Other families just need guidance, such as a referral to a credit score service after their loved one's actions have caused the family's credit to plummet. In the future, Scott says he hopes to develop a phone support line together with NAMI and the state of Massachusetts.
"What makes me so enthusiastic is I think we've started on a path that hasn't been so frequently explored," Scott says. "There's a real need here. We're just getting started, and it's great to know that in a small way we're helping a lot of families."
For financial advisors looking to work with families facing mental health issues, Scott recommends starting out exactly how his team did: interviewing families and finding out their pain points when it comes to their lives and finances. Do not solicit them, Scott says, and instead let that information help guide the creation of a customized advice plan for working with families coping with special needs. Scott also advises getting involved with the community.
"My hope is that some advisors will actually start to really get engaged in this work and start to help communities or start to help people that are very connected to something that they're probably already passionate about," Scott says. "A high percentage of financial advisors also [likely] have loved ones with the same set of issues and circumstances."
*Names have been changed for privacy.