Finding a Financial Planner

Future Planning: Choosing a Financial Planner

Planning for the future with an adult family member who has a disability can feel complex – and, at times, overwhelming. With the right guidance and preparation, however, thoughtful financial planning can provide greater stability and peace of mind for both your loved one and your family. 

Many families plan primarily for retirement, education, or major life milestones. When a family member has a disability, you are often planning not only for your own long-term needs, but also for the ongoing needs, goals, and preferences of your loved one. In many ways, this means creating two interconnected long-term plans. 

A financial planner who understands disability-related planning can help you navigate this process and support your family’s vision for the future.  The questions further below on the page are helpful in discriminating between planners. 

Key Roles or Areas of Expertise

• CFP (Certified Financial Planner):  Requires s6 hours 6,000 hours of professional service and passing a 170-question test.  Related to the general field. 
• ChSNC (Chartered Special Needs Consultant): Reflects interest in special needs or disability field.  It requires three on-line courses and continuing education. 
• Fiduciary Duty:  An acknowledgement that the financial advisor acts in your interest.    
• Government Benefits: Deep knowledge of SSI, SSDI, Medicare, Medicaid, and ABLE accounts is crucial to avoid jeopardizing benefits. 

Find Massachusetts Financial Planners Here

Best Practices

Get Started: Ask for Recommendations 

1. Get recommendations from friends, families who have a son or daughter with IDD, or trusted professionals. 
2. Interview the financial planner to make sure you are comfortable with his or her style and approach. 

Choosing a Financial Planner: Tips and Questions to Consider  

The individual you select should respect the wishes of your family member with IDD and your family’s vision for the future.  

These questions can help you determine if a financial planner is a good match for your family:  

1. What is your relationship with the disability community? Do you currently work with any disability organizations in the community? 
2. How many families that include a person with IDD have you worked for? Of those with IDD whom you’ve worked with, how many live independently in the community? 
3. How do you help families navigate government benefits and trusts?

Here are some questions you can ask to help you determine the planner’s level of expertise: 

1. How do you handle your role as a fiduciary?  There should be written policy as well as ensuring that your funds are held by a third-party custodian.   
2. What is your investment philosophy? Make sure their approach aligns with your goals and risk tolerance; Ask how they handle market volatility. 
3. How much of your financial planning practice relates to special needs planning? How do you stay aware of changes? 
4. How many years of experience do you have with ABLE accounts and/or special needs trusts? 
5. How do you track my investment performance and measure success? 
6. What is your succession plan if you are unable to continue as our advisor? 

1. How do you incorporate tax planning and estate considerations into your advice?   

You’ll also want to be sure you are comfortable with fees. Here are some questions to ask: 

• What is your fee structure?  Advisors may be paid via a percentage of assets managed (AUM), a flat fee, an hourly rate, or commissions from selling specific products.   Your planner will have a conflict of interest if he/she receives commissions for certain products and may recommend them for that reason.  Ideally costs are fee-based, and there is a written schedule of fees.  You also should ask how that schedule is applied in a typical year. 

• Do you have a minimum amount of assets required? Make sure their typical client profile matches your needs and financial situation.  

Essential Soft Skills: 

• Empathy & Patience: Connecting with clients and families who often face high stress and unique challenges. 
• Active Listening: Truly understanding clients’ nuanced needs.
• Clear Communication: Explaining complex topics without jargon.

Key Takeaways

Financial planning and estate planning for special needs are important priorities if you have a loved one with disabilities. Creating your plan can take time, but you don’t have to go it alone.  

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