When clients face medical issues, either personally or among members of their family, forward-thinking advisors will step up to assist them.
Perhaps in the past, this might have seemed inappropriate, stepping beyond the bounds of the professional relationship into deeply personal matters. Today, this is not so: helping clients face health issues is now seen as an essential part of securing their financial health.
Advisors and clients often develop personal bonds over years of working together on financial planning, which involves discussions of their life goals and hopes for the future, including that of their heirs. Offering healthcare counsel helps build an appealing client proposition in a time of stiff competition.
It’s a timely proposition. The US population is aging rapidly: the Census Bureau says the 85-and-above age bracket is the fastest-growing segment of the population – in second place, those aged 100 and above. Good news for many, yet those extra years will inevitably be accompanied by elevated healthcare costs, long-term care and the burden of providing a living over several long decades. The contemporary financial advisor has many new issues to consider.
All eras are stressful, but people are especially worried in our time, which no one would characterize as an age of stability and predictability. Worry wears a person down and the wealthy seem to suffer most acutely – heavy hangs the head that manages the wealth of generations. Across generations, younger people are statistically more worried than the Baby Boomers, who are now passing steadily into retirement.
What can you do to assist clients in this environment? First off, become a purveyor of quality information. Build relationships with the best healthcare professionals and facilities in your area. Consider partnering with those that provide best-in-practice solutions. Then, when a client is faced with a crisis, you’ll be ready to give valuable assistance.
For more information, please read:
Advising at the Intersection of Wealth and Health | Wealth Management