---
title: Wealth Management 3.0
description: SS&C ALPS Advisors relates a new paradigm of medicine to their perspective on wealth management.
---

[Two Minute Tuesdays ](https://www.alpsadvisors.com/resources/two-minute-tuesdays)

# [Wealth Management 3.0](https://www.alpsadvisors.com/resources/two-minute-tuesdays/wealth-management-3.0-20231212)

 Written by [Bobby McLaughlin](https://www.alpsadvisors.com/resources/two-minute-tuesdays/author/bobby-mclaughlin) | Dec 12, 2023 2:00:00 PM

```
Two young fish are swimming along.An old fish passes by, “Hey boys, how’s the water?”A moment passes and the old fish swims off.One young fish turns to the other, “What the hell is water?!” 1
```

Wealth management has fallen into a similar paradigm as medicine: react to problems as they occur, treat patients similarly based on diagnosis and do no harm. These become the norm – even regulated as such – while better practices become “worlds hidden in plain sight.”2

In his book *Outlive: The Science and Art of Longevity3*, Dr. Peter Attia describes a new paradigm of medicine (dubbed Medicine 3.0) that is directly applicable to our perspective of wealth management at SS&C ALPS Advisors:

- Greater emphasis on prevention than treatment. 
    - The force of compounding works in both directions – we can help identify risk factors before they develop into chronic issues. Exercising oversight and controls pays dividends for longevity.
- Considers the patient as a unique individual. 
    - Like clinical trials, typical standards around risk questionnaires and strategy assignment based on heuristics misapply averages to individual situations – taking “heterogeneous inputs and come[ing] up with homogeneous results.”
    - A client’s goals, symptoms, risk factors, etc. require a personalized treatment plan.
- Our attitude towards and acceptance of risk. 
    - We have previously covered this differentiated perspective4 that like Hippocrates' dictum of “First, do no harm,” there is a risk of being too conservative.
    - Risk can be perceived as the probability of not attaining a goal and thus traditional risk (aka volatility) is “not something to be avoided at all costs.”
- Pays far more attention to maintaining healthspan and the quality of life. 
    - It’s not all about outperforming indices, but rather helping clients achieve their goals.
    - Unlike the current healthcare system, this aligns with our business model!

We are building Wealth Management 3.0 via institutional-quality model construction, state-of-the-art proposal generation and personalized managed services. Here’s to a happy – and healthy – holidays and New Year.

```
Important Disclosures & Definitions1  Wallace, David Foster. This Is Water. Little, Brown & Company, 2009.2  Krakauer, David C. Worlds Hidden in Plain Sight. Sante Fe Institute, 2019.3  Attia, Peter. Outline: The Science & Art of Longevity. Harmony Books, 2023.4  The Efficient Frontier Is Not Real: A Case for Lottery-like Assets.AAI000525
```

[View full post](https://www.alpsadvisors.com/resources/two-minute-tuesdays/wealth-management-3.0-20231212)

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