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Family Wealth Firms Increase Healthcare Services Role As Client Lifespans Increase

August 7, 2018

CHICAGO, Aug. 07, 2018 (GLOBE NEWSWIRE) -- The Family Wealth Alliance (“The Alliance”), a connector and researcher of organizations in the family wealth space, released today its inaugural Healthcare Study. The report gauges the scope of involvement by family wealth firms in the healthcare needs of their clients, evaluates client demand for services, and assesses trends in health care-related services.

“As we all live longer, families are being challenged to adjust their plans to keep pace,” commented Thomas R. Livergood, Family Wealth Alliance Founder and Chief Executive Officer. He added, “So too are family wealth firms being called upon to expand the healthcare-related services for aging clients and their private families.”

Study participants rate health insurance the biggest healthcare-related issue facing their clients today. Key findings of the study include:

# Longer life spans are having a substantial impact on many firms and client families. Increased longevity complicates wealth transfer planning, poses challenges to family governance and succession plans, increases cash spending needs late in life, and brings demands on firms from clients to provide such services as eldercare advice. # Increased longevity complicates wealth transfer planning, poses challenges to family governance and succession plans, increases cash spending needs later in life, and places demands on wealth management firms to provide eldercare services. # One half of firms report increased medical issues among client households and now recommend health advisors when the need arises. One half also indicate serving clients who pay for concierge physician services or hospital VIP programs. # Seven in 10 firms play a role in the healthcare needs of client households, with involvement ranging from providing referrals to actively assisting clients with assessing and managing their healthcare needs.

A total of 50 firms participated in the study. Most (52%) were multifamily offices. Also included were single-family offices (20%), wealth managers and firms serving as external chief investment officers to families (14%), and industry support firms (14%), chiefly accounting-based service providers.

About The Family Wealth Alliance

The Family Wealth Alliance convenes family wealth firms and organizations providing specialty services that, together, serve select private families across North America. The organization also provides thought leadership via Alliance Research. For more information about thought leadership, membership and networking opportunities offered by The Alliance, please visit www.FamilyWealthAlliance.com.

Contact: Robert Casey, Senior Managing DirectorFamily Wealth Alliance312-248-8820, ext. 705Bob@FWAlliance.com

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