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A financial advisor takes care of all aspects of their clients’ financial lives, and this often includes healthcare costs. A financial advisor’s expertise is not in health care, however, making it difficult to provide strategic advice in this area. 
Health and wealth are connected, and a client’s health portfolio deserves the same expert attention that a financial advisor gives to their financial portfolio. Financial advisors can deepen relationships with their clients by connecting them with health advisors for health-related guidance.
Health advisors and financial advisors share many similarities in the services they offer clients, such as analyzing a client’s situation, developing a plan, leveraging expert capacities, and providing ongoing service and counseling. Like the financial industry, the healthcare industry is vast and complex. It takes years of experience and relationship-building to understand the ever-changing needs of clients and their families. To provide a client with the best financial advice regarding their health, a financial advisor can connect with a health advisor.
The role of a health advisor
Broadly, health advisors help clients navigate the intricacies of healthcare. They take a holistic approach to analyzing all aspects of a client’s health, including their medical team, insurance plan, medical history, health issues and much more. Just as a financial advisor caters to individual clients, a health advisor works closely with clients to ensure that their unique needs are met.
Health advisors discuss complex healthcare issues in plain English, breaking down medical jargon into language that clients can understand. Medical decisions are often stressful, and a health advisor offers expert insights and personal support as a client processes a new diagnosis, manages a chronic illness, or considers treatment options.
Partnering with a health advisor
An expert financial advisor partners with a health advisor to ensure that client priorities are always aligned. Both the clinical and financial elements of health care can affect a client’s wellbeing. Medical care is expensive, especially when a family member or loved one requires home care, rehabilitation, treatment centers, and more. A health advisor will have valuable insights to offer a financial advisor about what a client can do to best manage their health in the present and the future.
Collectively, a health advisor and a wealth advisor create deeper relationships with their clients, while providing peace of mind in challenging times. For example, the advisors can work together to identify the best health insurance plan that aligns with a client’s health needs as well as any monetary restrictions.
Seth Streeter, founder and CEO of Mission Wealth, a well-known wealth management company, has been implementing this idea to provide more comprehensive services to clients. He calls it “redefining wealth,” and it has been adopted by other top companies, including Fidelity.
Fidelity disclosed in its 2019 Millionaire Outlook that the number one financial concern among the wealthy is paying for health care. In this outlook, Fidelity states, “‘Less-stressed millionaires are more likely to turn to a professional for help when dealing with a significant health issue.”
If one of your clients is experiencing stress or worry around a health issue, whether it involves their own health or that of a loved one, reach out to a health advisor.
This article is the fourth in a series for Advisor Perspectives. John Samuels is founder and CEO of Better Health Advisors, an independent healthcare advisory practice based out of New York City. John served as a senior healthcare leader in New York City’s top hospitals for over 20 years. He uses his extensive healthcare experience and wide network of medical professionals to achieve the best possible care for clients nationwide. To learn more about what Better Health Advisors can do for you, your family, or your company, visit our website, email [email protected], or call (646) 883-9717
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