Wealth Managers Agree: Long-Term Care Planning is No Longer Optional

Wealth managers are increasingly speaking out about the rising costs of health care and the urgent need for long-term care planning. Their perspective is clear: families cannot afford to put these conversations off.

In a recent article on retirement planning, Tracy Byrnes, vice president of women & investing at Lebenthal Global Advisors, was blunt: “The average cost of a semi-private nursing home room now tops $100,000 a year ...it can be much higher. So it helps to start with some realistic assumptions: What would three to five years of care cost in today’s dollars? How might that grow at 3% to 5% each year? Then build those costs into your financial plan.”

Amy Jucoski, head of family office services & advisory at Callan Family Office, emphasized that these decisions go beyond insurance products. Planning also means weighing lifestyle preferences — “whether you want to age at home, in assisted living, or in a nursing facility” — and recognizing the impact of family medical history and risk factors.

And Mallon FitzPatrick, head of wealth planning at Robertson Stephens, highlighted the need to continually reassess: “Since care costs change over time, the long-term care plan should undergo reviews every few years, much like a financial check-up.”

With the current government shutdown hinging primarily on the extension of healthcare subsidies, the future is more uncertain than ever.

Why This Matters for Families

What these wealth managers are pointing to is that long-term care planning isn’t just about insurance. It’s about anticipating the reality of decline — whether physical or cognitive — and making sure clients and families are prepared for what that means emotionally, financially, and practically.

That means going beyond balance sheets. These conversations touch on dignity, independence, and family dynamics — and they require trusted partners who can support both the financial plan and the human experience of aging.

Why Partner with a Patient Advocate

This is where a professional patient advocate with a clinical background can be the ideal partner. Advocates translate medical jargon, evaluate quality measures of care providers, and ensure that families understand the implications of their choices — not just the cost projections.

Unlike hospital staff or providers who may be constrained by time, resources, or incentives, the advocate’s loyalty lies entirely with the patient and family.

The Advocate as a Bridge

When an advocate is introduced early, they build a relationship with both the wealth manager and the client. Then, if a health crisis arises, the advocate is already positioned to step in, guide the family, and ensure decisions are made in alignment with the financial plan and the client’s values.

It’s a model of continuity: the wealth manager protects the portfolio, while the advocate protects the client’s health — together safeguarding the family’s most important asset.

Tying It Back: The Paradox of Patient Choice

In an earlier post, The Paradox of Patient Choice, we explored how families are often asked to make healthcare decisions at their most vulnerable moments — exhausted, emotional, and under pressure. Those circumstances make choice feel less like empowerment and more like confusion.

One way to reduce that burden is to ensure the right legal instruments are already in place. Attorneys who specialize in elder law and estate planning help craft powers of attorney, healthcare directives, and other documents that clearly express a client’s wishes. With those directives established, families and advocates are no longer left to guess what a loved one “would have wanted” during a crisis.

The Bottom Line for Wealth Managers

These quotes from industry leaders make one thing clear: health is now inseparable from wealth. By integrating patient advocacy into financial planning, and by ensuring the right legal structures are in place, wealth managers can help families navigate difficult conversations and crises with confidence.

Because when health challenges arise — and they always will — families deserve more than financial preparation. They deserve clarity, dignity, and a trusted team to act on their behalf.

In future posts, we will take a deeper look at the role of the attorney — another essential member of the trusted team — who ensures that legal documents and healthcare directives accurately reflect the client’s wishes, so their voice is honored even in moments of crisis.

(Original reporting credit: Financial Advisor Magazine — “Advisors see long-term care as critical piece of retirement planning”)