June 18, 2024
How much time did you spend managing your wealth and interacting with your Wealth Manager over the past 12 months? As you know, such an investment of your time and money is necessary as you look to preserve and grow your wealth, especially as you get older and start thinking about the next generation. It can be argued however that your health is your greatest wealth. And, if this is indeed the case, then what kind of investment are you willing to make to preserve your health? Especially if that means living longer and having more opportunities to make more memories, go on adventures, and enjoy quality time with your family and loved ones- all in good health.
Which begs the question - While your Wealth Manager is managing your material wealth, who is responsible for managing your health?
Introducing your Health Manager
The management of your health and well-being, and that of your family, while incredibly important, is no simple task and cannot be left to chance or dealt with reactively. A thorough plan should be implemented based on your medical history and your familial history, together with a detailed picture of your current health. This should then be overlayed with the latest developments in medicine and expert guidance regarding the screens and tests that are required to ensure you are proactively dealing with all cardiometabolic issues, cancers, or other medical concerns that could be hiding away. Just like choosing the best team to manage your wealth, you need to select the best Health Managers to guide you along your health journey.
Wealth Managers generally make sure that your assets are diversified and that each asset class is managed by specialists. Similarly, you should ensure that the best Medical Specialists in each disease area are looking after the needs of you and your family. This gives you the peace of mind that comes with knowing that top medical care is just a phone call away – whether for a check-up or in the case of an unforeseen emergency.
Changing your management approach based on your life-stage
In your younger years, your financial portfolio may have been more weighted to high-performing, riskier investments, but as you mature in age, your investment strategy may start shifting towards stable wealth preservation. And while your approach to wealth management evolves, so should your approach to your health management. As you reach your “golden years”, new priorities will require your attention with check-ups, tests, cancer screening and vaccinations becoming even more imperative. This demands a proactive approach in order to identify any potential issues before it’s too late.
Unlike Wealth Management, Health Management appears to be very neglected and is often left vacant and managed on an ad-hoc basis when trouble emerges. This is no longer necessary thanks to the concept of a Medical Concierge. A Medical Concierge is a personal Health Manager, providing Premium Healthcare beyond Private Healthcare for you and your family, thus ensuring you have a partner by your side throughout your health journey. Although such a concept is well known in the US and in Europe, it is brand new in South Africa; and is changing the face of healthcare for the privileged few.
Preparing for the next generation
Your investment philosophy might revolve around the next generation, ensuring that your children and grandchildren are financially supported when you are not around. But the most important concern for the next generation is to ensure that you are around - in good health. By taking a formal approach to managing your health, you and your spouse are able to invest in the one thing that money can’t buy- more time with your loved ones - and can ensure that you will continue to be present for all those milestones, celebrations, and bucket-list adventures long into the future.
