For Doctors Only

About Us

As a physician, you face the daily stress of lower reimbursements, constraints of the Affordable Care Act, tax penalties for the “wealthy”, and a variety of financial decisions, such as:

  • Should I sacrifice quality of life now by taking extra shifts to retire sooner?
  • How should I prioritize debt, retirement savings, and college funding?
  • What are the best states for locums work and where do I establish residency?

The financial habits you develop today will impact you and your family for the rest of your lives, but you may not know where to start or who to trust. This is where we can help.

Fox & Co. Wealth Management is a Registered Investment Advisory fiduciary firm located in Kentucky providing Fee-Only financial planning and investment management services. At FWM, we work in tandem with our sister firm, Fox & Co. CPAs, a full-service CPA firm. 90% of FWM’s clients are virtual, as are 75% of Fox & Co. CPA’s. Both firms use a Flat Fee billing model and are dedicated to serving physicians and dentists.

Johanna Fox Turner, CPA, CFP®, RLP®, senior partner, is forum moderator and a frequent contributor to the White Coat Investor. Her areas of specialization include tax planning, estate planning, and business consulting. Partner Michelle Neiswender, CFP®, MBA specializes in cash flow, insurance planning and asset protection, and college planning. Together, we assist high net worth (HNW) clients across the USA and in Mexico in coordinated asset protection techniques linking financial, tax, and investment planning strategies.

At FWM, we deliver exceptional service dedicated to ensuring that you have full clarity about your finances. We not only help you prioritize, but educate to ensure you don’t just have a plan, but also understand your choices and our recommendations. Our overarching goal is to help you and your family achieve the goals you have set on the timetable that you want.

You can learn more about us and view our ADV here.

Our investment philosophy is articulated in Nick Murray’s book, Simple Wealth, Inevitable Wealth, which we send free of charge to all new clients.

We offer a free, absolutely no-obligation review of your finances and a second opinion. Click here to schedule a complimentary appointment to find out more about Fox & Co Wealth Management. We look forward to meeting you.

Why Doctors?

A large part of our business is doctor-focused. It wasn’t until 2015, however, that we began to realize that our service model (fee-only, CPA, and CFP services under one roof) was a really nice fit for doctors’ personal finance and wealth management needs. Almost every doctor we came into contact with had a personal horror story about paying good money for bad advice and expensive products. As “real” financial planners it’s frustrating to be lumped with unethical advisors, but we also saw an opportunity.

At that point, we put a lot of effort into honing our skills and education to better understand and appeal to the specific needs of doctors. Here is what we learned:

  • Becoming a doctor takes a lot of heart, brains and a superhuman work ethic. Accumulating hundreds of thousands of dollars in debt to go to medical school with no guarantee of a match, then training more years as a low-paid resident, is riskier than most people realize.
  • Doctors often graduate insolvent, with loans they couldn’t discharge in bankruptcy even if they wanted to. The best way to discharge student loans is to use PSLF – or die.
  • Doctors rarely get meaningful financial education in their 8 – 10+ years of training. Medical schools often invite salespeople disguised as advisors in to “teach” students, but they rarely, if ever, give any useful advice.
  • Doctors shift immediately from living on very tight budgets to earning six-figure incomes.
  • This combination leaves doctors prey to financial professionals who are excellent at selling expensive products such as whole life insurance, annuities, and high-cost investments.
  • Most doctors are really nice people who make great clients once the trust factor is overcome. Like all of us, doctors want to be heard, respected, and know they are getting good value.
  • Doctors have strong personalities and find the best relationships with advisors with equally strong personalities who are not intimidated by being questioned and tested by intelligent people.
  • Doctors need financial planning that incorporates appropriate financial products. Insurance and other products will be used to support the goals of the plan, but are not the foundation of the plan.

That’s where we come in. My business partner, Michelle Neiswender, and I are strictly fee-only Certified Financial Planner (CFP®) Professionals. I’m a CPA and partner in a separate CPA firm while Michelle has her MBA. We are both fully committed to FIDUCIARY fee-only planning and investing for our medical professional clients, 90% of whom are remote.

Together, we are working as true fiduciaries to change the stereotype of financial advisors who prey on the so-called “rich doctor”. If you are looking for experienced, trustworthy fee-only advisors who can simplify your financial life and help you protect your assets, we invite you to schedule a free initial appointment to find out more.

Our Process

At FWM, our wealth management services are plan-driven. Just as you wouldn’t write out a prescription or recommend a course of treatment before making a diagnosis, wealth management is not a one-size-fits-all or rule-of-thumb solution. We never make a recommendation without a “diagnosis”, nor do we invest your money without having an intimate understanding of your money history and concerns.

And just as the patient wants to understand her doctor’s diagnosis and treatment plan, we stress education to allow you to participate in making financial decisions. Once we agree on a plan of action, we are then able to employ your resources to their best advantage to accomplish your financial objectives.

Our Fee-Only Financial Planning process encompasses:

  • A series of in-depth meetings and discussions designed to draw out and articulate the concerns and issues you want addressed, focusing on your short-term goals and long-term objectives
  • Review and analysis of key documents such as wills, trusts, tax returns, contracts and insurance policies along with financial recommendations, where appropriate
  • A plan, including optional “what if” scenarios, designed to serve as the road map to accomplish your short-term and long-term goals
  • Periodic strategic reviews, maintenance, and modifications to your plan and portfolio (Comprehensive Flat Fee Planning)

Clients can choose from the following Flat-Fee services:

Year-round Comprehensive Planning, a retainer service that includes investment management.

One-time Financial Checkup, an exhaustive review of your current financial situation. Your Financial Checkup can be a one-time engagement or repeatedly annually.

 Want to know more? Schedule an appointment today!

 

 

CPA Solutions

If you need a great CPA firm on your wealth management team, our sister firm, Fox & Co, CPAs, Inc. works with doctor clients and businesses from coast to coast. We understand that you’d rather not waste a sunny day out of the office fighting traffic to meet with your CPA so we make working with us a breeze. At Fox & Co, CPAs, you will work with a team of professionals who make a concerted effort to be proactive and involved in your tax planning. We are here to educate you about strategies relevant to your specific situation, both business and personal.

Click here for a schedule of typical costs for tax, business, and accounting services.

Click here to schedule a free, absolutely no-obligation review of your current tax situation and a second opinion.

Doctor Resources

Download our free guide, Fiscal Fitness for Doctors, for financial advice specific to each stage of your career:

Residents & Fellows

New Attending

Established Attending/Pre-Retirement

Get All 3 Guides

WHY FEE-ONLY®

Doctor Dilemmas

One reason we think doctors are so smart is that they ask a lot of questions. We may not know the difference between a glottis and a glutamate (ok, we looked it up), but we can whip out answers on retirement planning, taxes, and asset protection pretty darn fast. Doctor Dilemmas has answers to some of your most common questions from all around the country. Click here and you’ll be gurneyed to our searchable blog full of more Doctor Dilemmas – updated with new solutions weekly! Want an answer to your special Dilemma? Email it to us  – we’ll give you an answer (STAT!) and we promise to keep your identity a secret.

 

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