How can you make your firm more attractive to clients concerned about healthcare costs?

By Cynthia Stephens, VP of Marketing, ByAllAccounts on Thursday, February 6th, 2014

On average, financial advisors say their clients should expect Medicare to cover about three-fifths of their annual health care costs.[i]  Couple this with numerous studies that show the average American has not yet saved enough for retirement, and the 10,000 Baby Boomers who are retiring each day, and an alarming picture begins to come into view. 
My opinion is that our society is not yet equipped to handle the elder care and healthcare cost issues that it will face due to what some have dubbed - the “Graying of America”.  This crisis presents an opportunity for financial professionals with fiduciary responsibility.  
Advisors are already at the epicenter of discussing emotional issues that have financial impact, such as divorce and death/inheritance planning. Taking a proactive role in communicating with clients about healthcare costs will shape a more realistic financial picture.  And referring clients to healthcare experts, etc., solidifies your position as the financial quarterback.
In the next few months ByAllAccounts will provide information, tips, and resources to help you become more confident broaching the subject of healthcare needs with your clients. 

  • In a March webinar you’ll hear from industry experts about the Affordable Care Act and the products that can serve as income streams to help defray healthcare costs.

  • A brand new whitepaper will contain a resource guide, a list of healthcare consultants, associations and online resources that you can turn to for advice. 

  • Results from a new nationwide survey will provide insights on how to build your healthcare referral network.

  • Blogs will describe how ByAllAccounts aggregates life insurance cash values, annuity data, and other products that you may incorporate into your clients’ financial plans.

To get started, I have assembled a few ideas as food-for-thought as you consider ways to make your firm more attractive to clients that are concerned about healthcare costs.

1. Build your online presence: If you already incorporate healthcare planning into your practice, add a page or section online to tell clients and potential clients about that.

Example from Seneca Financial Advisors:


2. Be Proactive in client newsletters: If you are producing a regular client newsletter, incorporate a section to provide information on the latest updates that may impact your clients’ health-care decisions.  Does your practice focus on entrepreneurs?  Include tips for small business owners regarding the Affordable Care Act and how it impacts them.

Example from Bruch Financial Advisors:


  • Provide a list of resources to your clients: There are several online resources that will help your clients as they think about healthcare costs.  These include Medicare plan selection services, online healthcare cost calculators, and information on insurance plans.  A few are: AARP Free Healthcare Cost Calculator; SelectQuote Senior and

If there are specific things that you’d be interested in learning more about to provide exceptional client service, please post a comment and let me know.  I’ll do my best to incorporate them into our educational materials.

You might also be interested in:
Ask ByAllAccounts how we can deliver annuity data and life insurance cash values into your portfolio accounting system

How does the SEC feel about account aggregation? (Blog post by Cynthia Stephens, VP of Marketing, ByAllAccounts)
Advising Affluent Americans: Complimentary Whitepaper  

[i] According to the 2012 Financial Advisors and Healthcare Costs Study, which was conducted online within the United States by Harris Interactive on behalf of Nationwide between July 18 and July 25, 2012.

comments powered by Disqus