Private Wealth Manager – Planning for Wealth and Health
What is the Connection Between Wealth and Health?
Table of Contents
The Disparity in Health Outcomes
Family Incomes and Health
|$35,000 Per Year||Over $100,000 Per Year|
|28% described being in good health||45% described being in excellent health|
|13% described being in fair health||35% described being in very good health|
|5% described being in poor health||0.7% described being in poor health|
Delaying Medical Care Because of Costs
Rising Costs are Thrusting the Private Wealth Manager into Health Care
The Costs of Aging
Baby Boomer Health Care
80% are Concerned with Health Care Costs
Predicting Health Care Costs
How Can a Private Wealth Manager Integrate Health Care Planning?
Paying for Nursing Home Costs
Fewer Employers Provide Comprehensive Health Care Plans
The Alliance Between a Private Wealth Manager and a Health Care Provider
Creating the Strategic Alliance
Typically, a private wealth manager will reach out to health advisors as resources for their clients. Waldron created a strategic alliance with PinnacleCare, a private concierge health care advisory firm that helps clients find the best expert medical opinions and research and offers privileged access to the best health care specialists.6
For a client facing a medical crisis, the kind of service that PinnacleCare and other health care advisory’s offer can be a matter of life or death. Without these kinds of concierge services, clients may not be able to get appointments with the best specialists in their field and may suffer as a result.
For Waldron, when he works with clients he takes a holistic approach to their financial wellbeing. If his client has medical issues or foresees having medical issues, Waldron forms strategic alliances with health care providers that allow his clients to have a third-party that is focusing on their health and their health only. From gathering medical records to identifying the best specialists and best care in the area, the health advisory service has the clients personalized needs as a top priority.
Advantages of Wealth Management and Health Care Integration
Creating a Realistic Wealth Management Plan
Mutually Beneficial Partnership
What Should a Private Wealth Manager Look for in a Health Care Partner?