How Bailard, Inc. Uses Caribou: A Conversation with Lena McQuillen

Ever wonder how other financial planning firms use Caribou’s healthcare planning software? Or maybe you want to hear from an advisor, rather than the Caribou team, what the benefits of offering healthcare planning are. That’s why we started a series of advisor interviews - with earlier participation from Clif, Judd, and Russ.

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Our team was just as excited to sit down with Lena McQuillen, Director of Financial Planning, to ask her about Bailard’s experience with healthcare planning thus far. But before we get into how Lena and the Bailard team use healthcare planning, let’s get to know her a little better.

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“Coming from a humble background, I knew very little about finances or investing during my early years. While working full-time and attending college in the evenings to earn my bachelor’s degree, I applied for a receptionist position at a small RIA. This opportunity marked the beginning of my journey in the financial services industry. As I gained more insight into investing and financial planning, I realized my passion for helping clients create a financial roadmap for their future. Today, I fulfill this aspiration as VP and Director of Financial Planning at Bailard, Inc.”

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Bailard, Inc. is an independent Wealth and Asset Management firm based in the San Francisco Bay Area with $6.2 billion in assets under management (as of June 30, 2024), serving individuals, families and institutions. They proudly offer extensive financial and estate planning and investing, focused on achieving long-term results aligned with clients’ values and goals. And, since partnering with Caribou over two years ago, they offer healthcare planning.

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Lena shared that everyone at Bailard understands the importance of offering extensive financial planning and that for their firm, that includes healthcare planning. 

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“It’s one of the things that sets us apart from other advisors. Before Caribou, we partnered with another firm to help our clients with their health insurance planning, but it was limited to those who were at or approaching Medicare age. That company was also changing its pricing model, which led us to look for another firm to partner with. One that could provide healthcare planning for all of our clients, not just those who needed help with Medicare.”

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But how does Bailard identify clients who would benefit from a HealthPlanning Analysis? Two words: life events.

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“We stay vigilant for any life events that might necessitate a change in our clients’ health plans,” Lena said. “Often, these conversations emerge during financial plan updates. Whether clients are nearing retirement or relocating to another state, we discuss their healthcare planning needs and offer a health planning analysis with Caribou as an option. Additionally, we proactively identify clients approaching significant life events. For instance, we track clients nearing age 65 who will need to enroll in Medicare, as well as clients whose children are approaching age 26 and will need to secure their own health insurance. We do this regularly by reviewing our client database.”

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With so many clients (experiencing a number of different life events) who go through HealthPlanning Analyses each year, Lena had plenty of client stories to choose from when asked to share a time that healthcare planning made a difference not only in a client’s financial plan but also in their life and overall experience as a Bailard client.

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“One memorable experience with Caribou’s healthcare planning services involved a couple, both of whom needed assistance with Medicare enrollment. The husband was already enrolled in Medicare, while the wife was approaching her enrollment. Additionally, they had two college-aged children who were still dependents on a high-deductible insurance plan with the wife. These children needed to transition to their own insurance plans. This complex situation required navigating multiple aspects of healthcare planning, but Caribou handled it seamlessly, addressing all their questions. Our clients greatly appreciated Caribou’s guidance, which highlighted the expertise and extensive support Caribou provides.”

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Lena shared that offering healthcare planning has also been a significant differentiator for the firm when it comes to prospecting new clients. The firm often invites prospects to complete a HealthPlanning Analysis before officially signing on as a Bailard client because it allows them to experience firsthand, “...the value and importance of our extensive planning approach.” This approach is similar to what J.L. Bainbridge has done to bring in $750,000 in AUM for less than 1% of the cost of working with Caribou.

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To wrap things up, when Lena was asked what she would say to a financial advisor who’s on the fence about offering healthcare planning, she said:

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“Healthcare costs can greatly affect a client’s long-term financial security, making proactive planning for future expenses essential. As a financial planner, it’s crucial to estimate these costs and incorporate them into your client’s financial plan. Given the multitude of health insurance options available, which can vary by location, the process can be overwhelming for both you and your client. It can be a real pain point. Caribou’s expertise in navigating these complexities simplifies this task, allowing you to provide the necessary guidance without needing to be a health insurance expert. This approach is designed to ensure your clients receive extensive support and enhances your reputation as a financial planner.”

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To learn more about Lena and Bailard. Inc., you can visit her LinkedIn and Bailard’s website.

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Want to speak to someone about how you can make sense of the complexity of healthcare? Click here to schedule a meeting.

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*Disclosure from Bailard, Inc.: This does not constitute a recommendation of, or an offer to sell or a solicitation of an offer to buy any particular security or investment product. It does not take into consideration the particular investment objectives, financial situations, or needs of individual clients. The information is current as of the date indicated and Bailard undertakes no duty to update any of the information contained in this presentation. The above contains some forward-looking statements, which involve a number of risks and uncertainties, and actual results may differ materially from these forward-looking statements.