What's Next for the LDS Church After the Death of Russell M. Nelson, MD, Ph.D., its President, Prophet, Seer and Revelator?

{AUTHOR'S NOTE: On the day of the funeral of Russell M. Nelson, the 101-year-old man revered by millions around the globe as God's chosen Prophet, I felt it appropriate to take a few moments to review his life, the status of the religious organization he led for nearly eight years — The Church of Jesus Christ of Latter-day Saints — and to ask the fundamental question: What's next?}

As most readers of Utah Money Watch already know, Russell M. Nelson, Sr., the leader of the Salt Lake City, Utah-headquartered LDS Church, died a week ago Saturday, shortly after 10pm (MT) on 27 September 2025. He was 101.

According to numerous news reports, thousands of people attended yesterday's public viewing at the Conference Center in Salt Lake City.

Funeral services for President Nelson are being held at the Conference Center at noon today, Tuesday, 07 October 2025.

President Nelson is survived by his second wife, Wendy L. Watson, 8 of his 10 children, 57 grandchildren, and more than 167 great-grandchildren. His first wife, Dantzel, died unexpectedly in 2005 at the age of 60.

As the penultimate "earthly" leader of the LDS Church, President Nelson oversaw and directed a faith of over 17 million members, one with vast real estate holdings (especially in the United States), several for profit businesses, and an investment portfolio estimated by some to be worth over $200 billion.

A native of Salt Lake City, Utah, Russell Marion Nelson, Sr. was a cardiothoracic (heart) surgeon of world renown before he accepted his April 1984 calling of full-time service to the LDS Church and his Lord and Savior, Jesus Christ.

Saving the Body: The First "Half" of President Nelson's Life

According to Wikipedia, President Nelson was born in Salt Lake City on 09 September 2024, the second oldest of four children born.

Although his parents were not active in the LDS faith, he was baptized a member of the LDS Church when he was 16.

While in high school, President Nelson concurrently attended classes at Salt Lake City-based LDS Business College. That said, he graduated from high school at 16 and then began undergraduate studies at the University of Utah.

While still an undergrad at the UofU, President Nelson began medical school at the University of Utah School of Medicine, completing his four-year Doctoral degree in three years at the age of 22.

He also graduated first in his class.

President Nelson initiated his medical residency at the University of Minnesota where he also joined the research work team that developed the first heart-lung machine.

He was awarded a Ph.D. in 1954 for his research contributions at the University of Minnesota.

Other medical highlights from President Nelson's medical / healthcare career included the facts that he

🔺 served a two-year term of duty in the U.S. Army Medical Corps during the Korean War, serving in all five MASH units in Korea, as he "... focused on ways to improve the treatment of the wounded, ..." and

🔺 he also worked at "several field station hospitals, a prisoner of war camp and larger evacuation hospitals in Japan, Hawaii, and the mainland United States in order to implement such improvements."

President Nelson left active duty with the rank of captain after 20 months of service, and then

🔺 completed more than 7,000 heart surgeries,

🔺 performed the first open-heart surgery in Utah,

🔺 invented and built his own heart-lung device at the UofU,

🔺 served as president of the Society for Vascular Surgery,

🔺 was a director of the American Board of Thoracic Surgery,

🔺 served as chairman of the Council on Cardiovascular Surgery for the American Heart Association, 

🔺 was president of the Utah State Medical Association,

🔺 a research professor of surgery and director of the Thoracic Surgery Residency at the University of Utah, and also served as

🔺 chairman of the Division of Thoracic Surgery at LDS Hospital in Salt Lake City.

President Nelson also authored numerous chapters in medical textbooks and other publications, lectured at and visited professionally many organizations throughout the United States and other nations, and he was conversant in 11 languages.

Saving the Soul: The Second "Half" of President Nelson's Life

Following years of local, regional and international volunteer church service while also engaged as a breakthrough heart surgeon of world renown, he accepted a full-time calling in April 1984 to become a member of the Quorum of the Twelve Apostles of the LDS Church, and was ordained at the time as as an Apostle, Prophet, Seer and Revelator.

During his 26 years of full-time religious service, President Nelson visited extensively with Latter-day Saints and government and religious leaders on nearly every continent, including visits to 32 countries and U.S. territories.

In his Church of Jesus Christ leadership roles, he visited with countless government officials, including (as noted by the official Church announcement of his passing), representatives from Cambodia, Colombia, Cuba, Indonesia, New Zealand, Peru, Samoa, Tonga, Vietnam and others, including the leader of the Muslim World League.

In June 2021, President Nelson also gathered with leaders of the NAACP to announce educational and humanitarian initiatives related to the ongoing collaboration between the LDS Church and the NAACP.

Following the passing of then Church President, Thomas S. Monson, Russell M. Nelson, Sr. was set apart and ordained as President of The Church of Jesus Christ of Latter-day Saints and as its "lead" Prophet, Seer and Revelator on 14 January 2018.

In the Church news release announcing his death, some of the highlights of President Nelson's position as the senior-most priesthood holder in the Church, included the facts that he

🔹 was the oldest prophet in Church history,

🔹 increased temple construction (he announced 200 new temples during his time as Church President),

🔹 adjusted the way Saints around the world minister to each other,

🔹 stressed the importance of using the correct name of the Church (The Church of Jesus Christ of Latter-day Saints, in contrast to the long-used term, the Mormon Church),

🔹 shifted the emphasis of gospel instruction to be centered in each home and supported by the Church,

🔹 modified a policy allowing children of LGBT parents to be baptized,

🔹 adjusted the faith’s temple recommend interview questions to help Church members more deeply understand the purpose of temple worship, and he

🔹 introduced a new global youth program for the Church’s children and teenagers.

While he served as its President, the LDS Church announced a new witness policy for live baptisms, proxy baptisms and live and proxy sealings,

🔹 authorized a global policy for couples married civilly to be married immediately in one of the faith’s temples,

🔹 reorganized and consolidated priesthood quorums and organizations for adults and children,

🔹 introduced various changes to missionary policies and procedures,

🔹 changed the Church’s symbol to includes a portrayal of the resurrected, living Lord Jesus Christ, and he

🔹 led the efforts by top Church leaders to create and publish a new proclamation to the world about the Restoration of the fulness of the gospel of Jesus Christ.

As noted in the April 2025 General Conference of the LDS Church, official membership reached 17.4 million, a more than 3X increase from the ~5.2 million members the Church had when President Nelson was ordained an Apostle in 1984.

The Financial Side of His Leadership

The Salt Lake City-headquartered LDS Church was granted 501(c)(3) nonprofit status in the United States by the U.S. Internal Revenue Service in 1941, making donations tax-deductible in the U.S.

Devout Latter-day Saints donate 10% of their annual income to the Church as a tithing.

That said, as outlined in several sources, the LDS Church stopped annually disclosing its financial status in 1959.

Since the 1830s, the Church has owned or held positions in various commercial enterprises, ranging from printing presses, land holdings and other businesses.

But as stated in the Church Finances—Commercial Businesses section on its website,

"The money made from these commercial enterprises is relatively small; the majority of financial resources in the Church comes from the tithes and offerings of Church members."

Some of the current enterprises owned by the Church include

• Deseret Management Corporation, a global operating company that manages a variety of for-profit entities, including
  — The Deseret News,
  — KSL-TV,
  — KSL-AM/FM,
  — 20 other radio stations in the western half of the U.S.;
  — Deseret Book, and
  — Beneficial Life.

Ensign Peak Advisors is the 501(c)(3) nonprofit investment manager owned by the LDS Church that oversees the financial holdings of the Church, which (according to Wikipedia), was formed in 1997.

According to its most recent Form 13-F filing with the U.S. Securities and Exchange Commission (filed 12 August 2025), Ensign Peak Advisors finished the second quarter of 2025 (ended June 30) with nearly $58.5 billion in Assets Under Management (AUM) on holdings in 1,697 entities with securities that are traded in the United States.

That represents an AUM increase of approximately 54.3% since 14 February 2020, the date when Ensign Peak filed its first Form 13-F with the SEC and reported close to $37.9 billion in financial holdings for the Church. (At the time, Ensign Peak held ownership positions in 1,659 U.S.-traded entities.)

Does the LDS Church hold assets outside of the United States?

Of course, including for-profit businesses (such as those noted above), financial securities traded outside the U.S., and land and properties held domestically and around the globe.

In fact, according to a 2023 statement from the LDS Church:

"Following the principle of preparing for the future, both near- and long-term, the Church maintains diversified reserves, including stocks, bonds, commercial and residential real estate, and agricultural properties. All funds are invested solely to support the Church’s mission."

Beyond its legal requirements to do so (such as quarterly filings with the SEC), the LDS Church does not disclose its financial holdings or status.

That has not prevented both individuals and entities from attempting to provide estimates of the overall holdings or wealth of the Church, with one non-transparent entity claiming that its estimation places that total at close to $300 billion.

But the actual amount is not known, and as a devout Latter-day Saint, that is fine with me.

What Happens Next?

This past weekend, the Church of Jesus Christ of Latter-day Saints held its two-day, five session World General Conference at its Conference Center in Salt Lake City.

As has been the case in the 195-year history of the LDS Church, with the death of its Prophet/President, the Quorum of the First Presidency of the Church was automatically dissolved with its remaining two members — Dallin H. Oaks and Henry B. Eyring — returning to their slots in the Quorum of the Twelve Apostles based upon their seniority in the Quorum.

As such, during the opening session of Conference, Elder Oaks was sustained by the members of the Church as the President of the Quorum of the Twelve Apostles.

The expectation is that sometime after today's funeral honoring President Nelson, a member of the Quorum of the Twelve Apostles will be presented for a sustaining vote by his fellow Apostles to be ordained as Prophet of the Church and named as its President.

If precedent is followed, it's expected that President Oaks will be that individual so named.

If so, he will extend callings to two brethren to join him as members of a reconstituted Quorum of the First Presidency, with these callings sustained by the members of the Quorum of the Twelve Apostles, and the two brethren ordained to their new positions.

Additionally, a separate brother will be issued a calling to become the newest Apostle and a member of the Quorum of the Twelve Apostles, with an ordination to become such taking place after he is sustained by the members of both the Quorum of the First Presidency and the Quorum of the Twelve Apostles.

Presuming things operate as they have recently, a press conference will then be held to make three separate yet interrelated announcements:

1. the name of the new President/Prophet of the LDS Church,
2. the reconstitution of the Quorum of the First Presidency, and
3. the names and positions of the new members of the First Presidency themselves.

Separately, the newest Apostle will likely be named at a later date.

When he is named, the newest President/Prophet of The Church of Jesus Christ of Latter-day Saints will oversee and lead a global religious organization with over 17.5 million members and at least $58 billion in liquid assets at his and its disposal.

But as noted in the Saturday afternoon General Conference address delivered this past weekend by Elder Quentin L. Cook of the Quorum of the Twelve Apostles,

• The LDS Church gained nearly 900,000 new members during the past 36 months, with
• Convert baptisms up over 20% in the first six months of 2025 in
  • Africa, Asia, Europe, Latin America, and the Pacific, with
• Convert baptisms up 17% in North America in the same period.

To me the bottom line is this ... in a life full of service delivered around the globe and at home, both of the heart and of the soul, Dr. Russell M. Nelson, Sr. lived well and fully.

And he has arguably positioned the Church of Jesus Christ of Latter-day Saints for continued growth and service.

Vaya con Dios, President Nelson.

Publisher's Note

This article/report was originally published and distributed to our Subscribers at approximately 12:30pm (MT) on Tuesday, 07 October 2025.

However, if this report/article came to your attention sometime after this date/time and you'd like to change that, then (to become a subscriber), please follow the steps below.

Simply,

1. Click on a "Subscribe" button on any Utah Money Watch webpage (visit www.UtahMoneyWatch.com),
2. Enter in your name in the proper field in the popup window that appears on-screen, and
3. Enter your preferred email address in the proper field too.

That's it. And "Yes," it really is that simple.

For context, the purpose of Utah Money Watch is to publish financial / monetary news, information, context, and analysis NOT available through any other source.

[You might think of us as the inverse of Bloomberg, CNBC, and/or The Wall Street Journal. In other words, we are passionately focused on uncovering the most important monetary, financial, and/or business news and information that impact the organizations and people of Utah first, followed by regional news/info second, and national/international info/news last of all.]

So ... if you're you interested in timely Utah-focused monetary, financial, and/or business news, context, and analysis, content NOT currently available through any other source, then subscribe today.

Thanks.

David Politis,
Publisher, Editor, CEO & Founder,
Utah Money Watch