The wealthcare and healthcare industries have been on a converging course for several years. I personally have believed this to be true and have helped major companies in both industries develop strategic alliances with one another. And, although those alliances have shown some promise, they haven’t yet created the game changing value proposition I expect. In my opinion, it is absolutely a must that wealth advisors and health advisors make the connection and figure out the best way to be rewarded for doing so. Doing that will create a triple win: for the consumer, the wealth and/or health advisor and the respective organization or institution.
Consider this. The health and wealth issues facing Americans and many other developed nations around the world are primarily behavioral. In fact, if one wants to understand either their current financial condition or their current health condition, the first place to look is into past behaviors. If one wants to predict their future financial condition or their future health condition, the first place to look is into their present behaviors. And very importantly, if one’s future condition for either looks less bright than desired, the first thing to do is to begin changing behaviors in the present.