Why is planning for retirement without MyWealthspan inaccurate?
Financial planning without an understanding of your unique lifespan is a guess at best. Many advisors use the base life tables published by a governmental agency, but that is just based on averages and doesn’t account for any of the variables that can have a dramatic impact on your personal lifespan. Other advisors just run a financial plan out to a randomly selected age of something like 90 years old. This is, of course, also just a guess without applying science to the analysis.
It seems like just asking questions might not be a complete solution. Is there something else that could be done to get the full picture?
The tools of aging science are constantly evolving and improving. One of the more interesting recent developments is the identification of "biomarkers" for the rate of aging. Biomarkers you may be familiar with are those that appear on your medical report following a blood draw before visiting with your primary care physician. Two of the more powerful genetic biomarkers that have been documented recently in the scientific literature are already assessed through a routine screening of saliva by 23andMe. If you choose to evaluate your DNA for markers of exceptional longevity, you'll be adding to the knowledge base used by you and your advisor to maximize the chances of achieving positive wealthspan. Clients can choose to allow advisors to tailor their recommendations based on this DNA information without informing the clients about the specific genes they carry, or clients are welcome to use this information for their own purposes.
What should I do with the report results?
There are only a handful of advisors in the country that have knowledge of how to use and interpret this report and how to incorporate the findings into a well-designed financial plan. The best thing for you to do is connect with Wealthspan Financial Partners
-- our advisors are trained in how to read and use the findings of your report. A second option would be to schedule a web-based meeting with one of the in-house advisors at Wealthspan Financial Group. They can gather some additional data and help point you in the right direction. A third option would be to introduce your current financial advisor to Wealthspan Financial Group so your advisor could get trained on how to use this scientific breakthrough applied to financial planning to better help you and the other clients of the firm.
Does the use of this assessment tool violate any HIPAA regulations?
Wealthspan Financial Partners models our approach to security and privacy on proven standards and regulations including HIPAA, HITRUST CSF, PCI, GDPR, and more. We only collect information that we need and that has been willingly provided by users. The data is encrypted from the moment it is entered into the assessment tool and remains encrypted throughout its journey. Only WFP and an advisor authorized by users have access to the information and data, including de-identified data. The data is never sold or provided to a third party.