Does your wealth management team understand why your financial plan SHOULDN’T look like everyone else’s? Do your Advisors clearly understand the significant personal, professional, and financial risks doctors are faced with throughout their careers? Does your team include professionals in tax, legal, asset protection, and risk management disciplines? If you’re like many doctors, the answer is…?
Wealth management for medical professionals requires a team of experienced and independent Advisors. A team that has an intimate understanding of the various complexities and risks doctors face everyday. Advisors that focus on planning for doctors understand the various challenges they face. Large educational debt burdens, shorter average career lengths, contracting margins, and an extremely litigious society are just some of the factors that must be addressed when creating wealth plans for medical professionals.
It’s Time To Realize, You’re Not Like Everyone Else!
Most doctors are too busy running their practices to understand that they’re simply not like everyone else. Do you have an integrated plan that quickly details your professional and personal income statement, balance sheet, and cash flow statement? Does your corporate structure effectively shield you and your practice from liability. Are you proactively maximizing tax efficiencies? Are you implementing a tax diversification strategy within your retirement plan? How often do the professionals on your team proactively engage to lead you to the most effective solutions? If you’re unclear or haven’t had these discussions, then it’s likely you should consider a check up of your own financial situation!
Are Your Symptoms Caused By Common Errors Doctors Make? Read The 10 Questions Every Doctor Should Ask:
- Have you been with the same Advisor for years without ever interviewing prospective Advisor teams?
- Are you more proactive than your Advisors and are you the one suggesting changes or alternatives?
- Are you with your Advisor simply because you want to avoid the “hassle” of changing or suffer from a “if it ain’t broken don’t fix it” mentality?
- At a bare minimum, does your wealth team present you with a detailed analysis AND suggestions for your practice and personal situation at least annually?
- Do you clearly understand the areas of experience and sub-focuses for each Advisor on your team?
- Do you hire too many “YES men/women,” and do any of your Advisors ever challenge or question your decisions?
- Do you clearly understand why you are NOT part of the crowd and why “FITTING IN” can be hazardous to your financial health?
- Have you incurred legal expenses to establish trusts, corporations, partnerships, or other entities only to realize they were left unfunded?
- Do your accountants, attorneys, and financial advisors consistently meet to discuss and coordinate your planning?
- Do you hold assets in joint title or in your spouses name to protect your wealth from creditors?
Do these questions sound familiar? If so, you may be suffering from broken professional relationships. Contact us and we’ll show you how we can help.