“Now it is required that those who have been given a trust must prove faithful.” - 1 Corinthians 4:2
In my more than four decades in the wealth management business, I have come to see the role of financial advisors with their clients as closely aligned with that of healthcare professionals with their patients. In fact, I like to use the term “wealthcare” to describe the important role financial advisors play in supporting their clients’ financial well-being. I am not certain I was the first to use this term, so I likely cannot trademark it! However, over the years, I have found that this concept of wealthcare resonates with many.
So, here are some reflections on wealthcare that I invite you to consider . . .
Healthcare professionals have patients. Financial advisors have clients. In both cases, the relationship is deeper and more personal than a simple transactional exchange. Transactional relationships are perfectly suitable for many everyday interactions. I do not need a client-level relationship with my grocery store, gas station, or favorite pizza spot.
However, when it comes to my health, I want the care of a physician who has my best interests in mind. Someone who knows me, my history, and my aspirations. Someone with a strong bedside manner. Someone who takes time to diagnose before prescribing. Someone who operates under the high calling of the Hippocratic Oath.
When it comes to my finances, I want to be in a similar client relationship with a wealthcare provider who has my best interests in mind. Someone who knows me, my history, and my aspirations, and who implements a personalized financial plan. Someone with strong bedside manner. Someone who acts as a faithful steward under the high calling of the Fiduciary Standard.
When selecting a physician, patients look for someone with the necessary training, licensing, and credentials. This is a minimum requirement. The same is true when selecting a financial advisor, training, licensing, and credentials are non-negotiable.
Not stopping there, I want a doctor who remains current on the latest developments and improvements in medical care, not one who relies solely on what was learned years ago in medical school. The same expectation applies to a financial advisor.
That said, I do not ask whether a healthcare provider graduated at the top of their class. If a doctor tried to convince me they are smarter than the rest of the medical community, I would find that concerning rather than reassuring. Likewise, if a financial advisor claims to be “smarter than the market,” that gives me pause. Markets are filled with cautionary tales of managers who seemed to have a Midas touch, only to experience prolonged periods of underperformance.
From my perspective, the best wealthcare professional is not one who claims to be “smarter than the market,” but one who commits to being “smart about the market.” That is value that can actually be delivered.
A capable healthcare professional engages in authentic dialogue. On matters such as diet, exercise, and other health habits, my doctor will speak candidly about what is going well and where improvement is needed. When major health decisions arise, I expect clear explanations of the benefits and risks of each option without sugar-coating.
Likewise, a trusted financial advisor communicates honestly and regularly. That advisor understands my goals, my circumstances, and my tolerance for risk. With that insight, they will speak candidly not only about an appropriate investment plan, but also about my spending behaviors. A trusted wealthcare provider helps me navigate the trade-offs between risk and return, consistently reminding me that “there is no free lunch” in investing.
In healthcare, I am looking for positive outcomes. I want the pain in my knee to subside. I want my cholesterol levels to improve. I want my hearing back to normal. I pray for a cancer diagnosis to go into remission. At the same time, I recognize that health outcomes are uncertain, regardless of how skilled, diligent, or engaged my healthcare providers may be.
The same is true in finance. I seek favorable outcomes, the best returns for the level of risk aligned with my objectives. Yet markets fluctuate, and results are never guaranteed. No one has a crystal ball.
Even so, well-trained medical professionals guide patients toward treatments and behaviors that increase the likelihood of positive outcomes. Good doctors emphasize preventive measures, not just “sickcare.” Similarly, a financial advisor acting as a wealthcare provider offers expertise and behavioral guidance that can improve the probability of achieving financial goals. Research from Russell Investments estimates that professional financial advice can add up to 4.92% to annual portfolio returns over the long term.1
In any economic transaction, individuals seek value that justifies the cost. This is true in both healthcare and wealthcare. When engaging in a medical relationship, I want to avoid overpaying, but I am not looking for the lowest possible cost either. My health is at stake, and I am willing to pay a reasonable price. The same principle applies to financial guidance.
If I focused excessively on minimizing healthcare costs, I might attempt to self-diagnose and treat my own conditions. Yet for something as important as my health, I recognize the value of professional care. Likewise, I could take a do-it-yourself (DIY) approach to managing my finances. However, evidence suggests that investors are often their own worst enemies. Our instincts can lead us to buy high and sell low. A Morningstar study shows that over the prior ten years, fund investors earned 1.20% less per year than the funds themselves, largely due to poor timing of purchases and sales.2 A good financial advisor provides critical behavioral coaching that can pay for itself several times over.
When it comes to healthcare and wealthcare, patients and clients seek costs that are fair and transparent. We are willing to pay reasonably for value received.
Hopefully, these reflections provide deeper insight into what to expect from a financial advisor relationship when viewed through the lens of healthcare: trust, expertise, communication, results, and cost. The right wealthcare professional can play a meaningful role in supporting long-term financial health.
1“Value of an Advisor”, Russell Investments, 2026
2“Mind the Gap”, Morningstar, 2026
Dr. Erik Davidson, CFA, CTFA is the Chief Economic Advisor for Inspire Investing. Previously, Dr. Davidson served as the Chief Investment Officer for Wells Fargo Private Bank, overseeing more than $200B in assets. Dr. Davidson holds a doctorate degree from the DePaul University’s Kellstadt Graduate School of Business with his research focus in Behavioral Finance.
“Now it is required that those who have been given a trust must prove faithful.” - 1 Corinthians 4:2
In my more than four decades in the wealth management business, I have come to see the role of financial advisors with their clients as closely aligned with that of healthcare professionals with their patients. In fact, I like to use the term “wealthcare” to describe the important role financial advisors play in supporting their clients’ financial well-being. I am not certain I was the first to use this term, so I likely cannot trademark it! However, over the years, I have found that this concept of wealthcare resonates with many.
So, here are some reflections on wealthcare that I invite you to consider . . .
Healthcare professionals have patients. Financial advisors have clients. In both cases, the relationship is deeper and more personal than a simple transactional exchange. Transactional relationships are perfectly suitable for many everyday interactions. I do not need a client-level relationship with my grocery store, gas station, or favorite pizza spot.
However, when it comes to my health, I want the care of a physician who has my best interests in mind. Someone who knows me, my history, and my aspirations. Someone with a strong bedside manner. Someone who takes time to diagnose before prescribing. Someone who operates under the high calling of the Hippocratic Oath.
When it comes to my finances, I want to be in a similar client relationship with a wealthcare provider who has my best interests in mind. Someone who knows me, my history, and my aspirations, and who implements a personalized financial plan. Someone with strong bedside manner. Someone who acts as a faithful steward under the high calling of the Fiduciary Standard.
When selecting a physician, patients look for someone with the necessary training, licensing, and credentials. This is a minimum requirement. The same is true when selecting a financial advisor, training, licensing, and credentials are non-negotiable.
Not stopping there, I want a doctor who remains current on the latest developments and improvements in medical care, not one who relies solely on what was learned years ago in medical school. The same expectation applies to a financial advisor.
That said, I do not ask whether a healthcare provider graduated at the top of their class. If a doctor tried to convince me they are smarter than the rest of the medical community, I would find that concerning rather than reassuring. Likewise, if a financial advisor claims to be “smarter than the market,” that gives me pause. Markets are filled with cautionary tales of managers who seemed to have a Midas touch, only to experience prolonged periods of underperformance.
From my perspective, the best wealthcare professional is not one who claims to be “smarter than the market,” but one who commits to being “smart about the market.” That is value that can actually be delivered.
A capable healthcare professional engages in authentic dialogue. On matters such as diet, exercise, and other health habits, my doctor will speak candidly about what is going well and where improvement is needed. When major health decisions arise, I expect clear explanations of the benefits and risks of each option without sugar-coating.
Likewise, a trusted financial advisor communicates honestly and regularly. That advisor understands my goals, my circumstances, and my tolerance for risk. With that insight, they will speak candidly not only about an appropriate investment plan, but also about my spending behaviors. A trusted wealthcare provider helps me navigate the trade-offs between risk and return, consistently reminding me that “there is no free lunch” in investing.
In healthcare, I am looking for positive outcomes. I want the pain in my knee to subside. I want my cholesterol levels to improve. I want my hearing back to normal. I pray for a cancer diagnosis to go into remission. At the same time, I recognize that health outcomes are uncertain, regardless of how skilled, diligent, or engaged my healthcare providers may be.
The same is true in finance. I seek favorable outcomes, the best returns for the level of risk aligned with my objectives. Yet markets fluctuate, and results are never guaranteed. No one has a crystal ball.
Even so, well-trained medical professionals guide patients toward treatments and behaviors that increase the likelihood of positive outcomes. Good doctors emphasize preventive measures, not just “sickcare.” Similarly, a financial advisor acting as a wealthcare provider offers expertise and behavioral guidance that can improve the probability of achieving financial goals. Research from Russell Investments estimates that professional financial advice can add up to 4.92% to annual portfolio returns over the long term.1
In any economic transaction, individuals seek value that justifies the cost. This is true in both healthcare and wealthcare. When engaging in a medical relationship, I want to avoid overpaying, but I am not looking for the lowest possible cost either. My health is at stake, and I am willing to pay a reasonable price. The same principle applies to financial guidance.
If I focused excessively on minimizing healthcare costs, I might attempt to self-diagnose and treat my own conditions. Yet for something as important as my health, I recognize the value of professional care. Likewise, I could take a do-it-yourself (DIY) approach to managing my finances. However, evidence suggests that investors are often their own worst enemies. Our instincts can lead us to buy high and sell low. A Morningstar study shows that over the prior ten years, fund investors earned 1.20% less per year than the funds themselves, largely due to poor timing of purchases and sales.2 A good financial advisor provides critical behavioral coaching that can pay for itself several times over.
When it comes to healthcare and wealthcare, patients and clients seek costs that are fair and transparent. We are willing to pay reasonably for value received.
Hopefully, these reflections provide deeper insight into what to expect from a financial advisor relationship when viewed through the lens of healthcare: trust, expertise, communication, results, and cost. The right wealthcare professional can play a meaningful role in supporting long-term financial health.
1“Value of an Advisor”, Russell Investments, 2026
2“Mind the Gap”, Morningstar, 2026
