The Gift Your Clients Really Want Is Peace of Mind — Here's How To Give It

Christine Simone
February 7, 2024

It’s the holiday season, which means the question may be circulating around your wealth management firm (even if it’s just you in your home office), “What should I gift my clients for the holidays?”

You could send a nice mug (you know the brands) with their monogram on it, a gift basket of goodies, a bottle of wine, or any of the dozens of other gift suggestions you’ll see across the internet this month. While these gifts aren’t bad, these types of gifts will be one of many that they get in their realm. Too often, when giving gifts, people focus on material presents they can give. Again, not a bad thing, but clients aren’t meeting with you for these types of freebies. Think about what your clients are trying to achieve when they have a meeting with you. It’s likely a feeling or emotion. They want clarity. They want peace of mind. There are many ways you can give clients a sense of security and calmness this holiday season, but we’re going to focus on a particular one in this blog. You guessed it, healthcare planning. 

I’m often asked by financial advisors what the value of healthcare planning is. There are plenty of numbers I can show to prove the financial value of healthcare planning, but just like financial planning isn’t actually solely about money, neither is healthcare planning. Oftentimes someone hires a financial advisor not because they want to make more money, but because they want to retire early to spend more time with their family. Or they want a plan to ensure they can afford their lifelong dream of opening their own business. 

It’s the same with healthcare planning. 

Your client might not be concerned about how much their monthly insurance premium costs, but they likely are worried about how they’re going to get health insurance when they retire. Or how their lives and financial plans will be affected now that their spouse has been diagnosed with a chronic condition. Or how they can continue to see their doctor of twenty years when their employer changes health insurance carriers. That’s where healthcare planning brings in intangible value: peace of mind.

Let’s look at some stats showing the non-monetary value of healthcare planning.

Eight in ten retirees list out-of-control healthcare costs as a top concern.

If 80% of your clients are concerned about the financial cost of a major area of life, it makes sense to incorporate that into the financial plan. Plus, offering personalized analyses for their specific healthcare needs will: 

1. Ensure their financial plan is as accurate as possible, and 

2. Provide a highly personalized service that will make you stand out from competitors and generate referrals from your clients.

The #1 factor retirees report as the key to a happy and fulfilling retirement is good health.

Healthcare planning helps ensure clients will be able to afford the care they need to stay in good health, have a plan and support in place to navigate complex health decisions as they arise, and achieve the happy retirement they desire.

58% feel overwhelmed and 54% feel confused by retirement healthcare costs and insurance information.

Clearing up this complex topic through healthcare planning will help bring clients peace of mind and confidence in their healthcare choices. Just like you bring clarity to clients’ investments and portfolios, you can bring clarity to their healthcare costs and plan choices.

Only 14% of pre-retirees say they feel they have a trusted resource to help them understand Medicare options, and just 11% feel they know where to turn to figure out how to cover healthcare costs in retirement.

Those numbers are pretty bleak, but you can ensure your clients don’t feel part of those statistics by being their trusted resource for these healthcare topics. This will deepen the advisor-client relationship, which in turn will result in better retention and more referrals.

Wrapping it up.

Healthcare planning does save money, but it does so much more too. It relieves some of the stress around major healthcare decisions, offers peace of mind that clients will be able to enjoy their life in spite of healthcare and its costs, and deepens the advisor-client relationship. And a better relationship with your clients means improved retention and growth. Although you might not be able to wrap healthcare planning in a bow and deliver it to clients’ front step, you can start offering this stress-relieving, confidence-boosting service in the new year. Just book a call with a member of our team.

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