FORBES: How Financial Advisors Can Leverage Concierge Healthcare Providers To Gather More Assets

By Russ Alan Prince, Forbes, Contributor

JULY 22, 2015 – It is becoming increasingly difficult to gather investable assets from the wealthy. It is a hyper-competitive environment where financial advisors are having a more challenging time effectively differentiating themselves from their peers.

This has resulted in many talented and higher-end financial advisors strategically expanding their offerings. Many of the more successful financial advisors have embraced wealth management and the family office model. The logic is to be able to deliver a broader set of integrated solutions as opposed to strictly asset management or a number of disconnected financial products.


FINANCIAL TIMES: ‘Concierge Medicine Can Fill Health Care Gaps.’

At the same time, there are a number of lifestyles services that prove to be very appealing to the wealthy and the ultra-wealthy. Concierge healthcare is one of these lifestyle services. In fact, the affluent regularly rated concierge medicine as the most appealing lifestyle service by. This is especially the case among the super-rich and single-family offices.

There are many exceptional reasons for financial advisors to recommend a concierge healthcare provider to their affluent clients. Topping the list is helping to ensure the well-being of their clients. From a business perspective, financial advisors who can make on-point concierge medical provider recommendations are seen as caring attentive confidants. This can readily translate – with the proper prompting – into new business in three dominant ways:

  • Such recommendations can readily results in additional assets to manage.
  • Such recommendation can result in obtaining referrals to other high-net-worth individuals.
  • A certain degree of expertise in this matter can also be very effective in sourcing new wealthy clients from centers of influence.

Meaningful success is usually only possible when the financial advisor knows his or her affluent clients exceedingly well and is recommending the appropriate type of concierge medical practice. There are various processes such as the Whole Client Model that can enable financial advisors to develop the requisite holistic understanding of their wealthy clients.


MARKETING: Financial Advisors Re-Think “Concierge” Care.

The other consideration is matching up the appropriate concierge healthcare practice to the affluent client. Without question, all concierge healthcare providers are not the same. For those clients at the higher end of the wealth spectrum, a complete – often telemedicine based – concierge healthcare practice is most suitable such as a firm like WorldClinic. For affluent clients with lesser needs and concerns, there are other options such as the neighborhood concierge medical practice catering to the local community.

For financial advisors to benefit from recommending concierge healthcare practices to their affluent clients, there must be close alignment between a wealthy client’s needs, wants, and preferences, and the capabilities of the concierge medical practice.


Primary Care Physicians Need To Be More Like Financial Advisors … When was the last time a primary care physician was invited to a patient’s wedding? Stick to the fundamentals. That’s how IBM and Hilton were built. Good things, sometimes, take time.


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