Planning for Health Risks

Seasoned advisors may find that while they work hard making client’s money, if they don’t plan for specific health risks, the clients have nothing left in their bank accounts for wealth. With Genivity, the client and advisor can plan for a bright future.

Some want this future to be full of widespread travel, others wish to have ample time to play with their grandchildren. But no matter what a person’s dreams for the future are, none exist without good health. This is where Genivity comes in. Genivity is a new company that assists financial advisors in planning for client’s future health costs.

Genivity is “an AI, SaaS platform helping financial advisors engage clients and retain next generation heirs through life stage, health risk, and care cost planning.”  The Chicago-based wealth-management startup assists financial advisors in planning for their client’s future healthcare costs, like long-term care or assisted living, while simultaneously leading to a strengthened relationship between the financial advisor and the family of the client.

“When we started, our goal was that if we could get each person to use our platform with six other family members we thought that would be an amazing win. What we’ve seen is that each client that comes in has between 13 and 17 family members that come in,” says Heather Holmes, co-founder of Genivity.

According to Holmes, Genivity provides a way for a planned transfer of assets to be secured by a client before it becomes necessary. This ensures both security for a family and an increased clientele for advisors. Instead of one client, an advisor now may have as many as 17, all stemming from a single head of a financial household.

As a founder and user of Genivity, from the client perspective, Holmes has found personal comfort from what her company offers the clients of financial advisors, showcasing how Genivity wishes to achieve a win-win situation for the advisor and the client.

“This really started with my mother and my father. My father got really sick, and he was the big decision maker in the family. It caused total chaos when he went into this health crisis. Then at the same time, there were all these financial decisions that needed to be made and my mother just wasn’t up to speed on what to do,” Holmes says. “And I thought it would be my mission to find a way to make sure that families would have the right health information to understand the risk and advocate for their loved ones in a medical setting and that they were prepared for anything for any of these risks.”

Genivity provides a map that can help clarify the uncertain future that is a client’s health and enable financial advisors to bring a family together and participate in what’s often an uncomfortable conversation many would rather avoid. This new wave of technology marks a revolutionary way of seeing, and preparing for, the bright future ahead. As Holmes puts it, “I want each advisor to feel like a hero by bringing families together like this.”