The Massachusetts Mutual Life Insurance Co. and the American College have created the chartered special needs consultant designation for financial planners who have been specially trained to assist families with special needs children.
The designation, currently available only to
MassMutual reps, requires a 31/2-day series of courses at the college and a total of 120 hours of study.
To earn it, advisers must already be a chartered life underwriter, chartered financial consultant, certified financial planner, or hold a master's of science degree in financial services.
The new designation is part of
MassMutual's commitment to special needs children, according to Joanne Gruszkos, director of the company's SpecialCare program.
“We've been working with people with disabilities people for a long time,” said Ms. Gruszkos, whose company started SpecialCare in 2004 to educate agents so they could help their clients with the tax and deduction issues these families face.
To help with this mission,
MassMutual has worked with groups such as Easter Seals and Autism Speaks. The company hopes these connections will get the word out that trained planners are available to work with families.
Insurance regulators have be-come increasingly concerned about poor advice given to special needs families and the lack of proper training, for financial advisers. “We went to the American College for a certification program,” Ms. Gruszkos said.
The program consists of three courses that cover planning and legal issues surrounding special needs families, as well as the psychology of disabilities.
Content includes material on special needs trusts, taxation issues, wills, powers of attorney and guardianships, and how to incorporate the special needs community into a financial advisory practice, according to a statement from
MassMutual.
PERSONAL APPROACH
Steven Thompson of the Michael Carter Group focuses on helping special needs families. He has already had some training and is working toward becoming one of the first professionals with the new designation.
Mr. Thompson expects newly minted CSNC planners to help families set up estate plans, with guardianships and trustees, to protect special needs children after their parents' deaths.
“These parents tend to forget about themselves,” Mr. Thompson said. “They spend a lot on treatment and diagnoses, and overlook that they will need to retire someday. We have to go through the whole family's financial situation.”
The training can also encourage planners to reach out to specialized attorneys or accountants so the families get the benefits of a wide range of legal and financial help.
