Why would two well-known scientists and two successful financial advisors join forces to create a new financial planning firm?
Let's explore the why...
When it comes to their financial future and wellbeing, whether they realize it or not, many investors find themselves unprepared. Although our exact future cannot be predicted, having a method to help forecast and plan to prepare for what lies ahead is crucial to reaching your retirement goals.
In working with thousands of financial advisors and clients over the last 20 years, we have found that traditional methods in financial planning are often based on a series of assumptions, specifically when it comes to your overall health and longevity. As this can have a huge impact on your financial future, we sought to find a better approach.
By working directly with scientists that specialize in Aging Science, using scientifically verified methods and technology not available at ANY other financial firm, Wealthspan implements and monitors a realistic, personalized retirement plan based on one’s unique genetic composition, longevity, health attributes and happiness objectives.
With this data, we have a plan that not only can forecast all expected outcomes on the plan’s objectives, but one that can be implemented and monitored to determine that the plan is meeting it’s objectives and making actual progress towards the plan’s expected outcomes.
Health and happiness are the most precious commodities that exist. Once health and happiness are lost, it doesn’t matter how much money you have. However, the way you manage your money can have a dramatic impact on both your health and happiness.
Achieving peace of mind by planning the best way possible to maximize health and happiness in retirement is priceless and certainly can’t be done alone.
Benjamin Franklin once said,
“By failing to prepare, you are preparing to fail.”
A positive wealthspan, defined by having money left over at the end of your life, is what we want to accomplish for our clients, but we want the plan to provide a positive wealthspan based on aging science and not assumptions. We prefer to deal with knowns and help clients make decisions based on science-based data. This process allows us to help clients understand the path they're currently on and draw conclusions about their future success based on scientific evidence, not emotions and assumptions.
The process begins by using a proprietary analysis tool we created at MyWealthspan.com to determine with a high degree of accuracy what your likely lifespan will be. A report is run for your spouse as well, if applicable, to determine likely differentials in lifespan so we can better plan for a surviving spouse, who could need to plan for 20 years or more beyond the lifespan of their spouse.
Lifespan projections are foundational to sound financial planning
Many financial decisions that are critical to success in retirement should be made with an understanding of lifespan. Some of the more important are the following...
When you claim and the method you choose can greatly impact the lifetime value of the payments you receive from Social Security.
Having a better understanding of life expectancy can help you determine how long you need to plan to have your assets last so you can accomplish your goals. This understanding impacts the amount of risk you may be willing to take.
Which financial products you choose when creating your financial plan can be greatly influenced by the risk you are willing to take. Someone with a long life expectancy and low risk tolerance may choose to have a much smaller amount of their investments allocated to the stock market or may choose other alternatives, like annuities or life insurance.
If you have a good idea that you will live longer than average, based on science, you may change the amount of income you receive from your portfolio to extend how long your money will last.
Taxes can take a big bite out of the income you receive, so knowledge of tax advantaged or tax-free income planning can be better determined with the benefit of personalized life expectancy.
Healthy life expectancy helps us determine how many years we are likely to need assistance with some activities of daily living. This knowledge allows for planning for the associated expenses, which can be large.
Wealthspan Advisors is a firm that is acutely aware of national and personal trends in health and wealth, and we've identified and developed the tools needed to maximize your wealthspan. We're composed of experienced wealth management professionals who have spent over 30 years combined educating advisors and clients about proper wealth planning; and world-renown research scientists in the field of aging that are keeping track of developments in science and medicine, and finding ways to utilize that information to help with both your health and wealth planning.
"At the heart of Wealthspan is the intersection
between aging science and wealth planning."