Autism Resources: ILP Development & The Right Wealth Manager
A living with Autism study found that 56% of parents did not know of any financial professional who specializes in addressing their needs. Autism resources can be lacking when it comes to identifying a wealth manager who will have the right fit. Parents ow children on the spectrum should seek out a professional experienced and well-informed in the development and management if Individualized Life Plans(ILPs). The ILP is the financial/life plan equivalent of a child’s Individualied Educational Plan(IEP). While it’s not easy to find someone who understands the unique financial needs of families with children on the autism spectrum, below are questions parents can use as a guide when selecting a wealth manager.
• What made you decide to provide financial and wealth management advice to families of children with autism?
• What percentage of your clients fall into this category?
• Do you work with other professionals whose expertise I may need to prepare a will, guardianship agreement, estate plan or revocable or special needs trust? Will we have the opportunity to meet and interview these other professionals?
• We have a longstanding relationship with our attorney and accountant and really do not want to change. Is there any way you can work with them in creating the right financial plan for our child and family?
• Our family has a very complex asset situation. Is it necessary that all of our assets be transferred under your control?
• How often will we meet?
• What investment philosophy do you follow to assure our assets will be preserved but still have room for growth?
• If something happens to you, who will take over managing our plan?
• Who else is on your staff and what are their qualifications?
• Do you put your plan in writing for us?
• How can I be sure our money is safe and not exposed to a fraudulent investment scheme or Madoff-like firm?
• We recently relocated to this area. Can you help guide us in accessing other non-financial resources to help our child and family?
• Do you have relationships with doctors who specialize in autism spectrum disorders? Do you have relationships with speech therapists, occupational and physical therapists, psychologists and social workers?
• What about government benefits? Can you explain how they work and assist us in accessing these benefits for our child?
• In addition to reports regarding our wealth management plan, can we expect to receive information and news regarding important developments affecting individuals and families with autism?
• Are there any families you currently serve who would be willing to speak with us about their experience working with you?
The right wealth manager will be consultative, relationship-driven and proactive in approach rather than transaction-oriented and reactive. The ILP he or she creates for an autistic child will also address the concern that keeps every parent of a spectrum child up at night: how will my child be cared for when I am no longer here to do so?
About Charles Massimo
Recognized as industry expert and guest speaker at national industry conferences, Charles Massimo is a published author and media subject expert on topics ranging from wealth/asset management to investment and financial planning for high net worth families, families with autistic children and closely-held businesses.