Health is the foundation upon which our financial dreams are built

By Elizabeth Sherman

No one wants to spend their money on insurance premiums, doctor visits, medications and other issues that are fixable through lifestyle modification. The way to protect your wealth is to protect your health. Financial advisors who address their clients' wealth from a holistic point of view will have a significant advantage in securing their clients' business and getting referrals.

Twenty-three years ago, my life changed drastically. My mom died from breast cancer at the age of 63. She was financially savvy, a certified public accountant and well-prepared for her retirement. Yet, she didn't get to experience that retirement because of cancer. Her death was a wake-up call for me. I realized that if I didn't make some changes in my life, I might be witnessing my future.

After her death, I researched ways to reduce my risk of breast cancer. I discovered that being overweight was a significant risk factor for many types of cancer as well as diabetes, heart disease and other health conditions related to lifestyle habits: diet, stress management, physical activity and sleep.

Although I knew I couldn't entirely prevent cancer, my goal was to improve my health so that if I ever faced a serious diagnosis, my body would be in the best possible condition to fight it. It took me about 15 years to get my health on track, but losing my mom taught me a painful lesson: Health is the foundation of every dream we have. Without it, our plans, retirement and dreams are fragile and may not be realized.

Financial advisors who approach wealth management from a holistic perspective understand the critical connection between health and wealth. By encouraging clients to adopt healthier lifestyles, advisors can help them avoid high health care costs, extended hospital stays and long-term care expenses that can deplete savings and investments.

Health care costs are rising steadily. According to the Centers for Medicare and Medicaid Services, national health spending is projected to grow at an average rate of 5.4% per year from 2019 to 2028, reaching nearly $6.2 trillion by 2028. Additionally, the cost of long-term care is increasing, with the average annual cost of a private room in a nursing home exceeding $100,000.

Preventive health measures - such as maintaining a healthy weight, managing stress, staying physically active and getting adequate sleep - can significantly reduce the risk of chronic diseases. By focusing on these areas, clients can enjoy better health and reduce their medical expenses, preserving their wealth for retirement and other life goals.

Advisors who integrate health discussions into their financial planning sessions can provide added value to their clients. They can recommend resources such as wellness programs, fitness plans and stress management techniques to help clients lead healthier lives. Additionally, financial advisors can network and partner with competent professionals - such as nutritionists, personal trainers and mental health counselors - to create value-added services for their client base. This holistic approach not only benefits clients but also strengthens the advisor-client relationship, leading to increased client satisfaction and referrals.

The connection between health and wealth is undeniable. Protecting your health is a crucial step in safeguarding your wealth. Financial advisors who recognize this and incorporate health considerations into their practice will be better positioned to serve their clients and grow their business. The lesson is clear: Health is the foundation upon which our financial dreams are built.

Elizabeth Sherman is a master certified life and health coach specializing in helping midlife women achieve their health and wellness goals through sustainable lifestyle changes. Contact her at [email protected].