The wealth management industry has long followed a familiar script: Grow the portfolio, manage risk and optimize returns. Everything else, including health, relationships and purpose, often sat outside the conversation.
That approach no longer reflects what many clients want.
Today’s affluent families are asking a broader question: What’s all this for?
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A PwC study found that many high-net-worth clients want help with “wealth-adjacent” needs such as health and eldercare, while McKinsey & Company research found the share of affluent investors prioritizing holistic planning rose from 29% in 2018 to 52% in 2023.
The message is clear. Wealth is no longer viewed as the end goal. It’s a tool that can support a longer, healthier and more fulfilling life.
That shift is changing the adviser-client relationship in meaningful ways.
From financial stewardship to whole-life guidance
Investment strategy and tax efficiency still matter, but they’re no longer enough on their own. Clients increasingly want guidance that reflects how they live — and how they hope to live in the future.
That means conversations about longevity, family, purpose and quality of life are becoming just as important as discussions about returns.
Advisers may be well positioned for this shift because many relationships span decades and multiple generations. Few professionals have visibility into both the financial and personal lives of clients in the same way advisers do.
Yet, that perspective often remains underutilized. Fidelity found that just 10% of clients say their adviser has helped them navigate major life events such as health challenges or family transitions.
Those are often the moments clients remember most.
Trust is built in moments of uncertainty
Markets rise and fall, but the moments clients remember rarely have anything to do with quarterly performance. They remember who showed up when life became uncertain.
That can mean helping clients think proactively about how to stay healthy and active as they age. At MAI Capital Management, where I am chairman and CEO, we encourage many clients to think beyond retirement balances and consider what kind of lifestyle they want to maintain physically, mentally and socially in the next several decades.
Financial plans become far more meaningful when they support an active and engaged life rather than simply preserving assets.
But it also means helping clients navigate moments of crisis.
We worked with a client who was diagnosed with cancer and told they’d have to wait several months to see a specialist in their region. When you’ve just heard the word “cancer,” months can feel like an eternity.
Through our network, we were able to help connect the client with a nationally recognized hospital and facilitate access to treatment.
In another case, a client diagnosed with breast cancer had already identified a treatment center but wanted reassurance that she was making the right decision. Through relationships in the medical community, we were able to confirm she was already on an appropriate path for her specific situation.
Sometimes the greatest value we can add lies in giving clients confidence and clarity during an overwhelming moment.
When clients experience a health scare, fear often comes from uncertainty. The first step is helping them gather information and consider questions they may want to ask before major decisions are made.
From there, the focus shifts to access: Identifying the right specialists, the right hospitals and courses of action.
Just as important, clients need someone steady in their corner. They need to know they aren’t navigating the situation alone.
Health as the foundation of lasting wealth
The Harvard Study of Adult Development consistently points to strong relationships, physical well-being and ongoing engagement as some of the biggest drivers of long-term fulfillment. Income and status matter, but they don’t carry equal weight over time.
For advisers, that insight reframes the role entirely. Our job is to help clients build lives they can enjoy. These conversations might sit outside the traditional definition of financial planning, but they go directly to the heart of why planning exists in the first place.
More than money
It’s important that advisers help clients “keep the old person at bay” by advocating for them to be active and fit for as long as possible, while thoughtfully planning for the years when extra care and support might be needed.
For advisers, that means expanding the conversation. It means asking better questions, listening more closely and aligning activity with what truly matters to the people they serve.
In the end, the value of advice isn’t defined solely by performance. It can be defined by the quality of life it helps make possible.
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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.
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