In this podcast episode, I welcome Cheryl Canzanella, an advocate for opioid financial awareness, to discuss the often-overlooked connection between addiction and financial planning.

This episode highlights the profound impact of the opioid epidemic on families and financial advisors, offering practical strategies to support clients dealing with the financial and emotional toll of addiction. Cheryl’s powerful personal story and her mission to educate financial professionals provide a fresh perspective on how advisors can better serve their clients.

Cheryl’s Journey: From Financial Advisor to Advocate

• A Career in Finance: Cheryl spent 25 years as a successful financial advisor, helping clients navigate life’s uncertainties.
• Personal Tragedy: After losing her husband to an opioid overdose at the age of 38, Cheryl experienced firsthand the devastating impact of addiction on families and finances.
• Finding Her Voice: She turned her personal loss into a mission, educating financial advisors about the economic and emotional challenges clients face due to addiction.

The Opioid Epidemic: A Financial Planning Crisis

• Staggering Statistics: Addiction costs the U.S. economy an estimated $1.5 trillion annually, with 200 lives lost daily to opioid overdoses.
• Red Flags for Advisors: Cheryl shares signs that financial advisors can look for, such as sudden asset liquidation, changes in beneficiaries, or uncharacteristic financial behavior.
• Emotional Barriers: Many clients feel shame or denial about addiction, making it essential for advisors to create a judgment-free, confidential environment.

Equipping Advisors to Help Clients

• Proactive Strategies: Cheryl emphasizes the importance of including addiction-related questions in client fact-finding processes and financial plans.
• Building Resources: Advisors can partner with counselors, rehabilitation centers, and other professionals to offer holistic support.
• Education as Key: She highlights the need for industry-wide education to address the stigma surrounding addiction and better support affected clients.

Key Takeaways and Future Outlook

• The Role of Financial Advisors: Advisors are often on the front lines, recognizing financial red flags before others, making their role critical in addressing addiction-related challenges.
• Breaking the Stigma: Open conversations, education, and empathy are essential to reducing the stigma and fostering hope for affected families.
• Cheryl’s Mission: Through her work, Cheryl aims to empower financial advisors with the knowledge and resources to make a difference in their clients’ lives.

About our guest: Cheryl Canzanella, an advocate for opioid financial awareness.

You can learn more about her work:

https://cherylcanzanella.com/
https://opioidfinancialawareness.com/

About Your Host:  Paul G. McManus is an accomplished author and expert in helping financial professionals grow their businesses. With over eight years of experience working exclusively with financial professionals, Paul has helped his clients generate tens of millions of dollars in fees and commissions.

Claim your free audiobook copy at: www.theshortbookformula.com

Support the show