THE OVERLOOKED RISK IN EVERY PORTFOLIO

What role should financial advisors play in healthcare?

Here’s the truth: If you’re managing a family’s future, you’re already involved in their healthcare — whether you know it or not. As clients age, face unexpected diagnoses, or care for aging parents or children with complex needs, medical issues don’t just touch their lives — they reshape them. And those moments have enormous financial consequences.

Wealth advisors are in a unique position to bring clarity to chaos. But it requires stepping beyond asset management and into a more holistic view of well-being — one where healthcare strategy is not an afterthought, but a core part of the plan.

Here are four ways advisors can lead:

1. Build a health advisory line item into the budget

Clients don’t think twice about budgeting for estate planning or tax advice. But when it comes to their health? It’s often reactive and expensive.

Set aside a line item for healthcare advisory. Not just for emergencies, but for expert second opinions, navigating diagnoses, evaluating care options, or planning for long-term support. Health surprises are inevitable. Financial shocks don’t have to be.

2. Know the red flags

You may be the first to notice something’s off. A client’s memory slips. A spouse suddenly takes over communications. Medical expenses quietly balloon.

Advisors should be equipped with a “When to Refer” framework that flags moments like cognitive decline, mental health strain, or major life transitions. These signals may seem subtle — but they’re often the start of something bigger. A trusted health advisor can step in before a situation spirals.

3. Curate a network that’s independent, not incentivized

When it comes time to refer, impartiality matters. Clients need unbiased guidance — not recommendations tied to referral fees or health system loyalties.

Vet your healthcare advisory partners the same way you would a fund manager. Look for independence, experience across systems, and a track record of advocating for client needs over institutional interests.

4. Stay in the loop — because care doesn’t end at the referral

The best advisors don’t pass the baton and walk away. They check in. They ask the follow-up questions. They look for misalignments between care and cost.

Case in point: One of our legal partners routinely referred clients to a high-end homecare agency. It worked — until costs became unsustainable. When Wellworth was brought in, we realized the agency staffed only nurses, not aides — a mismatch that was inflating expenses. We found a hybrid agency that fit the medical needs and cut costs dramatically.

That’s the kind of value you unlock by staying involved.

Wealth management isn’t just about returns. It’s about resilience. And the most resilient clients aren’t just financially prepared — they’re medically supported. When you make healthcare strategy part of the planning conversation, you’re not just preserving wealth. You’re protecting lives.