A Proactive Aging Plan Can Avoid Future Problems

In this current series of blogs on whealth care planning, we’ve looked at why it’s vitally important to consider future health care possibilities in a good financial plan.  We’ve also reviewed two of the instruments we use to gather data to help us in this preparation – one focused on personal caretaking and the other a risk profile for cognitive failure.

The next step we call a proactive aging plan, and, again, we have a questionnaire that helps clients identify for us their preferences and attitudes as they age.  This would include many of their future lifestyle goals and objectives, but most certainly would address their attitudes toward health care.

A Risk Profile for WHealthCare Planning

Once clients have completed a questionnaire aimed at personal financial caretaking, the next step in the “WHealthCare” planning process is a questionnaire we refer to as a risk profile.


And, before I go any further, I want to emphasize that the questionnaires we use in the WHealthCcare process were jointly developed by financial advisors and medical professionals.

What’s the Process for WHealthCare Planning?

My last blog underscored the need for financially planning for clients’ possible future health care needs.  The next logical question is “what is the process for building a strong plan that takes into account health care factors?”

WHealthCare Planning

The letter “h” in the headline above is capitalized to assure readers that the made-up word “whealth” is not a typographical error. 

In fact, WhealthCare planning is a pretty good way to describe my next several blogs, which focus on the interrelationship – almost co-dependency -- between wealth management and health care planning.

Probability vs. Possibility – and How to Be Prepared

The consideration of risks leads us directly into the area of probabilities and possibilities. 

For example, we know that some risks have a small probability of actually happening.   However, those happenings could have a huge negative impact.  Given this – although the probability is low – we have to be insured against potentially devastating consequences.

The Role of Insurance in Risk Management

I address the role of insurance in a portfolio fully understanding that it’s not a favorite topic for investors.  Subjects like “saving for college” or “accumulating wealth for retirement” are seen as positives, while insurance is looked upon as something of a negative consideration.

But let’s take a closer look, because insurance is an essential part of risk management.  We know from experience that ignoring “what could go wrong” can have dire consequences, and insurance is designed to reduce or eliminate the negative impact of unfortunate circumstances.

New Investment Firm Widens Our Options

In a recent blog, I outlined the criteria I use when searching for a new investment firm as a partner.  Today, I’m happy to announce that I have added a new firm to the options we currently have for implementing client portfolios. 

I should also point out that this firm – like many of the others we use – is not open to retail investors.  Access to this firm is a benefit of working with a professional financial advisor.

How I Select Investment Management Firms

In previous blogs and throughout our website, I have outlined my approach to building strong and individualized portfolios that allow clients to accumulate the resources they need to reach their objectives.

A key factor in the success of a portfolio is the expertise of the investment managers who implement it.  Because of this, I follow a carefully disciplined process for selecting an investment management partner.  Obviously, it’s critically important to select a firm that can deliver positive results in the various allocations within a portfolio.

My Approach To Working With Women Investors

I am proud to have many women clients, and understanding how the majority of them prefer to approach investing has helped me be an effective partner in creating their portfolios.

Research shows that most women want to have a good deal of information before making a decision.  Once an investment is made, however, they are more likely than men to stick with their decisions.  They trade less often than men – and their portfolios tend to perform better.

How Women Investors Differ From Male Investors

One may think that investing is a gender-neutral process.  After all, it would seem men and women want the same thing – enough resources to meet their financial goals, whatever those may be.

However, experience clearly indicates that a woman’s approach to investing often is quite different from a man’s.  And much of the reason stems from general differences commonly found in life circumstances.