OVERCOMING KEY FINANCIAL HURDLES: Developing a plan for saving, investing, and protecting money over the course of your career in medicine is one of the most important steps in achieving your ultimate financial and life goals. Over long periods of time small decisions compound, becoming big differences that can mean the difference in funding your dreams early or just getting by in retirement. It is important early in your wealth building efforts to realize the three main obstacles to financial success for physicians & dentists:
- Poor planning and lack of coordinated implementation
- Generic strategies that do not account for the unique risks and opportunities encountered by physicians & dentists
The Wealth MD Program™
LIVE LIFE WELL: We believe that living life well is a tangible result of following a healthy financial regimen. That’s why we developed The Wealth MD Program™ – a four-step, collaborative and customized process that is clearly defined by your needs, goals, circumstances and philosophy.
Creating and maintaining a Wealth MD Program™ is especially critical for physicians in today’s complex and fast-paced financial environment. It’s important to address financial factors such as:
- Changing economic conditions (i.e., inflation, interest rates)
- Federal tax law changes
- Volatility in equity and fixed income markets
- Changing family dynamics
- Medical practice and career changes
- Health and healthcare changes
- The aging process and longevity risk
A DYNAMIC MANAGEMENT TOOL
More than a disciplined planning process, The Wealth MD Program™ is a convenient tool for managing and tracking your finances by giving you an integrated snapshot of your financial picture at any given point in time through:
Accumulating Wealth for Retirement
REACHING THE SUMMIT: Climbing to the summit of a large mountain is one of life’s greatest achievements for experienced climbers. They know that the key to achieving their goal is planning and preparation. Without focused planning and proper preparation, the journey can quickly take a turn for the worse. Like mountain climbing, retirement planning begins with the goal of reaching the summit. It means having a well-thought-out, well-funded retirement plan strategy. But just as with climbing, unless we adequately plan and prepare, we are unlikely to achieve our goals.
PLANNING FOR SUCCESS
In climbing, focused planning means crafting a well thought-out route which takes into consideration the unique landscapes and challenges of the mountain. In retirement planning, it means building a plan that takes into consideration our personal goals and objectives. It may include strategies built around paying off student loans. Children’s education savings, income…
Managing Wealth in Retirement
REACHING THE SUMMIT AND RETURNING SAFELY: While climbing to the top of a mountain is considered to be a major achievement, the real goal of climbing is not simply to reach the top, but to reach the top and return safely. The same can be said for retirement income planning. For years, people have focused on accumulating enough assets for retirement. However, the biggest risks facing physicians and dentists occur during the income distribution phase when they retire and begin to live on their retirement savings.
As we begin this second half of our financial journey, we are faced with unique and potentially devastating risks such as a volatile market, inflation, liquidity, longevity, health and survivor risks. Just like climbing a mountain, physicians who address these risks will be more likely to safely and successfully complete the journey.
Managing Lifetime Risks
MAKING THE MOST OF YOUR INSURANCE PORTFOLIO WITH THE LIFETIME RISK ANALYSIS™: Few physicians are aware that the life, disability, long-term care and property/casualty insurance policies they purchased as recently as five years ago might be unnecessarily costly or lacking critical new benefits due to the availability of a new generation of insurance products.
When you purchased your policies, you may have made certain assumptions about policy charges, interest rates, planned premiums, and other issues. But life is constantly changing. The original reason for your purchase may still exist, yet your needs may have changed, requiring more or less coverage.
That’s why it’s so important to regularly review all of your personal and practice insurance coverage. A new family situation, a job change or sale of a practice, or a change in your financial status – any of these events plus many others – should trigger…
Obtaining the Best Possible Pricing for Insurance
A PROACTIVE APPROACH TO OBTAINING FAVORABLE UNDERWRITING OFFERS AND POLICY PRICING:
While life insurance, with its many tax advantages, has grown in popularity as a planning vehicle, many physicians don’t realize that the single greatest impact on policy pricing is professional management of the medical underwriting process. Hippocratic Financial Advisors’ Underwriting Advocacy Process™ is designed to increase the potential for obtaining favorable underwriting offers and pricing.
We accomplish this through a proprietary informal underwriting process where we complete 90% of the underwriting BEFORE an application is submitted to an insurance company. This preliminary process enables us to pre-qualify underwriting offers from insurance companies, while protecting your PHI (Personal Health Information) from the MIB (Medical Information Bureau) so that your insurability remains unchanged.
As a result, we are able to deliver the best possible underwriting offers to our clients. Once received, the top offers from various companies are analyzed by our team. We…
Optimizing your Assets
A BALANCED APPROACH: At Hippocratic Financial Advisors, we believe that an optimal investment strategy is imperative for any financial plan. History has proven that interest-generating investments such as cash and bonds have relative stability of principal. However, they provide little opportunity for real long-term growth due to their susceptibility to interest rates and inflation. On the other hand, equity investments have clearly enjoyed significantly higher expected returns historically, but are vulnerable to more severe volatility risk in the markets. To balance the need for safety and performance, we use Modern Portfolio Theory to bridge the gap between traditional and active investment strategies.
Modern Portfolio Theory is a highly disciplined, time-tested process that includes a customized Investment Policy Statement designed to identify the best investment strategy for your situation and answer questions such as: