1. Be non-judgmental.
Advisors and their clients need to remember that opioid addiction is not a moral failure, but a disease, said McManus.
“This can affect anybody—anyone who has had a back issue or a surgical recovery,” he said.
Most opioid medications are legal and prescribed for legitimate medical purposes, but it’s very easy to become addicted to them. Addiction does not discriminate by age, gender, race or socioeconomic background.
In fact, some of the epicenters of opioid addiction are well-to-do suburbs where young adults and teens often have the time and financial resources to experiment with drugs. High-income users often have the ability to support their habit and hide it from those around them for long periods of time.
“It might not be a client specifically, but a family member that could have more access to money and a higher likelihood to encounter the drugs,” said McManus. “These relatives have the money to continue to try to experiment with these types of things.”
Advisors should exercise empathy when dealing with clients and client households struggling with an addiction, said McManus.
2. Educate yourself on opioid addiction resources.
Individuals and families dealing with addiction need a lot more than financial advice. Advisors should have general knowledge of the counseling, detox and rehabilitation services available to their clients and preferably establish relationships with providers.
“We don’t think that advisors need to dramatically reshape their practices or learn everything about this, as long as they have an awareness and an understanding,” said McManus. “That way, if they do encounter a situation, they can connect people to resources that can help them.”