Staffing & Culture | 11.08.23

Addiction Can Lead to Financial Ruin. Ohio Wants To Teach Finance Pros To Help Stem the Loss

by: Samantha Hendrickson

The Ohio Department of Commerce this summer launched the first trainings in its “Recovery Within Reach” program for financial advisors, teaching them how to spot the signs of drug addiction in their clients’ families and direct them to state and private resources that can help relieve the heavy monetary burden. The program also encourages financial professionals to break through the stigma of addiction and start the conversation themselves, ensuring confidentiality and approaching clients with empathy. When surveyed by the department, 45% of Ohio’s financial advisors said they were aware of a client of theirs, or a client’s family member, that was struggling with addiction. Carl Hollister, president of the Cincinnati-based investment advisory firm L.M. Kohn, undertook the training earlier this summer. In September, he brought in employees from his company’s branches around the country to take it. Advisors have had to come up with ways to combat a multitude of financial crises, like increasing cybersecurity breaches or investment fraud targeting the elderly. Hollister said he sees addiction as the next crisis the country will need to set protocol for in the financial world.

Read the full article on Associated Press