How advisors can work with disabled clients

Trust is always an issue for clients trying to find a financial advisor. But that can be exacerbated when the client has a disability.

Britta Koepf, the owner of Tranquil Path Financial Planning, said she has found success building that trust through thoughtful communications and accommodations with clients. Recently, her efforts landed her two neurodivergent clients that appreciated her efforts.

“They trusted me to the point that they didn’t want to ever have a different advisor,” she said. “They have struggled for their whole life with communicating, and being able to adapt my communication to fit better needs was amazing.”

According to the U.S. Centers for Disease Control and Prevention, around 28.7% of adults in the United States live with some type of disability. According to a 2023 report by the Financial Health Network, one-third of disabled adults in the country struggle to pay their expenses and incur debt. A 2021 study by AARP also found that about half of the caregivers of disabled family members said they have experienced financial difficulties. 

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Many caregivers or disabled clients themselves need help planning for expensive medical needs or early retirement. Aubrey Williams, a financial advisor at Open Path Financial, mostly works with neurodiverse clients, particularly those with ADHD and autism, focusing on crisis management and planning for financial independence. 

“They might be very successful in their profession,” Williams said. “But in [their] personal life, where there wasn’t a structure, it was up to [them] to manage [their] finances, so [their] personal finances were not in good shape.”

Establishing understanding

Koepf said that having flexibility in planning is important with disabled clients because they may need to change appointments at the last minute, often for medical reasons. 

She emphasized that financial advisors should never make assumptions. Financial advisors could start by understanding clients’ conditions and adapt their communication method accordingly. During the process, it’s important to not question clients’ medical spending and respect their decisions. 

“Regularly ask ‘Hey, is this OK?’ and if what you’re doing is the right thing to do,” Koepf said. “They’re like any other client. They know what they’re doing, [so be] open to feedback that they might need assistance with things and some accommodations.”

Williams said that it can be difficult for neurodiverse clients to start financial planning, even when it comes to small tasks like managing bills. He said financial advisors can change that by actively involving clients in the process, starting with reviewing clients’ transactions to help them understand each expense, and then allocate appropriate funds and make adjustments.

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He said that financial advisors can also help clients build confidence by practicing scenarios such as negotiating bills with service providers. 

“They gain confidence in their ability to just take in what’s happening,” Williams said. “Then eventually, once that trust is there, we start making changes.”

Have different accommodations

Michael Allen Davis, a financial planner at Legs Financial, said that financial advisors should provide comprehensive accommodations for disabled clients.

He recommended financial advisors install tools like screen readers on their websites for blind clients and offer flexible communication channels. When advisors are meeting with clients in person, meeting spaces should also have ramps, elevators and accessible restrooms.

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“Try to do your best to accommodate people,” Davis said. “Sometimes, you don’t know until you come across it, and you just try to take those steps to mitigate that in the future.”

Koepf added that financial advisors can identify necessary accommodations by sending accessible questionnaires to clients. 

“Just asking that question helps people know that you’re understanding and acknowledge that they might have disabilities,” Koepf said. 

Financial strategies

Davis said disabled clients could consider establishing Achieving a Better Life Experience (ABLE) accounts to create a safety net. Individuals with disabilities before age 26 — or age 46 starting in 2026 — can contribute up to $19,000 annually into these tax-advantaged savings and investment accounts without impacting their eligibility for Medicaid or Supplemental Security Income. However, once the account has more than $100,000, it might impact their eligibility for SSI.

READ MORE: How advisors can use ABLE accounts for disabled clients

He added that clients could also create a special needs trust, which doesn’t have contribution limits, but there aren’t tax advantages to it.

Davis said that when clients don’t have a special needs trust, the financial advisor often acts as a “middle person” between the family and the legal team to set it up. The advisor’s role is to clearly communicate the family’s goals and ensure they’re legally feasible. 

“It’s just always being upfront and honest in conversations of what you’re there for and you want to be able to help,” Davis said. “It’s important to make sure that what you’re trying to accomplish with the plan is in line with what they’re writing up in the trust.”