As a financial advisor, you expect to have the occasional difficult conversation with clients about such challenges as debt and difficulty in sticking to a savings plan. It is also important to learn to identify and discuss problem gambling.

Addiction to gambling is a growing problem among Canadians, according to Laurie Campbell, executive director of Credit Canada in Toronto. In Ontario alone, Campbell notes, 22,000 people have “self-excluded” — they have voluntary placed their names on a list of people to be banned entry to casinos.

Gambling addiction can take many forms. Problem gamblers indulge their addictions through such activities as trying their luck at casinos, buying excessive numbers of lottery tickets and even speculating in the stock market.

As a financial advisor, it is important to know how to recognize the signs of problem gambling among your clients, Campbell says, and to know where to refer clients who need help.

> Watch for red flags
Be aware of your clients’ openness — or lack of openness — when it comes to talking about their finances. They could be sending signs of a hidden gambling addiction.

For example, discrepancies between what a client has budgeted for saving vs what they claim to have available could indicate a gambling problem the client is not ready to discuss, Campbell says.

Changes in behaviour on the part of a longtime client, such as stopping regular RRSP contributions or cashing out accounts, may be another sign. “If there isn’t a job loss or a significant increase in expenses,” Campbell says, “something is going on that has disrupted the normal pattern.”

> Reserve judgment
If you suspect a client has a gambling problem, don’t let your own feelings about that problem get in the way of addressing the issue.

“Gambling is a disease and, as such, it’s not easily treated,” Campbell says. “It’s important to first recognize the signs, look at the severity of the situation and offer a non-judgmental ear to these individuals to first get them to feel comfortable to disclose this problem.”

> Build a network
Familiarize yourself with the organizations and resources available in your area for problem gambling in case you need to refer a client.

Including a problem gambling organization in your referral network will make you more prepared for such a situation.

“At the end of the day you will have a better customer, a better client and more success in your own business,” Campbell says.

Most provinces have a 24-hour help line that offers information on gambling and where an individual can seek treatment.

Here are some 24-hour gambling help lines:
Ontario: (888) 230-3505.
British Columbia: (888) 795-6111
Alberta: (866) 332-2322
Manitoba: (800) 463-1554
New Brunswick: (8000 461-1234

Or, a simple Internet search will probably show organizations and help-line numbers available in your province.

If there are no local services in your area, call CAMH Problem Gambling Service at (888) 647-4414 or visit www.problemgambling.ca.

IE