Summary

In this episode, Russ Haworth interviews Anna Nichols, the domain chair for the health and wellbeing domain at the Ultra High Net Worth Institute. They discuss the importance of health and wellness in advising ultra high net worth families and how it intersects with wealth and the family system. Anna shares her expertise in financial communications and consulting on personal and generational wealth. They also discuss the challenges advisors face in bringing up health and wellness topics with clients and the value of bringing in the right resources. Anna highlights the need for proactive planning for health issues and decision-making in the future.

Takeaways

Health and wellness is a critical component of advising ultra high net worth families as it shapes their decision-making and interactions with each other.

Advisors should feel comfortable bringing up health and wellness topics with clients and offering resources and support, even if they are not experts in those areas.

The health and wellness domain intersects with all other domains in advising, and it is important for advisors to have a holistic and integrated approach.

Proactive planning for health issues and decision-making is crucial, and advisors should have conversations with clients about who they would like to involve in decision-making if they become incapable.

The Ultra High Net Worth Institute provides resources and support for advisors in the health and wellness domain, including a resource library and opportunities for learning and collaboration.

Chapters

00:00 Introduction to the Health and Wellness Domain

03:21 Overview of the Health and Wellness Domain

06:11 The Importance of Integrating Health and Wellness in Advising

10:55 Bringing Up Health and Wellness Topics with Clients

14:19 The Interactions Between Health and Wellness and Other Domains

19:17 Proactive Planning for Health Issues and Decision-Making

23:51 The Value of the Ultra High Net Worth Institute in Supporting Advisors