Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
Many people wouldn’t expect it, but as we age, healthcare needs often become more complex. Moreover, serious health issues can have financial and legal implications, especially when nearing the end of life. By bringing wealth advisors and attorneys together with medical professionals, clients can receive more comprehensive care. Family offices and their clients can mitigate risks through a “triangle of support” formed by financial, legal, and medical advisors.
How does the triangle of support benefit clients?
- Wealth advisors understand available resources and guide clients in making informed financial decisions.
- Attorneys manage trusts, estates, wills, and legal documents, which grow increasingly important as clients age.
- Health advisors navigate evolving healthcare needs, ensuring clients receive appropriate care as their situation changes.
When these professionals align and communicate, risks to health, wealth, and legal standing are better managed. This team approach strengthens the support network for clients, ensuring that when additional help is needed, the right people are in place to act.
For example, when a client is arranging long-term care, both cost and quality are crucial factors. If their wealth and health advisors are in communication, decisions can be made more effectively, providing the client with integrated support for complex situations.
When is the right time to build these relationships?
It’s never too early to establish your support team. Just as financial plans should be in place well in advance of retirement, a thorough healthcare plan is vital – even for those currently in good health.
When wealth and legal advisors already have relationships with health advisors, concerns can be raised swiftly. If changes in behavior or health arise, these advisors can alert one another, ensuring timely interventions.
Likewise, when the health advisor is connected to the broader team, they can be especially valuable in times of crisis. Consider the emotional toll on a family when a loved one passes away. In those difficult moments, a well-coordinated team can handle the logistical and administrative burdens, easing stress for the grieving family.
What does this look like in practice?
Last year, Fred, 73, was referred to Wellworth by his lawyer, who was concerned Fred might not have adequate health insurance. After speaking with his advisors, we evaluated Fred’s overall health.
While health insurance wasn’t an immediate concern, we discovered Fred was socially isolated, suffering from poor nutrition, and facing mental health challenges. He had inappropriate medical care and lacked an emergency plan.
Initially, Fred was hesitant to engage, but by collaborating with his trusted attorney, we built a relationship that allowed us to assist him. We began by organizing a comprehensive health plan that included new doctors, an advocate for medical appointments, social activities, and an emergency plan. We also worked with his wealth advisor to align his financial resources with his care and housing needs over the next decade. This ongoing collaboration ensures Fred’s health and care costs are effectively managed now and into the future.
Need help?
If you or a loved one are navigating the healthcare system, a healthcare advisor can assist in selecting concierge doctors, managing new diagnoses, arranging mental health or substance abuse support, and much more. Most importantly, they can help establish and maintain communication among your triangle of support.
John Samuels is founder and CEO of Wellworth, an independent healthcare advisory practice based out of New York City. He served as a senior healthcare leader in New York City’s top hospitals for over 20 years. John uses his extensive healthcare experience and wide network of medical professionals to achieve the best possible care for clients nationwide. He was recently honored by Forbes as one of the Next 1000 entrepreneurs and business leaders who are changing how businesses are run.
Wellworth helps individuals and families make smarter healthcare choices to mitigate risk. With nearly 100 years of combined patient care experience, our multidisciplinary team provides top-tier guidance and support, covering physical and behavioral health, addiction treatment, and health insurance.
We offer consultative and advisory services in 50-hour retainers for family offices and 12-hour retainers for individuals and families. To learn more, contact us at [email protected] or (646) 883-9717.
A message from Advisor Perspectives and VettaFi: To learn more about this and other topics, check out some of our webcasts.
More Insurance & Annuities Topics >
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.