This version helps individuals and families proactively plan for the "Big Four" of aging, which includes: when to get help with financial decision making, when to quit driving, when and how to prepare for a safer living situation and when to get help with health care decisions.
With the Baby Boomer population hitting its later years in ever expanding numbers, such decisions are confronting many, and many—often including their adult children—are unprepared for them. While some advisors might feel comfortable taking a leading role in helping clients with these issues (see below about the advisor-focused software), others do not and this software could help fill a need.
“We have tested the site a lot but not with a lot of people at once and wanted to get it out there to make sure everything is working okay,” co-founder, physician and planner Carolyn McClanahan wrote in an online response. She said that a hard, formal release and announcement is tentatively planned for January. Dr. McClanahan is also the founder of Life Planning Partners, Inc. a registered investment advisory and planning firm based in Jacksonville, Florida.
“The public version helps people create a plan and encourages them to reach out to advisors when the tasks warrant help,” wrote McClanahan, adding that the platform helps connect advisors to those needing help as well.
An individual subscription is $39 per year and includes one financial caretaking plan, one wealthcare risk profile, one proactive aging plan and the ability to share the plans and profiles using the site’s wealthcare connect service (there are plans available for couples and a “family” plan as well).
Financial advisors that have heard of Wealthcare are likely more familiar with its modules, first introduced in late 2016, specifically for advice professionals to use with clients. If you are unfamiliar, here is a solid “first look” at the applications written by Joel Bruckenstein in August of 2017.