel said. "A lot of clients aren't comfortable talking about it. I am hopeful we can open those lines of communication.

"I want to make (a financial planner's office) a safe place to talk about it. We talk about long-term care. We talk about retirement. We talk about taxes. We talk about everything except this elephant in the room."

Through her son's battle, Eisel said, she has learned it often takes individuals more than one attempt to stay off drugs.

Financial planners, she said, can help clients understand the ongoing challenges that come with addiction. Through the Recovery Within Reach program, she said, planners can help clients find options for treatment ‒ without it leading them to financial ruin.

"This is just another way to find out who is hurting and to help them," Eisel said. "You may lose work hours because you're dealing with some issues. You have to take a multifaceted approach to help people and their families.”

The Recovery Within Reach campaign includes a public service announcement that will be televised throughout Ohio, along with radio and digital ads and a website listing resources for financial advisers, community partners and the public.

“Opioid addiction represents a massive financial risk to clients and their families,” Ohio Securities Commissioner Andrea Seidt said. “The goal is for trusted financial advisers to be another line of defense because treatment access and cost should never be barriers to recovery.”

Through Recovery Within Reach, Eisel hopes financial planners will become better advocates for clients because they'll have a better understanding of more factors that can affect people's wealth and long-term expenses.

"The bottom line is, if someone out there wants to get clean and sober, there are options for them,” Eisel said. “There are a lot of different ways to cover those expenses and people don't know that. For them to be paying $30,000 to $35,000 out of pocket for this, they are putting themselves at financial risk.

"I want financial advisers to know where to point people to get help.”

Additional information about the Recovery Within Reach initiative is available at recoverywithinreach.ohio.gov/.

nellis@thisweeknews.com

@ThisWeekNate