Episode 377: Investing in Your Health

Episode Summary

Executive Summary: Episode 377 covers OneDigital’s new investment and why the hosts view it as positive for PWL, practical ways to invest in long-term health, and questions clients should ask about an advisor’s succession plan. The discussion emphasizes evidence-based habits, continuity of advice, and planning ahead amid uncertainty. The hosts also share updates on listener meetups.

Main Topics: OneDigital investment and PWL ownership: The hosts explain that Stone Point Capital and CPP Investments bought shares from existing OneDigital investors in a planned secondary-market recapitalization. They view the transaction, Canadian ownership, and market-tested valuation as positive, and say it has not changed PWL’s operations or client experience. Health as a long-term investment: The hosts compare health and wealth: both benefit from small, sustained actions that compound, and both involve uncertainty. They distinguish lifespan from health span and emphasize that good health helps people enjoy financial independence. Exercise, nutrition, sleep, and mental health: The discussion focuses on broadly supported health practices: regular exercise and strength training, sustainable nutrition, adequate sleep, and supportive relationships and mental well-being. The speakers stress that these factors reinforce one another and that consistency matters more than quick-fix fads. Questions about financial-advisor succession: Ben Wilson recommends asking whether an advisor has a documented succession and contingency plan, who the successor is, whether their approach aligns, how the transition will work, how successors are prepared, and whether fees or services may change. Community and upcoming meetups: The hosts describe well-attended Victoria and Vancouver gatherings and say they are considering additional Canadian and U.S. meetups, inviting listeners to suggest cities.

Key Arguments: OneDigital’s recapitalization was a normal, anticipated private-equity transaction in which existing shareholders sold shares to new investors; it was not an unexpected sale or a change in PWL’s day-to-day business. The hosts see CPP Investments’ participation and increased Canadian ownership as endorsements of OneDigital’s business and a positive development for PWL, while noting the transaction provides liquidity and a market-tested valuation for shareholders. Health and wealth both reward early, incremental effort, but good practices improve the odds rather than guarantee outcomes; Benjamin Felix’s cancer diagnosis despite a healthy lifestyle illustrates that uncertainty. Exercise, nutrition, sleep, and mental health should be treated as interdependent foundations for longevity and well-being. A sustainable approach is preferable to a short-lived health fad, much as investors need a strategy they can stick with. Clients have a legitimate interest in an advisor’s succession arrangements because an unexpected departure can disrupt important financial decisions. Early introductions and gradual knowledge transfer can protect continuity and trust. A successor’s investment philosophy, planning approach, fees, and services matter: a sale to a buyer with different incentives could lead to clients being moved into higher-cost or proprietary products.

Data Points: OneDigital transaction valuation: In excess of US$7 billion - Announced investment by Stone Point Capital and CPP Investments, involving shares sold by existing shareholders. OneDigital acquisitions: More than 260 in 10 years - The hosts cite the firm’s acquisition history in describing its approach to partnerships. OneDigital recapitalizations: Fourth in about 25 years - The hosts describe recapitalizations as a normal feature of its private-equity ownership history. Income-group health-span gap: 7–9 fewer years in good health - A 2019 U.S. and U.K. study cited in the episode estimated this difference at age 50 for people in the lowest-income group compared with the richest group. Smoking and all-cause mortality: 40% greater risk - The episode cites the increased risk for smokers compared with non-smokers. VO2 max and mortality: About twice the risk - A 2018 JAMA study cited in the episode found people with below-average VO2 max had double the all-cause mortality risk of those in the top quartile. Suggested zone-two exercise: About 3 hours per week, or four 45-minute sessions - Peter Attia’s suggested minimum for maintaining and improving cardiovascular health, as described by Benjamin Felix. Sleep duration and cardiac risk: Less than 6 hours per night - Ongoing inadequate sleep at this level is described as associated with increased cardiac problems, including heart attacks. Happiness and mortality: 14% higher risk of death - A study of U.S. adults cited in the episode found this higher risk among people who were not happy versus very happy people, after stated adjustments. Canadian advisors over age 55: Almost 40%; manage about half of AUM and revenue - Statistics attributed to a recent Globe and Mail article; cited to illustrate the scale of succession planning needs. Canadian advisors over age 65: More than 11%; account for 14% of AUM - Statistics attributed to the same article and discussed in relation to advisor retirement and client continuity. Victoria and Vancouver meetup attendance: About 50 in Victoria and roughly 100 in Vancouver - The hosts’ estimates for their recent Canadian listener gatherings.

Pivotal Quotes: "Achieving longevity and good health is a lot like investing." — Benjamin Felix: Introduces the comparison between the compounding effects of healthy habits and financial decisions. "The best nutrition plan is the one that we can sustain." — Benjamin Felix: The hosts use this principle to argue for durable, evidence-informed habits over restrictive fads. "Succession planning isn't really about your advisor leaving now, it's about thinking about protecting your own future as a client." — Ben Wilson: Summarizes why clients should proactively discuss continuity of advice with their advisor.

Implications: Listeners can strengthen long-term well-being through sustainable health habits and should ask their advisor about succession before a disruption occurs. Advisors should document contingency plans, prepare successors early, and communicate how clients’ service and costs may be affected.