"Nothing matters more to clients than health and wellness – a reality underscored by the COVID-19 pandemic" said Dr.
The innovative, clinically-based financial wellness scoring assessments capture a client's practices, preferences, and levels of preparation across a range of key wellness metrics and generate actionable recommendations for improvement. The unique assessments generate scores for:
- Financial Decision-Making – readiness to safely transfer financial decision-making authority to trusted individuals
- Financial Management – effectiveness in managing basic financial affairs (financial accounts, bill pay, and spending)
- Estate Planning – preparedness to securely and smoothly transfer wealth and personal property to their heirs in the manner intend
- Financial Literacy – knowledge and understanding of financial products and topics, and risk of overconfidence
- Financial Decision-Making Capacity (behavioral/cognitive/literacy/summary) – vulnerability to sub-optimal financial decision-making and/or exploitation and evidence of decline in capacity
- Healthcare Management & Costs – effectiveness in managing healthcare spending, healthcare cost risk, and preparedness to turn over healthcare decision-making
- Plus, additional calculations of life expectancy, healthcare costs after age 65, long-term care costs, and qualitative assessments and guidance around living and driving transitions.
The financial wellness scoring assessments enable advisors to better engage with clients on real life issues of greatest concern – health and longevity. The assessments are presented in a short and simple structure to ensure easy engagement by all customers with accessibility features designed to support older clients. Most assessments require no more than five minutes to complete and are administered digitally. When the client is finished with an assessment, the advisor can generate detailed reports containing scores and recommendations. Advisors can use the output from the reports to create personalized, comprehensive financial wellness plans for any client. Each report is further supplemented by multi-award-winning educational content, prepared by thought leaders in geriatrics, psychiatry, and advisor practice management, and available for digital delivery to all clients.
"With 70 million Baby Boomers now at a median age of 65, health and longevity planning has never been more important. One in four clients age 65 plus is at risk for experiencing some degree of cognitive impairment" said
"Industry research shows that the average financial advisor manages only about half of a client's assets and competes with three to five other providers. The combination of the pandemic and the demographic wave of aging clients is driving the money in motion at a rate 350% higher than normal*. Advisors who don't have these conversations risk losing the clients and their families to more attentive advisors," added
"The innovative Financial Wellness Scores have been designed to help answer some of the most urgent questions I hear from consumers every day," said
*McKinsey study, North American Wealth Management: Money in Motion,
Whealthcare Solutions, the parent company of