There are two primary services I offer to physicians after they have finished training.
Long-term disability and/or term life insurance selection
I am very picky about the insurance I recommend to clients and the insurance I purchase for my family. There is a profit margin built into every warranty or insurance policy that is created. Because of this, I believe most clients should self-insure against moderate risks that are not catastrophic and they should only pay for insurance that protects them from a life altering risk. There are a few types of catastrophic insurance (long-term disability insurance and term life insurance) I can help my clients acquire. Being an independent financial professional, I do not work for a specific insurance company. My job is to find the best solution for my client’s situation.
Financial life planning
This is a holistic approach to deepening a client’s level of understanding about our country’s financial system, developing a blueprint to accomplish their financial goals, and helping them avoid financial mistakes. A financial plan is not a static document that is created one time and then sits in a binder on a bookshelf. It is an evolving process and many physicians want a financial planner helping them with some of the following questions:
- What values are critical to my life and how do I support them with my financial resources?
- What financial goals are important for me to reach?
- What is the best way to build a strategy for my cash flow?
- Am I saving enough?
- Should I invest or pay off debt?
- How do various debt repayment schedules alter my other financial priorities?
- Is my family financially protected?
- Where should I draw funds for a large purchase and how will this affect my other financial goals?
- How do I make the most of my employer provided group benefits?
- How much should I be saving for college education and how should I invest that money?
- When will I be able to comfortably work part time without risking my financial goals?
- Is it possible to take a leave of absence from work and live somewhere else for a period of my life?
- What types of retirement accounts should I be contributing to?
- How do I efficiently invest for retirement?
- How do I prepare my plan for periods of economic turmoil?
- When will I be able to comfortably retire or pursue work outside of my current field?
- How do I make sure I don’t run out of money in retirement?
- If the government increases tax rates, how does that alter my plan?
- What happens if Social Security or Medicare eligibility is changed by the government before I retire?
- How do I track my overall financial progress?
- How do I most efficiently accomplish my charitable goals?
For this type of relationship and on-going access to my guidance for a wide variety of planning topics, I charge an annual fee that is determined at the end of our introductory meeting. I do not bill hourly or by the meeting or by the phone call or by the email. Every client I work with knows exactly what their cost will be for the next year of assistance and there will never be any surprises. In addition to our scheduled meetings, I am an on-call financial resource when questions come up as there is no additional charge for phone calls or emails throughout the year. I believe clients are best served by a long-term relationship that provides access to their financial planner whenever the need arises without having to worry about an additional cost, so that is what I offer.
Having a coach in the journey to financial independence helps my clients stay accountable to the goals they create and this will accelerate their financial progress. However, I want to be clear that my responsibility to my clients is to tell them what they need to hear, not just what they want to hear. I believe successful relationships are built on blunt honesty and that is how I choose to interact with the physicians families I coach.
Separate from the financial plan and Justin's role as a financial planner, he may recommend the purchase of specific investment or insurance products or accounts. These product recommendations are not part of the financial plan and you are under no obligation to follow them.