New WealthConductor app lets advisors use health data in retirement planning


More of the client’s money will end up going to their children, as the adviser predicted that they “need the income for 30 years and you only need it for 20 years,” said she declared.

Meanwhile, she added, clients who live past 95 face the opposite problem.

WealthConductor has partnered with HealthView Services, an institutional data provider, to solve these challenges for advisors.

stand out

Health+ offers advisors a new way to “differentiate themselves” from “literally 85% of the advisors out there,” Phil Lubinski, co-founder of WealthConductor, said during a recent webinar“Introducing Health+”.

O’Connor and Lubinski provided ThinkAdvisor with a demo of Health+ just before launch.

IncomeConductor’s dynamic plan editor already allowed advisors to create personalized, written income plans alongside their clients to allow them to see the impact of various assumptions on their plans.

By integrating institutional health, social security and longevity data from HVS, advisors and clients will now be able to see how clients’ individual health situations and related expenses will affect their overall plans and help them select Social Security claim strategies to achieve best-in-class income scenarios, according to companies.

Benefits for advisors

When asked why HVS decided to partner with WealthConductor on Health+, Ron Mastrogiovanni Sr., CEO and President of HVS, told ThinkAdvisor, “When you look at the industry and you look at” many companies of software providing applications and tools to advisors, many of them “really don’t know the business”.

However, “these guys know the business,” Mastrogiovanni said, noting that Lubinski, a certified financial planner, is a veteran of the consulting industry. “It makes a big difference when you look at how counselors are using the material and if they can actually incorporate it into their practice,” he added.

The companies partnered about a year ago, and HVS agreed to provide WealthConductor with an application programming interface that feeds its data to IncomeConductor Health+, Mastrogiovanni said. “They had to do all the work to integrate the program into their existing system,” he explained.

Health+ offers “several advantages” to advisers compared to other solutions currently available, he added. “Many advisors have to license a product like IncomeConductor, but then they have to license a Social Security optimization product. Then if they want health care, they have to go out and get a license.

But IncomeConductor Health+ is “everything combined so from the advisor’s perspective it’s a lot easier and also less financially burdensome for the advisor,” he explained. Institutions, meanwhile, “would rather have one vendor than three vendors, so that worked for them as well.”

(Photo: Sheryl O’Connor, CEO and co-founder of WealthDriver)

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