New Opioid Awareness Campaign Targets Financial Advisers and Ohioans
Campaign Highlights
- The Ohio Department of Commerce announced today a statewide initiative to empower financial advisers and educate Ohioans about the financial impact of the opioid crisis.
- Access to treatment and the cost of treatment services have long been barriers to recovery.
- Recovery Within Reach is an effort from the Department of Commerce’s Division of Securities that is designed to train Ohio’s financial advisers and connect the general public with critical information about the economic impact of opioid addiction on families.
- Individuals will learn how and where to find treatment through a new treatment locator tool.
- Financial advisers will be encouraged to learn about the financial impacts of addiction so that they can (1) spot the signs of opioid addiction and (2) help their clients navigate the cost of treatment and recovery.
- The Department of Commerce will partner with financial organizations, attorneys, faith leaders and other community organizations to put resources into the hands of Ohioans.
Campaign Press Release
New Opioid Awareness Campaign Targets Financial Advisers and Ohioans
Ohio Department of Commerce Launches “Recovery Within Reach”
COLUMBUS, Ohio – Families living with opioid use disorder (OUD) often don’t understand the financial costs of treatment programs or how to find financial support, a recent statewide survey of financial advisers shows. Today, the Ohio Department of Commerce announced a statewide initiative to change that by both empowering financial advisers and educating families. Recovery Within Reach is an effort from the Department of Commerce’s Division of Securities that is designed to train Ohio’s financial advisers and connect the general public with critical information about the economic impact of opioid addiction on families. Individuals will learn how and where to find treatment through a new mapping system and will be encouraged to work with a licensed financial professional to address the cost of treatment.
“Substance use disorder knows no age group, demographic or income category, which is why our administration made a commitment to all Ohioans to invest in the battle against opioids,” said Governor Mike DeWine. “Ohio is leading the way in innovative ways to reach families dealing with addiction and Recovery Within Reach is another tool in our toolbox.”
The awareness campaign aligns with the work of RecoveryOhio to provide holistic care for people in recovery and their families, and to help make treatment available for all Ohioans. The RecoveryOhio Advisory Council released an initial report in 2019 with recommendations for the state of Ohio to address mental health and substance use disorders across the state. This campaign directly correlates to recommendation No. 54 in the RecoveryOhio initial report, which addresses continued support for families impacted by substance use disorders.
2022 Survey of Ohio Financial Advisers
More than a third of financial advisers nationally report having clients struggling with the costs of opioid addiction and rehabilitation. A statewide survey of financial advisers conducted this year by the Ohio Department of Commerce’s Division of Securities revealed additional insights related to the financial repercussions of the opioid epidemic. Some key takeaways include:
- Financial advisers may not know when their clients are financially suffering from addiction – only 56.5% received direct communication from clients impacted by opioid misuse/addiction.
- Financial advisers believe just 1% of their clients have had finances affected by opioid addiction, even though we know 1 in 13 Ohioans live with substance use disorder.
- Only 10% of advisers report ever completing a training program to help clients impacted by OUD; however, 74% would consider participating in opioid-related training.
- The median financial impact of opioid misuse/addiction was estimated to be approximately $35,000 per client per year.
“Opioid addiction represents a massive financial risk to clients and their families,” said Andrea Seidt, Ohio Securities Commissioner. “The goal is for trusted financial advisers to be another line of defense because treatment access and cost should never be barriers to recovery.”
The integrated campaign includes a new public service announcement that will be on television stations throughout Ohio, as well as radio and digital ads and a website with resources for financial advisers, community partners and the public. Training and collateral for financial advisers are being developed to help them start what could be difficult conversations with clients, but also advise them on next steps.
Lori Eisel, president of Arcadia Financial Partners, understands both the financial devastation and isolation for families struggling with OUD. Eisel didn’t know where to turn when her teenage son began using opioids in high school. After several rounds of treatment and significant financial expense, her adult son is living in recovery and seeing success. She wants others to know there is hope.
“People are reluctant to talk about OUDs with anyone, let alone financial advisers,” Eisel said. “Families don’t need to jeopardize their own financial security to access treatment and care for their loved ones. With this new initiative, financial advisers will gain awareness and knowledge to help clients learn about available treatment options and how best to access them.”
Ohio’s Opioid Crisis
Recovery Within Reach has created a new treatment locator that allows families to find nearby treatment facilities with a variety of payment options to make recovery more accessible.
Ohio is still in the midst of an opioid crisis. Consider these statistics:
- Thirteen Ohioans die every day from unintended drug overdoses.
- Opioids account for 84% of all drug overdoses in Ohio.
- Ohio has the fourth-highest drug overdose death rate in the nation.
Download the Ohio Department of Commerce Division of Securities Impact of Opioid Addiction Project 2022 Statewide Adviser Survey here.
To learn more about the campaign, visit RecoveryWithinReach.Ohio.gov.
Media Assets
About the Division of Securities
The Division of Securities is part of the Ohio Department of Commerce. The department is Ohio’s chief regulatory agency, focused on promoting prosperity and protecting what matters most to Ohioans. We ensure businesses follow the laws that help them create jobs and keep Ohioans safe. To learn more about what we do, visit our website at www.com.ohio.gov.