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For DoctorS Only


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.