Spotting the warning signs and providing support can go a long way
Clients who have a gambling addiction or substance abuse issue are unlikely to volunteer this information to their advisor. But there are warning signs to heed before addiction derails a client’s finances, advisors say.
Sometimes gut instinct comes into play. Mr. Parubets once communicated with a power of attorney who requested large withdrawals every other week on behalf of his mother who was in a long-term-care facility. But after some probing, it turned out the mother had no idea of the extent of her son’s withdrawals. By the time she found out, she lost half her assets to her son’s withdrawals, which were for his gambling debts.
“It’s been labelled as such and they were comfortable enough to share it in the budget as a category,” he says. “We have pretty good relationships clients and we can tell when things aren’t the same,” says Dave Martin, founder of Eltero Financial Partners Inc. in Halifax. There likely aren’t quick fixes when it comes to financial planning, but he suggests a few specifics to slow down the bleeding.
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