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The Missing Framework Required to Build Wealth as a Physician

As a physician, you are making a significant investment of your energy, time, and money into your finances and the well-being of you and your family. It is your financial advisor’s obligation and duty to be prudent with your wealth and manage it wisely. In partnering with you and your family, we follow what we call the “Physician Wealth Management Framework.”

By carefully using thought-out processes and procedures, assigned accountabilities, specific schedules, and set boundaries, this framework creates the appropriate financial infrastructure to help you reach the success and wealth you are entitled to.

In developing a working partnership with your advisor, it is important to set clear expectations and guidelines to promote success. Our Physician Wealth Management Framework, explained below, is designed to do just that.

  • Initial and On-Going: Wealth Assessment, Implementation, and Monitoring
    • Developing an “Rx Wealth Vitals” profile to know where you and your family currently stand
    • Identifying annually your key finance areas to focus on and opportunities to take advantage of
    • Maintaining a list of annual specific actions, based on each phase of our framework, we need to take to keep your and your family’s finances on track
    • Assembling and coordinating with a team of other professionals to benefit your and your family’s well-being and finances
  • Phase One: Protecting You and Your Family Reduces Anxiety
    • Protecting your lifetime earnings
    • Protecting your family in the event of premature death
    • Protecting your assets
    • Protecting your health
    • Building an adequate fund for emergencies
    • Implementing the legal documents, such as a Will or Power of Attorney
    • Developing the proper business structure and legal documents to limit liability, while protecting your business and you
  • Phase Two: Planning and Saving for Your Future
    • Learning and memorializing what is important to you and your family
    • Building a realistic monthly/annual spending and saving plan based on your priorities
    • Implementing a systematic, long-term savings plan 
    • Defining what investment vehicles to use, based on your priorities, to begin building your nest egg
  • Phase Three: Growing in order to maintain future lifestyle
    • On-going Investment planning and monitoring
    • Focusing on taking advantage of fundamental tax savings strategies
    • Investing for market-like performance through a diversified portfolio
    • Enhancing your career and practice
    • Identifying areas of increased earnings potential
    • Improving your financial knowledge
    • Growing toward financial independence
  • Phase Four: Enhancing Your Plan and Wealth
    • Implementing 529 plans & education savings on a tax-advantaged basis
    • Monitoring your investment expenses and fees
    • Using more sophisticated tax structures to reduce taxes and benefit your family
    • Panning for tax-efficient philanthropy 
    • Investing for your next generation 
    • Taking measured risk with investing in exchange for potential return enhancements
  • Phase Five: Legacy
    • Teaching your children about money and family values
    • Your estate plan and related estate documents 
    • Your personal and charitable legacy

Much like becoming a physician, successfully building wealth and achieving your financial goals takes focus, determination, a defined path, and consistency. Without these key characteristics, a physician is just using hope as a strategy, and hope is rarely the best option for achieving success and wealth. If you are not using a defined framework to manage your wealth, please call us for a complimentary consult. 

Website Disclosure:

Rx Wealth Advisors is a physician-focused financial advisory firm. Their primary focus is to help medical doctors maximize their earnings, keep more money in their pocket, and cultivate wealth so they can live the life they’ve earned and deserve. Rx Wealth can be reached at 412-227-9007, via email at croe@rxwealthadvisors.com, or on the web at rxwealthadvisors.com.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.