HEALTH AND WEALTH: ADVISING FOR ALL GENERATIONS
We often draw comparisons between managing wealth and managing health, and for good reason. The processes behind wealth advisory and health advisory are strikingly similar, with both focused on mitigating risk, creating long-term strategies, and executing personalized plans to ensure the well-being of our clients.
Just as wealth advisors develop tailored financial plans, health advisors craft personalized healthcare strategies that evolve with clients over time. Both require careful attention to detail, ongoing assessments, and expert recommendations. One of the most powerful aspects of health advisory is its ability to address the unique needs of different generations within a family, offering guidance for elders, their adult children, and even younger generations dealing with mental health or early adulthood challenges.
Risk management: A shared priority across generations
One of the most critical parallels between wealth and health advisory is risk management. Wealth advisors are constantly evaluating market conditions, client goals, and potential financial pitfalls to mitigate risks that could affect their clients’ portfolios. Similarly, health advisors identify potential risks related to physical and mental health, helping clients avoid serious health complications through preventative care, early intervention, and careful planning.
This risk management approach becomes even more valuable when applied to intergenerational care:
Supporting parents with home care and emergency planning
Aging parents often need assistance with managing long-term care, home healthcare, or creating emergency plans in case of sudden medical crises. A well-versed health advisor can ensure the appropriate level of care is provided without overspending. For instance, we’ve helped families avoid unnecessary costs by switching from expensive registered nurses to nurse aides when appropriate, saving them unnecessary costs annually.
The sandwich generation’s healthcare challenges
Adults in the “sandwich generation” often juggle the care of their aging parents while managing their own healthcare needs. Advisors help them find trusted primary care physicians, specialists like gynecologists, and make sure preventive healthcare is not neglected. This generation faces complex decisions that impact both their financial and physical health, and a sound healthcare strategy helps them navigate these challenges smoothly.
Addressing mental health and early adulthood
Younger family members may face issues such as mental health struggles, chronic conditions, or “failure to launch,” where they struggle to achieve independence. Health advisors assist families in finding the right mental health support and identifying optimal health insurance plans to manage long-term costs, such as expensive medications or therapies.
Personalized plans for every generation
Just as a financial plan is customized to meet a client’s goals, a healthcare plan is tailored to address specific medical needs. Whether it’s assisting with elder care decisions, coordinating doctor appointments for middle-aged clients, or helping younger generations navigate complex health insurance options, an integrated plan can help families protect both their health and their financial well-being.
Proactive adjustments: Health and wealth over time
Markets and health conditions change, and advisors in both fields must remain proactive. Whether it’s adjusting investment strategies or revisiting a health plan to incorporate new treatment options, timely adjustments help protect the client’s overall well-being. For instance, we’ve helped families mitigate costs associated with assisted living by suggesting alternative care arrangements, such as in-home companions or concierge healthcare services, resulting in both financial savings and personalized care.
Execution: Turning strategy into action
For both wealth and health, creating a plan is only the beginning. Execution is what makes a strategy successful. Wealth advisors balance and grow investments to ensure financial security, while health advisors coordinate with doctors, caregivers, and specialists to deliver the best possible healthcare outcomes across generations.
A holistic approach to intergenerational well-being
At the end of the day, both wealth and health advisory aim to help clients live their best lives. Wealth management provides financial security and growth, while health advisory ensures long-term physical and mental well-being — mitigating risks and addressing the diverse needs of different generations. Families benefit most when health and wealth advisors work together to create a comprehensive plan that addresses both the financial and healthcare needs of all generations.
Whether it’s planning for elder care, assisting the sandwich generation with primary healthcare needs, or addressing mental health concerns for younger family members, health and wealth are interconnected. If you’d like to learn more about how health advisory can complement wealth management for your family, reach out to our team today.