Business Innovators Radio - Interview with Aldo Venturacci Life Insurance Advisor Discussing Financial Planning for Families with Special Needs Children

Episode Date: May 31, 2024

Aldo Venturacci is a devoted special needs dad and an expert in creating long-term financial security for families with special needs children. His professional journey is deeply intertwined with his personal experiences, giving him a unique perspective on the financial challenges and solutions that these families encounter.Driven by a passion to ensure every child has access to the necessary resources for a secure future, Aldo focuses on developing financial strategies that enhance stability and longevity. His approach goes beyond traditional financial advice, emphasizing sustainable practices that maintain essential government benefits while building a robust financial foundation.Aldo is also a proactive advocate and educator, regularly hosting seminars and webinars to empower parents with the knowledge they need to manage their finances effectively. Through his work, he aims to provide families with the tools and confidence to secure their financial future, allowing them to focus on what matters most—raising their children with the assurance of stability and support.Learn More: https://aldoventuracci.com/Influential Entrepreneurs with Mike Saundershttps://businessinnovatorsradio.com/influential-entrepreneurs-with-mike-saunders/Source: https://businessinnovatorsradio.com/interview-with-aldo-venturacci-life-insurance-advisor-discussing-financial-planning-for-families-with-special-needs-children

Welcome to influential entrepreneurs, bringing you interviews with elite business leaders and experts, sharing tips and strategies for elevating your business to the next level. Here's your host, Mike Saunders. Hello and welcome to this episode of Influential Entrepreneurs. This is Mike Saunders, the authority positioning coach. Today we have with us Aldo Ventarachi, who's a life insurance advisor and will be talking about his focus on helping families with specials. special needs kids. Aldo, welcome to the program. Thanks, Mike. Glad to be here. Hey, I'm excited to talk to you because I love when I hear that people are taking an approach that is near and dear to their heart. So give us a little bit of your background and your story. And then how did you get into financial services?

Yeah, it sounds great. So, well, I have a 12-year-old son with special needs. So dealing with all of these different aspects of raising a child with special needs and, you know, benefits and planning and all of these things. It's just kind of part of my own personal story, right? And so, so I've been doing a lot of these things for, you know, ever since he was born. But then a few years ago, I had an opportunity to talk to someone in the financial services industry who were looking to expand their business. And we had a very nice conversation. And I found that being in this industry allows me to really make an impact and help other families just like mine plan for the future. So for me, it was kind of a very natural transition into the industry.

And, you know, I've been a full-time advisor ever since and loving every second of it. You know, I feel like a lot of times people that come out of a background of a certain circumstance, it tends to shape their approach to helping families. So, you know, you've got the child with special needs, but there might be advisors that have, you know, a parent that that lost their fortune to a scam, you know, and so they take that, you know, torch and run with it. How has having a child with special needs shaped your approach to helping other families, even if they do or don't have kids with special needs? Yeah, no, that's a great question, Mike. And I think that, you know, when you have a personal connection or a personal story, it just really allows you to connect with. with other families that are much deeper level, right?

So whenever I'm talking to a family that is going through what I've been through in a past, you know, it's more like I'm talking to a friend, you know, and they can really feel comfortable and open up and be honest and vulnerable with me so that we can get to their deepest, you know, fears and desires at a much more, you know, personal and deep, you know, level. So I think that using your, not using, not using, your story in a negative way, but really leveraging, you know, your knowledge and experience and emotions really, really helps when we're trying to help other families that are going

through the same problem, trying to solve the same problems. Absolutely. Yeah, it's almost like they realize that you have the secret handshake and they know that you realize their struggle and the tiny nuances that they deal with from emotional to, you know, the practical. And I think that's a really powerful thing that you're bringing up. And I know that that becomes much of your focus, not that you're never going to work with families that don't have kids with special needs, but it just becomes something that's near and due to your heart. What are some of the misconceptions that you come across that when people come to you and maybe they've got a child with special needs, what are some of those misconceptions that you're experiencing? And then how are you,

how do you address that? Yeah. So one thing that I hear from every single family, that I talk to that has a child with any kind of special needs is the fact that they don't believe that building a future for their children where the children will have all of the support that they currently get from their parents and that they won't have financial support and it doesn't have to be that way right so the first thing really is to help them change their mindset around planning and possibilities, right? I mean, parents of specialty children are always so focused on today, like what appointments do I have to take my childhood today? You know, which government agency do I need to talk to about their benefits today? And kind of, we kind of live

in, you know, five-minute increments. You know, it really, really is a lot of stress. So, really allowing themselves, you know, specialty parents should really allow them. You know, themselves the opportunity to have these conversations and plan for the future because quite frankly Mike, I mean, most of today's anxieties are caused by uncertainties about the future. And so if we take a few moments to talk about some of those things, that typically lifts, you know, a ton off their shoulders. I mean, at least that's the feedback that I get every time, you know, we start having these conversations. You know, in talking with a lot of people in financial services, I hear that there are certain things that come against your retirement plan that,

you know, kind of sock you in the gut as it were, you know, kind of like taxes or volatility in the markets. And one of them is like college, because if you want to plan for or pay for college, then that's a period of time that is, you know, let's just call it four years, maybe five years, where maybe you're going to be pulling money out. And you have to plan for that. So having a child with special needs, that's not a set time like the four years you're in college or five years year in college. That's kind of long term. So how does that factor in to some of the planning that you are laying out for clients? Yeah. So you're absolutely right. And what I like to say to parents is that typically whenever, you know, I'm working with a family that without, you know,

the special needs, you know, circumstances that we typically talk about to retirements, right, mom and dad eventually you're going to want to retire and we need to look into that. Now, when you have a child with special needs, depending on the challenges that they have, you actually have to plan for three retirements. And that third retirement, it's going to last a lot longer than the other two. So the conversation is very different. Now, college sometimes is part of that conversation. Sometimes it's not, you know, but it really doesn't really change much from any other family

with the exception of that third retirement. So that's really the focal point. You know, how can we make sure that your child will have enough money to last their lifetime to support whoever's going to be in charge of their care after you're gone? So that's essentially what it is, right? Because, you know, you may have wonderful people around you. They are willing to step in and, you know, and help out and be whether they want to be, you know, the official legal guardians of your child or they just want to be around to help.

At the end of the day, they're going to need money to do the things that they need to do. So that's, you know, why I call it the third retirement because it is that important. It really is. And I think that a lot of times people don't realize the kind of the day-to-day, even emotional toll. So I think that this is probably something that you get into a whole lot. Like, okay, I can show you the numbers. Let me show you how to plan for this and you're going to need this number, this amount, all of these things. But then isn't there a huge factor that comes into play that you? you almost become like a life coach slash counselor when you are giving that kind of advice,

but lacing it in with care and empathy. Yeah. I mean, again, Mike, I mean, you nailed it. I mean, the work, it goes far beyond just financial planning. I mean, we really need to have conversations around what are the parents currently doing now in terms of work? I mean, do they work regular jobs? is one of the parents, you know, a stay-at-home parent,

and now maybe they should or could consider maybe finding a way to make some extra income. A lot, I find a lot of these parents end up doing something professionally around special needs. So whether they work for an organization or they do some type of activity that helps other families. So whatever it is, I mean, at one point, we got to have conversations that go beyond, you know, just plain financial planning. So you're right. I mean, we need to talk about opportunities out there and change that mindset. So it is a lot of psychology involved when we're trying to show them the different possibilities. Because like I said, you know, parents of special needs children tend to be so focused on today that we don't, you know, we don't see a way out. So it's not until somebody comes and shows us the different opportunities or share some ideas with us that we start seeing outside.

of our little bubble. So you're absolutely right. So the cycle, as you can imagine, of meeting a family and then having something put in place for them is typically a lot longer with a family of special needs than the typical family. Yeah, 100%. And then that plays into all those factors. And like you said, you know, there's a lot of things to keep in mind. So I know you keep your finger to the pulse of what's going on and you cannot just wait for the annual review to come up to go. Let's make sure that everything is the right way. You might see some changes that are looming for financial planning with families with special needs.

What are you seeing in the near future looking forward that people will need to be considering? Right. So laws and regulations tend to move very slowly when it comes to special needs. So the first thing that we need to do is to look at the present regulations, what they're doing now, and make sure that we're protecting that child, ensuring that the child, whether they're currently receiving government benefits or services today, or if there's any chance that they might qualify for those services in the future, we need to lay the groundwork and set a strong foundation so that they always qualify for all of the benefits that they could potentially received, right? So now as far as, you know, changes in the landscape, I'm fortunate enough to have

built a team around me of professionals in different areas so that we can really provide a holistic approach to special needs family. So whether it's estate planning or in IEP and 504 plans with the public school districts or government benefits, occupational therapy, music therapy. So I have a team of professionals around me that are very in tune with, you know, with their professions and what's going on in their field so that we can constantly support these families on everything that's new. Like I'm about to do some, some Facebook lives with someone on my team about IEPs during the summertime because now the kids, you know, school's out and what do you do with the child that currently gets full attention at school.

So all of these things, you know, a lot of moving parts, right? But specifically in the financial services industry, you're right. I mean, I have to be constantly paying attention to changes and opportunities to, right? Because it's not always like new government laws, you know, regulation. Sometimes there's new, you know, insurance companies come out with different, you know, new products or they change their underwriting guidelines, which allows us. to offer even more opportunities for these families. So it's a constant learning curve.

I mean, we never stopped learning and studying and, you know, it's a never evolving thing, really, at the end of the day. Yeah. Yeah, that's a good, good point. And I love how you brought up team and holistic approach, because I'm sure at one point, you started in the business and said, oh, my clients need this product. And then you started noticing, yeah, but they also need this and this and this. and to really give high level of service.

I need to make sure that I'm advising in this area, but these aren't my areas of expertise. So what do you do? You bring in the experts, bring them into that, you know, that team aspect. Don't, do you hear from your clients that they really find that one-stop shop approach

really comforting that they don't need to go out and find new relationships with some other firm because you're bringing them all together here? Yes, 100%. That's, that's, I started hearing from, from families, that they were doing great in one area, but they were lacking in different areas.

So I heard that so much that, you know, at one point I said, listen, you know, I don't see, I don't see that anywhere else. And so, you know, I'm going to create my own, right? So I started connecting with people. I knew being a special needs data, I already knew some people. But then we started collecting new people and adding them to the team. And now, you know, even if that family is not ready to do anything for their financial future today, if I can help them with their education by connecting them to our specialists,

or if I can help them solve a problem that they're having with, you know, the medical insurance that they currently have. To me, that's a win, right? So I like to say every family that I come in contact with wins by talking to me, you know, even if I'm not the one directly, you know, helping them, but I have the person that will help them. So at the end of the day, I mean, it's a very, rewarding thing that we have because like I said, you know, there's always something that gets done and we're always able to help a family no matter what they need today. Yeah, and then you're using a football analogy, you're kind of the coach and you bring the quarterback's coach in and you bring the defensive line coach in and you bring the special

teams coach in and all of these people, but yet you see the full field and you see what you're planning and you're making sure that each of them are bringing the advice to your clients that that lines up with what you're laying out. So I think that that's a huge, huge opportunity. Well, I tell you what, Aldo, it's been really amazing just to hear your passion and focus on what you're doing with your clients. Give us any last thoughts. And then if someone is interested in learning more and reaching out, connecting with you, what's the best way they can do that? Yeah, sounds great. So I always like to tell families that there's always hope in the future, even if you don't see it today. I know families are out there.

wondering who's going to pay for all of the things that they're currently paying now after they're gone and that's a big thing right i even hear from a lot of parents that sometimes they wish their kids uh will go before them so they don't have to even think of you know who's going to take care of their children after they're gone and it doesn't have to be that way right i mean there are things that can be done today um regardless of where the family is now financially, but there are certain things that can be put in place today to really help secure the future of that child. But they won't know unless they're willing to have those conversations. So my word of encouragement is that there is always hope, talk to someone

who really understands and has the resources to help you. And if they want to talk to me, you know, I'll be glad to speak with them. I'm on Facebook. I'm very active on Facebook. mostly, you know, talking to friends because I like to make my clients my friends first, and then they become clients. And so you can find me on Facebook. Just look up my name. I promise you. There's only one Aldo Ventirachi in the world.

There's not another one. So you'd be able to find also on Instagram very lightly. And then you can also visit my website at Aldovenirachi.com. And you can connect with me through there as well. Although that is awesome. Thank you so much for coming. coming on. It's been a real pleasure talking with you today. Thank you so much, Mike, and thanks for helping give special needs families a voice in your show.

Really, really appreciate it. On behalf of all those families, thank you so much. You bet. You've been listening to Influential Entrepreneurs with Mike Saunders. To learn more about the resources mentioned on today's show or listen to past episodes, visit www.