Wealth doesn’t just require money — it requires discipline. If there is one thing you have mastered as a physician, it’s a healthy respect for the rules.
Who We Serve
Physicians face financial worries that differ from other professionals. You’ve made substantial investments in your training and in building your practice, and you shoulder considerable financial risk throughout your career. But with the right guidance, you also have tremendous opportunities for wealth building.
You shouldn’t have to educate your financial advisor about the challenges and possibilities on the horizon for you.
Early Career Physicians
The Rx Wealth Plan:
Your Prescription for Success
Wealth is not something you wing. You achieve it the same way you achieve everything else: an assessment of data, logical and unemotional evaluation, educated insight, critical decision-making and a long-term commitment.
In order to accomplish this, we have a specific process that helps us identify who we can help and how we can best serve them. Rather than offer “free” advice and then a heavy-pressure close, we charge a flat fee for a standalone plan that takes into account your current finances and assets.
Want to understand our thinking and get a glimpse of what it’s like to work with us? Start with a no-cost, no-obligation analysis of your most recent tax return. We’ll identify key tax savings opportunities you missed and offer insight into how an Rx Wealth Plan will help you avoid pitfalls in the future and set you up for success.
The Rx Wealth Plan is a blueprint for building your critical financial infrastructure and includes:
- We start with your “Why” – We know your situation is not like others. We need to understand what is important to you and why. Also, what makes you make the decisions you make.
- Our and Your Assumptions – We and you must make some assumptions. We review to make sure we work together to make these assumptions, as best as possible.
- We give Our Recommendations With Steps to Implement – Based on your Why, we lay out what you specifically need to do now to build your financial infrastructure and in the future to capture opportunities and eliminate risks that derail you in areas of your financial life, such as getting control of your cash flow, reducing taxes, tailoring your portfolio to your vision and protecting from unexpected risks.
- The Art & Science behind our Recommendations – We show you all the data, how we assess it in an unemotional and logical way, our educated insights, and critical decision making that leads us to our recommendations.
- Our Ongoing Infrastructure Support – We outline what we will do to help you implement and support you going forward.
- Straightforward, Actionable Advice and Service – We provide you advice, guidance, and service you can count on to protect and grow wealth.
Physician Wealth Management Framework
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, leading, and coordinating with a team of other professionals to benefit your and your family’s well-being and finances
- Providing ongoing communications and meetings to keep you educated about your finances and allowing you to focus on your other passions in life.
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 “War Chest” to handle emergencies or take advantage of opportunities
- Implementing the legal documents, such as a Will or Power of Attorney
- Developing or enhancing the proper business or employment contracts and legal structure to limit your liability, minimize tax benefits and maintain your freedom of choice, while protecting you and your family
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
- Strategically designing and managing your debt
- Advising on new home and other lifestyle asset purchases
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
- Planning 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.