Live a Long Rich Life: The Boom in Concierge Health for Family Offices and UHNWIs

NEWSLETTER

Family office insights this week:

• How family offices have woken up to lifestyle design and wellness

• The NFL star who became a real estate mogul.

• UHNWIs under fire - the latest on exit taxes

• Ways to motivate apathetic children

• How to create lasting change

• Family office jobs in LA, Maryland and Atlanta

Live a Long Rich Life: The Boom in Concierge Health for Family Offices and UHNWIs

A look at the growth in concierge medical, wellness and longevity services

Let’s be honest - none of us are getting any younger.

It’s no surprise that wealthy individuals and families are turning to tailored offerings to improve both their health and longevity.

This demand for better access and personalized care is driving growth in the concierge medicine industry in the United States, already valued at over $21 billion.

While not everyone wants to be Bryan Johnson on his quest for immortality, living longer and more comfortably thanks to better healthcare and bespoke wellness advice just makes sense.

Today it’s a look at the world of concierge medicine and how it’s promoting a more proactive approach to health and wellness.

More demand, better understanding

The number of UHNWIs globally rose to over 600,000 in the last year, the percentage of the world’s population over the age of 60 is also growing dramatically.

At the same time, our attitudes to health have shifted: just as UHNWIs and family offices think strategically about preserving their wealth, they realize they can follow a similar more data-driven approach to manage their health.

“Wellness and longevity services for UHNWIs are undergoing a radical transformation,” says Dr. Gregory Charlop, a longevity expert who provides modern lifestyle design and wellness consultation services. “Between new technology, customized solutions, and integrative care, wealthy individuals can expect to enjoy longer, richer lives.”

Healthcare has historically been reactionary, but technology provides easier access to health data and enables a more preventative approach.

While concierge medicine services do provide emergency care, they emphasize preemptive testing, the use of wearable technologies for active monitoring and offer personalized recommendations on wellness routines and lifestyle adjustments.

Greater geographic distribution is also shaping the need: since wealthy families and individuals rarely stay in one location, solutions need to provide access to quality healthcare professionals anywhere.

“As UHNW individuals often have multiple homes, portability of health and wellness services has become increasingly important,” says Derrick Miles, founder of private client health services provider, CourMed. “This includes access to seamless transitions between health and wellness providers and the ability to receive care in different locations.” 

A holistic approach 

It’s not just older members of the household being catered to, concierge medicine provides services to the whole family.

This includes comprehensive health and wellness assessments for members of the entire family, and designing lifestyle and wellness programs for each stage of their life..

It makes sense when the objective is to take a long term view to mitigating health risks, and lead with a holistic approach, something that can integrate well with the modern family office. 

“Ultra-high-net-worth individuals don’t want to be treated as walking checkbooks,” says Dr. Charlop. “Rather, they expect holistic care, and we help family offices deliver. We partner with family offices to provide their clients with wellness and lifestyle design services.” 

Essentially, this allows larger family offices to seamlessly provide a health and wellness service, one that compliments their traditional wealth management and governance responsibilities.

Medical concierge services are increasingly partnering with Single and Multi-Family Offices, offering MFOs a unique advantage in the market. This collaboration provides MFOs with a valuable tool to stand out from their competitors.

“Our focus on early detection of health issues, such as cancer screenings and preventative measures, appeals to family offices seeking to safeguard their clients' long-term health,” says the CourMed founder, Derrick L. Miles. “Many of these preventative measures and treatments may be tax-deductible, providing additional financial benefits.” 

Common services

Services that concierge medicine provides can be expansive, but the core offering is usually based around personalized wellness and longevity programs as well as privileged access to top healthcare professionals and private clinics.

Also commonly included are emergency care, mental health support, substance abuse programs and assistance with hiring for in-house medical teams or caregivers for the elderly.

Concierge services also provide administrative services; the ongoing management of medical records and international health insurance. This support is both in person and through online platforms.

No detail is too small: concierge services are going the extra mile, from developing DNA-based dietary tracking and fitness programs, to delivering personalized home medical kits stocked with customized me.

Anti-aging is naturally a popular sector, with regenerative therapies and advanced anti-aging treatments and infusions increasingly sought out.

There’s also demand for wellness retreats arranged by these providers, where they bring together groups for exclusive wellness experiences, and of course, with the added networking benefit.

What price for longevity?

With clients paying up to $40,000 per year for membership, concierge medicine is set to see rapid growth in service providers fighting for a share of market.

There are companies that have already firmly established themselves, like Private Medical, which services over 1,000 wealthy families across the US.

Wellworth Advisors is another notable name targeting family offices and UHNWIs, along with companies like CourMed and focused private client specialists like Dr. Gregory Charlop.

Added value opportunity

While the cost may seem high, the context shifts when compared to brick-and-mortar wellness clubs like Continuum charging $10,000 per month. 

Paying significant annual fees for a personalized healthcare service that provides access to the best professionals anywhere and guides clients through the entire health and wellness journey will become common practice.

It’s also a great value add service for larger Multi-Family Offices to offer their clients, as Dr. Charlop notes.

“The family office marketplace is highly competitive - why would a wealthy individual go to a routine family office when they can go to one that supports them as complete people?”

𝕏 highlights

Income taxes, wealth taxes, exit taxes - UHNWIs are under fire. A look at European exit taxes (coming soon: citizenship programs for wealthy families).

Family office priorities.

A lively discussion on how to motivate your kids.

 💼 where to work

Three notable family office job opportunities currently open… with some career and wellness advice.

Head of Family Office - Multi-Family Office (Los Angeles)

Senior Accountant - Single Family Office (Maryland)

President, The Family Office - Synovus (Atlanta / Service Provider)

📚 what to read

This week I read Switch: How to Change Things When Change is Hard by Chip Heath and Dan Heath. The book explores strategies to overcome resistance, align emotions with logic, and create lasting change. As the title says, change is hard, but it’s also inevitable. This book is full of practical ideas for implementing change effectively.

📻 what to listen to

Boomberg’s Merryn Somerset Webb discusses How to Navigate the Great Wealth Transfer in the podcast Merryn Talks Your Money.

📺 what to watch

How an NFL star became a real estate mogul.

And finally…

This week we smartened up! What do you think of the rebrand?

Maybe I’m biased, but I love it!

If you need a great designer, drop me a mail.

There’s no slowing down for Christmas at Mr Family Office. There will be Careers and Dealflow mailers in December and the Friday newsletter will cover themes including fractional family offices, citizenship investment programs and more.

Finally, a huge thanks to those who have been in touch to provide testimonials about the newsletter. Feeling the love! 💗

Until next week, see you on 𝕏 or LinkedIn.

X

_