Physician FAQs
Do I really need a financial advisor as a physician, or can I manage this myself?
Many physicians are capable investors. Where a financial advisor adds value is in helping coordinate complex decisions around taxes, retirement planning, benefits, compensation structures, and long-term goals. Avoiding costly mistakes and missed opportunities can often more than offset advisory fees over time.
Do you work with physicians at different career stages?
Yes. We work with physicians early in their careers, mid-career, and those approaching retirement or a career transition. Financial priorities often change over time, and planning needs evolve as your career progresses.
Are you a fiduciary?
Yes. When providing investment advice, we act as a fiduciary and are legally obligated to act in our clients’ best interests.
What happens in an introductory consultation?
The introductory consultation is a no-pressure conversation focused on understanding your goals, compensation structure, benefits, and where you are in your career. We discuss the challenges you’re facing and determine whether working together makes sense.
What should I expect in the first year working together?
During the first year, we focus on developing a comprehensive understanding of your financial situation. This often includes reviewing retirement plans, investments, insurance, taxes, and cash flow, followed by implementing and refining a coordinated plan.
Do you work with my CPA and attorney?
Yes. We regularly collaborate with our clients’ CPAs and attorneys to help align tax planning, estate planning, and major financial decisions.
Will you review my retirement plans, including 401(k), 403(b), and 457 plans?
Yes. We review employer-sponsored retirement plans commonly available to physicians, including 401(k), 403(b), and 457 plans, to help ensure they are aligned with your overall strategy and goals.
Do you help evaluate Self-Directed Brokerage Accounts (SDBAs)?
When available, we help evaluate Self-Directed Brokerage Accounts (SDBAs). An SDBA allows access to a broader range of investment options beyond a plan’s standard fund lineup and should be coordinated carefully with your overall financial plan.
How do you help physicians manage high income and taxes?
We help physicians identify opportunities to improve tax efficiency through retirement plan strategies, investment location, charitable planning, and coordination with your CPA, while supporting long-term objectives.
Do you help physicians plan for career changes or transitions?
Yes. We help physicians evaluate career changes such as moving between employers, reducing clinical hours, transitioning into leadership roles, or planning a phased retirement.
Do you help with retirement planning for physicians?
Yes. We help physicians plan for retirement by evaluating timing, income strategies, and long-term sustainability, taking into account pensions, Social Security, retirement plans, and investment assets.
What makes Wealth for Docs different for physicians?
We take a planning-first, educational approach tailored to the complexity of physicians’ financial lives. Our goal is to help you make informed decisions throughout your career and into retirement.
An introductory conversation focused on your goals, priorities, and where you are in your career.