“With my daughter, I only really have to plan for college and grad school, and then focus on myself. With my sons, I have to plan for their care for the rest of my life -- and the rest of their lives,” said Charles Massimo, CEO, CJM Wealth Management.
Massimo is a financial advisor and the founder of the Long Island, N.Y., based RIA firm CJM Wealth Management. The firm was founded 15 years ago and specializes in working with families who have been impacted by autism spectrum disorder (ASD) and physicians who are merging their practices.
The additional costs of autism-related health care and education average more than $17,000 per child per year in the United States, according to the latest estimate (2014) from Harvard researchers. The figure is compared with the total expenses of raising a child without autism. In 2011, researchers estimated these additional costs averaged more than $11.5 billion, according to a report from Autism Speaks Inc.
Massimo has three children, a daughter and his two sons who were diagnosed with autism. At first, he was apprehensive about sharing his own experiences as a parent of children with autism. He didn’t want to feel like he was using his children to get clients, he explained. However, he knew early on that he wanted to work for the benefit of his clients and not for the firm, he added.
“Initially it was coincidental that I found this niche in the market, but events and networking in the autism community helped me to realize this was something people were really searching for,” Massimo said.
Through his work with various autism groups, he began to connect with concerned families seeking advice about how to financially prepare for raising a child with autism. He immediately understood their concerns since he had experienced them firsthand. He also knew what they could in the future, he said.
“What happens after high school? What support will be available from the state? It’s also very important to keep up with development. As autistic children age, you don’t know what functioning level they will be over time. This is why it’s important to keep up with their development and adjust your financial planning accordingly,” Massimo explained.
Today, the firm has about $400 million in assets under management and roughly 30 percent of clients have a household family member who is on the autism spectrum -- and that percentage is expected to grow, Massimo said.
“I’m spending more time focusing on working with these clients. We are developing an advisory board tailored to their needs, complete with a behavioral specialist, psychiatrist and psychologists to create a comprehensive program for these families. The board will also have all of the typical financial planning professionals as well including insurance experts, tax planning professionals, investment advisors, and more,” he added.
Another large portion of the client base at CJM Wealth Management is comprised of doctors who are merging their practices. Initially when physicians monetize their practice, they take a hit on income, he said.