Health, Wealth, and Financial Planning in a Pandemic World - Genivity

Now more than ever, consumers are thinking about their health and longevity and how their finances will be impacted by their health and lifestyle choices.

While many things feel unknown right now, financial advisors can fill the existing gap with people who want help incorporating health and longevity into their financial plan by starting the conversation on the benefits of HSAs and how they can supplement retirement planning.

Recently, Genivity conducted research to explore these topics and more with in effort to measure consumer behaviors and attitudes toward long- and short-term financial planning in the wake of the 2020 economic recession and global pandemic.

Heather Holmes, CEO and Founder of Genivity, presented the findings of this study in a live webinar with the intent of equipping financial planners with a deeper understanding of available resources, products, and services that are well-suited for existing and prospective clients in this new environment.

Critical Insights

From the research data, Genivity uncovered four significant insights to help advisors better engage with their clients and start conversations around health and longevity.

1. People want to know how they can make health and lifestyle changes now to protect their financial future. Common responses include:

  • Staying active and healthy so I can achieve my financial goals (55%)
  • Staying on track for retirement (or in retirement) (52%)
  • Making lifestyle and financial changes now to protect my future (46%)

2. Healthcare costs are top of mind. Common responses include:

  • Health care costs are the most important consideration in my financial planning for the future (32%)
  • Health care costs are a somewhat important consideration in my financial planning for the future (46%)

3. Caregiving is on the rise. 37 percent of respondents indicated that they were in a caregiving role. Common responses include:

  • 15 percent have provided $1,000 or more of their own money for caregiving-related activities.

4. Existing and prospective clients are more open and ready to engage in conversations with advisors about the benefits of HSAs as they enter into open enrollment season for their workplace benefits.

Next Steps

Throughout the webinar, we heard from Daniel Hutcherson about how to address clients with these topics, drawing upon his background in financial advising and gerontology. He talks about how you can take this opportunity to reevaluate your plans for financial and health prosperity for you and your family.

Beyond addressing your clients, it’s important to understand what you, as an advisor, should be doing and how you should be thinking about the next steps for your business. Panelist Fabrice Braunrot discussed the importance of preparing for the unforeseeable future through saving and Genivity’s HALO analysis.

These tips and takeaways can help set you and your clients up to not only make it through what’s next but to thrive in both health and wealth.

Learn more about Genivity or watch the full webinar.