Whealthcare Solutions Introduces Innovative Financial Wellness Scores

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Suite of scoring assessments for investors and advisors cracks the code on financial wellness and longevity to power holistic financial health

Chris Heye, PhD, CEO and Founder Whealthcare Solutions

Chris Heye, PhD, CEO and Founder Whealthcare Solutions

We are excited to provide Financial Wellness Scores to our users in support of the important work they do preparing clients for the financial challenges of wellness and longevity.

Whealthcare Solutions, Inc., a software company dedicated to helping families and their financial advisors more effectively prepare and plan for the challenges of longevity, has announced a comprehensive suite of Financial Wellness Scores. These new scores enable advisors to quickly and easily measure their clients’ financial health, and are augmented by personalized recommendations showing the advisor how to help clients improve their scores.

“Nothing matters more to clients than health and wellness – a reality underscored by the COVID-19 pandemic” said Dr. Chris Heye, CEO of Whealthcare Solutions. “We are excited to provide Financial Wellness Scores to our users in support of the important work they do preparing clients for the financial challenges of wellness and longevity.” The Financial Wellness Scores and educational content are backed in part by insights from a landmark, two-year study of aging and financial decision-making undertaken by the Massachusetts General Hospital’s Department of Outpatient Geriatric Psychiatry in collaboration with Dr. Heye.

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 Dr. Heye. “So financial planning can be complicated, time consuming, and intimidating. Plus, many advisors lack adequate training in health and wellness-related topics. We have made it easy for advisors to get at the heart of financial wellness with scores that show the client where they stand, identify important gaps, and help initiate more in-depth wellness planning discussions and activities.”

“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 Steve Gresham, CEO of The Execution Project, LLC, an industry consulting firm and the author of The New Advisor for Life.

“The innovative Financial Wellness Scores have been designed to help answer some of the most urgent questions I hear from consumers every day,” said Jean Statler, CEO of the Alliance for Lifetime Income. “Americans are anxious to address the challenge of longevity, health care costs and decision making as part of their retirement plans. The Alliance is excited to be able to offer these awesome new resources in response to that demand.”

*McKinsey study, North American Wealth Management: Money in Motion, December 2020

About Whealthcare Solutions, Inc.

Whealthcare Solutions, the parent company of Whealthcare Planning LLC, created the first cloud-based health, wellness, and longevity-focused client engagement application for financial advisors. The firm’s innovative, clinically-based financial wellness scoring assessments capture and measure client practices, preferences, and levels of preparation across a range of key wellness metrics. The assessments are supported by comprehensive training programs that empower advisors to engage more confidently and comfortably with clients on health and longevity-related topics, as well unique client communications and marketing content. Whealthcare Planning received the 2019 InvestmentNews Award for best Educational Materials and the 2019 WealthManagement.com Award for Thought Leadership from a technology provider. See more at http://www.whealthcareplan.com.

Chris Heye, PhD

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Chris Heye, PhD
since: 01/2017
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