Chartered financial adviser Rhiannon Gogh did not start out professional life specialising in special needs financial planning, but personal circumstances opened her eyes to the importance of creating unique plans for unique needs.
Speaking at the Technical Connection annual conference, Gogh, special needs financial planner and director of PlanIt Future Financial, said a chance attendance at a SEND event nearly 10 years ago opened her eyes to the need for specialised financial planning.
Gogh told delegates that her traditional approaches to financial planning had to be completely changed when it came to planning for her profoundly autistic son, who is now 14.
"You can be facing the unique challenges yourself and not even know it. Traditional financial planning will not work for families with disabled and SEND children.
"For example, I had named my autistic son in my will - I didn't know at the time that it was a problem.
"After attending a seminar on wills and trusts, held at a library by some lawyers, it hit me I needed to do something different, not only for me but also for those clients in similar circumstances."
As a result, she developed a new advice pathway and a specialism in advising families of children with special needs.
"And it is important to put the children at the heart of the advice", she said, pointing out figures that show 17.3 per cent of all children in England have special educational needs and 11 per cent are disabled.
"Understanding them is key to estate planning and creating intergenerational wealth plans", Gogh said.
She said it was important to ask a "simple question" at the outset of any conversation with clients.
This question is 'Is there anyone in the family who you think would be vulnerable in receipt or control of their money?'
Gogh said: "It is a simple question but you need to ask that question if you are advising parents or grandparents thinking of leaving money to their children.
"The number of times people say 'yes' to that question is staggering."
She explained how this then impinges on all traditional areas of advice, such as understanding the effect of a Junior Isa maturing when the child hits 18, and the child being unable to understand how to use it.
"Not only that, but it could have an effect on a child's care funding, which will be means tested", Gogh added.
Identifying and planning
By bringing the child into the centre of the recommendation, Gogh said it could forewarn or identify foreseeable harm and enable the adviser to see those "financial planning blind spots".
She advised delegates to consider some of the language of vulnerability and guidance outlined by organisations such as SOLLA, as many of the concepts around vulnerability and cognitive functions will also apply to disabled and SEND children.
Gogh also outlined some points to consider, including:
