Financial Planning for Physicians

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Our Comprehensive Financial Services

Due to the extensive educational requirements of physicians, you have a shorter time span to achieve financial independence.  As a result, tax-advantaged strategies should be considered.  Normal retirement accounts alone may not be enough to get you to your ideal retirement.

• Leveraging Asset Location Strategies for Your Retirement 
• Roth Conversions Offer Tax Friendly Benefits
• Choosing the Best 529 Plan for Your Child’s College Fund
• Minimize tax liability
• Move up retirement
• Alternative sources of income

Tax Planning

Reducing tax liability should be at the core of your overall financial strategy. We will coordinate our services with your chosen tax professional to implement your financial plan in a tax-advantaged manner.

Alternatively, through relationships with our network of CPAs and Tax Attorneys we can design a bespoke tax reduction plan for you to implement.  Implementation of such a plan will help to ensure your personal and professional tax needs are addressed. We can assist with implementation and monitor your progress. 

• Understanding Tax-Loss Harvesting Strategies
• Tax Strategies for Doctors
• Tax Reduction Planning: Three Step Process
  1. Diagnose
  2. Prescribe
  3. Fulfil 

There are four areas to address when working on taxes (timing, shifting, code, and product strategies).  Through the tax reduction planning process, we provide a specific action plan for putting everything to work in your business.

Risk Management Strategy

Insurance can be an important tool to help maintain financial stability through life’s challenges. Our experience in advising ‘groups’ of physicians often creates opportunity for participants to obtain reduced rates.

• Protect Your #1 Asset with Disability Income Protection for Doctors
• Protect Real Assets with an Umbrella Policy

Cash Flow Analysis

Physician Entrepreneurs perhaps know that people, systems, operations and cash are combined to achieve escape velocity of their growth rocket. We help our physician and dentist clients coordinate saving, investing, spending, and charitable gifting plans to meet current needs and create tax efficiency today and in the future.

• Refinancing Education Loans Can Save Money in the Long Run
• Developing Systematic Saving For Major Investments

Benefits Planning

The Physician Entrepreneur receives from strategic partners a tailored competitive packages of employee benefits.   Packages designed to recruit, retain, and reward the valued employee. 

Our team will work with you to develop integrated business insurance, risk management and employee benefits solutions that are tailored to your organization’s exposures, and support your objectives by helping:

• Reduce your total cost of risk
• Protect your people, property and profits
• Maintain regulatory compliance
• Attract and retain experienced staff

We put our in-house specialists at your service and leverage our relationships with insurance carriers and service providers to deliver the expertise, support and advocacy that are critical to the success of your organization.

Group Benefits

Many businesses and practices are not gaining the employee loyalty that benefits are meant to strengthen. Coordination of benefits with the larger goals of your practice can often lead to longer employee tenure.

• Coordinating Group Benefits with Your Overall Financial Plan

In-Depth Practice Analysis & Planning

Managing your practice requires a set of skills typically not taught in medical school.  Given that is such a common occurrence we provide the business advisor division of Willert Morris. We bring together world class business growth consulting.  You know your medical practice and we know the business growth process. 

• Financial Services For Business Owners

Employment Contract Consulting

Our network of advisors has experience in consulting on the financial aspects of employment contracts for physicians. We can help our clients secure better contracts by preparing them with the right questions to ask.

• Evaluating a Medical Employment Contract

Business Retirement Planning

Company sponsored retirement plans are a necessity to recruit and retain talented employees.  Our 401(K) Maestro® team is well-versed in the rules, regulations. Importantly can advise on cost effective solutions to reduce liability as a plan fiduciary.  

For many entrepreneurs the business is their retirement plan asset therefore we coordinate growth of the enterprise value into the personal wealth management.  

We create value for clients by proactive capabilities for solving fundamental needs saving more money by pulling money off the P&L of the business through:

• Qualified Plans
• Non-Qualified Plans
• Both

Business owners will need more money when in retirement because they won’t have the business to generate deductions. We create flexible plans, each doctor decides if in or out and how much to contribute.  We help solve the need at an individual level. 

A typical successful business owner should continue to fund three buckets: a qualified plan; the next bucket is a non-qualified plan; and should continue investing money after-tax creating capital gains that also provides for liquidity. Clients we work with are able to do all three. 

Legacy, Wealth Transfer and Multigenerational Planning

Willert Morriss Wealth Management planning presents a quantifiable solution that maximizes income during retirement, minimize taxes paid during retirement and at death, maximizes wealth transferred to heirs and can include gifts to charity.  

• Introduction To Advanced Planning Strategies

Estate Planning

Estate planning is not just about wealth transfer, however, there are strategies for creating wealth given certain trigger events in the economy or life.  We will coordinate our services with your chosen legal counsel to implement your financial plan in conjunction with your estate planning goals.

• The Four-Legged Stool 
• Advance Planning Strategies

Investment Analysis & Strategy

Our advisors work with you to make sure your various investment accounts are coordinated. Thereby seeking to reduce risks, expenses, and unnecessary taxes through an academic, disciplined investment approach.

• Control and account for investment expenses
• Diversify assets in aggregate to specific risk/return profile of client
• Minimum Investment: $1,000,000 

Alternative Investment Analysis

As a physician, in the financial world are an ‘accredited investor’ or perhaps an ‘qualified purchaser.  Those classifications afford you the opportunity to consider direct investments that are not available to the general public. Leveraging Private Investments in the Healthcare Industry

• Private Placements

Real Estate Planning

Buying and selling a home or investment property can be fraught with financial risk and conversely be very rewarding.  The purchase or sale impacts the resources that are available for lifestyle expenses, retirement savings, college savings, career transition decisions and charitable giving. We can help you understand the financial impacts associated with a decision of this magnitude so that you can feel comfortable you are doing the “right thing” for your set of circumstances.

• Benefits of 1031 Exchanges 
• Why Should You Care About An Opportunity Zone?

Real Estate

Whether it’s for personal or professional use, physicians often find themselves maneuvering the complex world of real estate. We can help connect you to licensed real estate professionals to assist with negotiating leases, bidding out contractors for planned projects, and purchasing or selling property.

• Real Estate Investments Could Potentially Lead to Supplemental Income

Mortgage Planning

Assistance from your financial advisor and a quality mortgage professional can help align your mortgage with your overall financial objectives.

• Think Twice About Borrowing the Maximum for a Home
• Applying the Time Value of Money Principle
• Understand borrowed money loses purchasing power