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ADHD Guide to Financial Planners

David DeWitt, CFP® : May 31, 2024 12:00:00 PM

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Financial planning can be complex and overwhelming, especially for adults with ADHD. Navigating the intricate details of budgeting, investing, and planning for the future requires not just expertise but an understanding of the unique challenges that come with ADHD. This is where ADHD-specialized financial planners can provide the necessary guidance and support tailored to these needs. Curious to see if this would be a service that would benefit you? Read on for an in-depth analysis of what a Financial Planner is and how they may be able to support you on your journey to financial freedom.

Who Benefits from ADHD-Specialized Financial Planners

These specialized financial planning services focus on supporting adults with ADHD, including those who are single, couples where one or both partners have ADHD, families, and individuals who suspect they might have ADHD or relate to ADHD-related financial struggles. While these services can be beneficial for individuals without ADHD, the primary focus is on this niche due to the specific hurdles and needs involved.

Specialized financial planners cover all aspects of financial planning, including:

Cash Flow and Budgeting
Investment Management
Insurance Review and Planning
Tax Planning
Estate Planning
Debt Management
Education Planning

The Process

When engaging with a financial planner, here's what you can expect:

Onboarding: Clients receive a welcome email with some information and access to financial planning software, where they can start inputting their financial information.
Get Organized Meeting: The planner and client will often complete the financial profile together, ensuring all details are captured for the planner to get a good overall view of the client’s situation.
Cash Flow Management: Typically, the first actionable step is establishing a clear understanding of the client’s cash flow and setting up a budget, which the planner can help with.
Planning and Execution: A personalized financial plan is created, addressing the client’s unique goals and values. This includes setting up savings structures, investment strategies, and other financial mechanisms.

Additional Services for ADHD Clients

For clients with ADHD, traditional financial planning often falls short due to the need for more accountability and frequent touchpoints. Specialized services from tailored Planners are designed to provide:

Regular Check-ins: Initially, meetings are held monthly to ensure clients are on track, eventually transitioning to quarterly meetings.
Accountability: Proactive follow-ups are conducted to ensure clients remain engaged and supported.
Customized Budgeting: Tailored budgets help clients understand where their money is going and how to manage it better.
Flexible Communication: Clients have a dedicated communication channel for easy, organized interaction and task management.

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Cost of Services

Financial planners come in various forms:

Commission-based advisors often work for insurance companies and are paid by commissions on products they sell.
Fee-based advisors earn through a combination of commissions and fees for services.
Fee-only advisors are compensated solely through fees paid by clients, ensuring unbiased advice.

Depending on the structure used by your chosen professional, fees can very, however typically fee structures are designed to be affordable for clients while providing comprehensive support.

The Importance of Specialized Financial Planning

Having a financial planner who understands the unique challenges of ADHD can make a significant difference in achieving financial success. Whether struggling with impulsive spending, needing help with budgeting, or requiring a comprehensive plan to build wealth, specialized financial planning provides the tools and support to maximize financial potential.

If you find yourself struggling to stay on track with your finances, or need help setting up new habits and routines, a Financial Planner may be able to help. Providing tailored, unbiased advice and fostering a relationship built on trust and accountability, these services empower clients to achieve their financial goals and create a secure future.