How long have you been working with physicians?
Right from the start. I began my career in 1998, in Rochester, NY. In 2001, we moved to the Greater, Denver area and began working with physicians there as well. Today, I maintain relationships throughout the country.
Why do you enjoy working with physicians?
I enjoy working with physicians for a couple of reasons. First, they are dedicated group of people. Obviously, it has taken them a long time to obtain their MD; med school, residency, maybe a fellowship or two. That comes along with many long and grueling shifts whether it be in residency or as an attending physician. This is something I really can identify with and have a great deal of respect for. In fact, if you look at them as a whole their dedication tends to carry over in their personal life as well, many are marathon runners, triathlon athletes, cyclists, or yoga students. Second, I have found them to be very family oriented so when they are not spending time at their craft they want to be with their family. I’m that way too, so it is something with which I can identify.
What types of physicians have you worked with?
A career stage standpoint it has ranged from just starting in their career to retirement. Those in residency, we have focused on creating a strong foundation by looking at spending plans, insurance, and maybe some savings. For those in their full time field of specialty it is organizing, debt reduction, tax strategies, and wealth accumulation. Finally, if they are nearing retirement it is asset protection, tax reduction, and estate planning concerns.
As far as specialties, I have worked with most of the major disciplines; Anesthesiology, Cardiology, Endocrinology, GI, Internal Medicine, Neonatal, Nephrology, Orthopedic Surgeons, Radiology, etc..
About half are in a hospital setting and half are in private practice. I see pros and cons to both. Those in a private practice there are one or two additional planning areas we cover because of ownership matters.
Do you work with physicians that are local?
Not exclusively. I work with folks all over the country. The vast majority are located here in Colorado but we now live in a high-tech. With Skype, Go to meeting, email, and social media we stay very connected. Also, many residents will move to where their job takes them.
How do you work with physicians?
We start by creating a customized written financial plan. We get their financial history and get a pulse of what they’re doing right and doing wrong. Typically this can take two to four meetings depending upon the complexity of their situation. During this time it allows both parties to engage with one another build rapport and to see if we can work together moving forward. At the end of this stage comes time for implementation of recommendations. At this point, we implement wealth management and/or insurance products. We complete financial plans on a flat fee basis, asset management on a percentage of assets under management and most insurance products are commission based. If the physician is more of a do-it-yourselfer (DIY), we can discuss options such as an annual retainer for advice, our DIY technology program & a low cost robo-investment service.
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