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Three benefits of offering healthcare advice through your financial planning practice



Integrated advice through a healthcare extension versus referrals

Making the right healthcare decision can be critical for consumers, but there’s a lack of good advice available. Smart financial planners are embracing this as an opportunity to provide better service and win new business by stepping up and filling the gaps in healthcare advice.

Bernard Health’s Healthcare Extension gives financial advisors access to a team of licensed, noncommissioned healthcare advisors who answer client questions, lead seminars and complete analyses delivering personalized healthcare recommendations. Through the partnership, planners can roll healthcare advisory into their practice without hiring a dedicated staff member.

We consider this a true extension of the firm’s practice, which often begs the question—why would you want to integrate these services into your firm, rather than just secure a referral partner?

Here are three benefits of offering the advice through your firm:

Lack of referral options

The biggest reason is that there just aren’t referral options available for noncomissioned insurance advice. A local insurance brokerage might be able to help your clients sign up for a plan, but these brokers are typically paid based on selling particular products. If your clients need unbiased advice about finding the best healthcare strategy, referral partners will be hard to find.

Competitive differentiator

Offering this service gives advisors another layer of service.  The clients of our partners are grateful to their advisors for providing assistance in a complicated, stressful area, and planners feel they are able to use comprehensive wealth management as a competitive differentiator.

Healthcare planning will only become more relevant to prudent financial planning, and offering these services can help you retain clients and grow your business.

Integrated with retirement planning

Again, clients might be able to get help signing up for insurance through a brokerage, but those services will not be integrated with their existing retirement plans. According to the most recent estimate from Fidelity Benefits Consulting, a 65-year-old couple retiring this year will spend $275,000 on healthcare, not including long-term care expenses.

By rolling out healthcare advisory services as part of your practice, you are able to offer an integrated service and give clients peace of mind that their retirement plan includes both expected and unexpected healthcare needs.

Financial advisors can add a level of service to their practice, win new business from prospects and be on the cutting edge of providing comprehensive wealth management by providing a Healthcare Extension from Bernard Health. Learn more about our decade of experience helping families and individuals make the right healthcare choices.

Bernard Health’s Healthcare Extension for Financial Advisors gives your clients access to a team of licensed, noncommissioned advisors who provide healthcare support in an area of significant financial concern. Learn more by clicking below.

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