THE TRIANGLE OF SUPPORT
Would you expect your wealth advisor to communicate with your doctor? Most people wouldn’t. But as people age, their healthcare needs often become more complex. Serious health issues have financial and legal complications, especially when people approach the end of their lives. Bringing together wealth advisors and attorneys with medical advisors helps clients get the best possible care. Family offices and their clients can help mitigate risk from the “triangle of support” that financial, legal, and medical advisors provide.
How does the triangle of support benefit clients?
The wealth advisor knows the available resources and helps clients make informed financial decisions.
The attorney handles trusts, estates, wills, and other legal documents that become even more important as clients age.
The health advisor navigates the client's healthcare needs as they change over time.
When these experts align and communicate, health, wealth, and legal risks are better managed. These individuals are stronger as a team, and they can communicate directly when the patient or their family needs additional support.
For example, when a client makes long-term care arrangements, their considerations are likely to include both the cost and the quality of care. They can make informed decisions if their wealth advisor and health advisor communicate. This collaborative approach ensures that clients receive the integrated support necessary to navigate complex situations effectively.
When is the right time to build these relationships?
It’s never too early to put your support team together. Just as it’s essential for people to have financial plans in place as they age, it makes sense to set up a thorough healthcare plan — even if you are currently in good health.
When your legal and wealth advisors have a relationship with your health advisor, they can easily raise concerns. For example, if they notice that the client’s behavior has changed or if the client is showing signs of a health issue, they can bring that to the health advisor’s attention.
At the same time, when your family’s health advisor is in touch with your legal advisor, wealth advisor, and other family office members, they can be more useful to you in a crisis.
For example, when a loved one dies, the family will be grieving. They may not feel capable of handling the pressing administrative tasks associated with the death. Their advisors can work together to manage these things on their behalf.
What this looks like in practice
Last year, Fred, 73, was referred to Wellworth by his lawyer, who was concerned that Fred may not have the right health insurance in place. We spoke with his advisors to understand their concerns, and then our team evaluated his health holistically.
We found that his health insurance was not a pressing concern, but he was socially isolated and showed signs of poor nutrition and mental health issues. He had the wrong doctors and lacked an emergency plan.
Initially, Fred was hesitant to engage with us, so we reached out to his trusted attorney and developed a relationship so we could begin our work. We began by creating a plan to manage Fred’s health, including new doctors, an advocate to attend medical appointments, social activities, and an emergency plan. We also met with his wealth advisor to understand his financial resources for care and housing over the next decade. We continue to work together to manage expected care costs and to support Fred’s health now and in the future.
If you need help navigating the healthcare system for yourself or a loved one, reach out to an expert healthcare advisor. They can assist with selecting concierge doctors, managing a new diagnosis, arranging for mental health or substance abuse support, and much more, including setting up lines of communication for your triangle of support.