Financial Advisor Recommendations

[Mitch Connor]

Does anyone have any recommendations for financial advisors? Specifically, does anyone have experience with Doctors Wealth Care?

I came across this group at an afternoon conference while on an audition a few months ago and they are tailored specifically for physicians. They do a side gig of student loan advising for free which is how they appear to rope in business long term. I like them and they seem knowledgeable. However, every time I talk to them about my loans they are selling all the other services hard (totally get it, that's how they make money), but have been a bit elusive on what those future services would actually cost.

I am completely ignorant on finances so I would like to have an advisor, but am not sure what to expect or how much these things cost (investing, estate planning, asset protection etc).

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[Angler]

What is their fee structure? Commision/percentage/flat fee? What type of services are they trying to sell?

I'm betting to walk away from them if they're actually trying to sell things to you.

 

[whoknows2012]

Does anyone have any recommendations for financial advisors? Specifically, does anyone have experience with Doctors Wealth Care?

I came across this group at an afternoon conference while on an audition a few months ago and they are tailored specifically for physicians. They do a side gig of student loan advising for free which is how they appear to rope in business long term. I like them and they seem knowledgeable. However, every time I talk to them about my loans they are selling all the other services hard (totally get it, that's how they make money), but have been a bit elusive on what those future services would actually cost.

I am completely ignorant on finances so I would like to have an advisor, but am not sure what to expect or how much these things cost (investing, estate planning, asset protection etc).

Tyler Olson. Worked with him personally he’s excellent. He’s a fiduciary and will not try and sell you on anything. He offers various payment plans and structures depending on needs

Financial Advice & Education for Early & Mid-Career Physicians | Tyler Olson

Financial advice, education, and planning for early & mid-career physicians.

www.olsonplanner.com

 

[sloh]

Tyler Olson. Worked with him personally he’s excellent. He’s a fiduciary and will not try and sell you on anything. He offers various payment plans and structures depending on needs

Financial Advice & Education for Early & Mid-Career Physicians | Tyler Olson

Financial advice, education, and planning for early & mid-career physicians.

www.olsonplanner.com

I also work with Tyler Olson. Solid.

 

[dozitgetchahi]

I actually agree more with the White Coat Investor strategy of trying to understand as much of your own financial situation as possible, and DIYing it.

A lot of (actually, the majority) of financial advisors are shysters and rip-off artists. If you’re going to work with one, you have to at least know enough about what is going on to figure out if you’re being taken for a ride. Doctors are a well known target for a lot of these types of “advisors” - we are high earners who tend to be relatively clueless about money, and who tend to respect anyone who has credentials and sounds like they know what they’re doing. And even in the best of situations, their fees will heavily eat into any gains you may be making.

Also, I would go out of my way to avoid any financial folks advertising at residency programs etc. Northwestern Mutual, for instance, is notorious for pushing their crappy disability insurance at clueless residents at noon conferences etc.

 

[whoknows2012]

I actually agree more with the White Coat Investor strategy of trying to understand as much of your own financial situation as possible, and DIYing it.

A lot of (actually, the majority) of financial advisors are shysters and rip-off artists. If you’re going to work with one, you have to at least know enough about what is going on to figure out if you’re being taken for a ride. Doctors are a well known target for a lot of these types of “advisors” - we are high earners who tend to be relatively clueless about money, and who tend to respect anyone who has credentials and sounds like they know what they’re doing. And even in the best of situations, their fees will heavily eat into any gains you may be making.

Also, I would go out of my way to avoid any financial folks advertising at residency programs etc. Northwestern Mutual, for instance, is notorious for pushing their crappy disability insurance at clueless residents at noon conferences etc.

I did this then knew what I was talking about when I hired someone. Its amazing how little I knew coming out of fellowship compared to 4 yrs later

 

[Mitch Connor]

What is their fee structure? Commision/percentage/flat fee? What type of services are they trying to sell?

I'm betting to walk away from them if they're actually trying to sell things to you.

Fees are unknown at this point. I had asked a few times previously and the response I got was something to the effect of "we'll talk about that when we get closer to needing those services". They offer estate planning and asset protection, investing etc.

 

[Angler]

I am completely ignorant on finances so I would like to have an advisor, but am not sure what to expect or how much these things cost (investing, estate planning, asset protection etc).

I completely understand the desire to remain ignorant! You've got major commitments to learn during med school. Who wants to deal with this kind of stuff. But it really pays to get some financial literacy yourself, even if you have an advisor.

I am willing to bet that your finances are simple enough to DIY. Student Loan management strategy is complex however. Lots of variables and nuance, as well as not knowing the future. If this firm is willing to unbundle their services and offer advice strictly just on what to do with your student loans, why not hear them out. Then vet their advice by posting here or on the White coat forum or Bogleheads forum. I think the financial advice on SDN can be good but isn't always the best (doctors should stay in their lane). But the downside to this is that you have to be willing and able to say adios to them when they try to sell you whole life insurance. Telling a salesman to take a hike can be very difficult.

I can go on and on about personal finance, but I'll spare you!

 

[VA Hopeful Dr]

Fees are unknown at this point. I had asked a few times previously and the response I got was something to the effect of "we'll talk about that when we get closer to needing those services". They offer estate planning and asset protection, investing etc.

My experience has been that you want someone specialized in each individual area not someone who offers to do it all.

Estate planning needs an attorney who does a lot of that. Usually, but not always, they can help with asset protection.

For financial planning, you want someone who doesn't sell themselves as a physician expert. Those people know most doctors are financially illiterate. Honest for just general planning and advice, a solid accountant can do good work.

 

[sloh]

I actually agree more with the White Coat Investor strategy of trying to understand as much of your own financial situation as possible, and DIYing it.

A lot of (actually, the majority) of financial advisors are shysters and rip-off artists. If you’re going to work with one, you have to at least know enough about what is going on to figure out if you’re being taken for a ride. Doctors are a well known target for a lot of these types of “advisors” - we are high earners who tend to be relatively clueless about money, and who tend to respect anyone who has credentials and sounds like they know what they’re doing. And even in the best of situations, their fees will heavily eat into any gains you may be making.

Also, I would go out of my way to avoid any financial folks advertising at residency programs etc. Northwestern Mutual, for instance, is notorious for pushing their crappy disability insurance at clueless residents at noon conferences etc.

A physician can learn as much as they can and understand their financial situation while also working with a financial advisor. The financial advisor can help point out any major blind spots and act as sort of a nudge so they are doing what they need to be doing with their money and on track with their financial goals. The finances can be quite complex when a physician has kids/family, looking to buy a house in HCOL city, etc. etc. This is especially true for 1099 docs who make a lot. Might be looking at S-Corp and tax deductions. White Coat Investor recommends financial advisors on his website (including Tyler Olson)

 

[anonperson]

Does anyone have any recommendations for financial advisors? Specifically, does anyone have experience with Doctors Wealth Care?

I came across this group at an afternoon conference while on an audition a few months ago and they are tailored specifically for physicians. They do a side gig of student loan advising for free which is how they appear to rope in business long term. I like them and they seem knowledgeable. However, every time I talk to them about my loans they are selling all the other services hard (totally get it, that's how they make money), but have been a bit elusive on what those future services would actually cost.

I am completely ignorant on finances so I would like to have an advisor, but am not sure what to expect or how much these things cost (investing, estate planning, asset protection etc).

Don't waste your money. They will try to sell you other services for wealth and retirement planning like whole life insurance etc. Don't do it

A lot of information is available for free.

Bogleheads is good. They have a forum and wiki that has a lot of information.

Maximize your tax advantaged accounts like 401k/403b, consider backdoor Roth IRA. Invest in a taxable account.

Get disability insurance.

If you have dependents, get term life insurance.

Consider the amount of risk you want to take with your investments and how long you want to work etc.

Don't get divorced.

As a physician, you are blessed with a reasonable income and pretty good job security. If you save reasonably and invest reasonably, you can easily amass several million dollars while still enjoying life.

Invest in funds with low expense ratios. Basically total market funds ( VTI etc). The actively managed funds just cut into your profits.

For estate planning, do some research but it will be wise to get a trust to avoid probate for your heirs. Read up on this and get recommendations for a couple of lawyers and shop around.

No one will care about your money and future like you will.

If you are 1099, there is more legwork on your end and you will need some professional help but you have to know the basics and foundation yourself so you don't get ripped off.

 

[Angler]

If you save reasonably and invest reasonably, and don't spend recklessly, you can easily amass several million dollars while still enjoying life.

 

[CatFactorial]

I actually agree more with the White Coat Investor strategy of trying to understand as much of your own financial situation as possible, and DIYing it.

A lot of (actually, the majority) of financial advisors are shysters and rip-off artists. If you’re going to work with one, you have to at least know enough about what is going on to figure out if you’re being taken for a ride. Doctors are a well known target for a lot of these types of “advisors” - we are high earners who tend to be relatively clueless about money, and who tend to respect anyone who has credentials and sounds like they know what they’re doing. And even in the best of situations, their fees will heavily eat into any gains you may be making.

Also, I would go out of my way to avoid any financial folks advertising at residency programs etc. Northwestern Mutual, for instance, is notorious for pushing their crappy disability insurance at clueless residents at noon conferences etc.

I was roped in by Northwestern Mutual as a resident. No own occupation rider, so I dropped that BS and went with Standard

 

[Mitch Connor]

I completely understand the desire to remain ignorant! You've got major commitments to learn during med school. Who wants to deal with this kind of stuff. But it really pays to get some financial literacy yourself, even if you have an advisor.

I am willing to bet that your finances are simple enough to DIY. Student Loan management strategy is complex however. Lots of variables and nuance, as well as not knowing the future. If this firm is willing to unbundle their services and offer advice strictly just on what to do with your student loans, why not hear them out. Then vet their advice by posting here or on the White coat forum or Bogleheads forum. I think the financial advice on SDN can be good but isn't always the best (doctors should stay in their lane). But the downside to this is that you have to be willing and able to say adios to them when they try to sell you whole life insurance. Telling a salesman to take a hike can be very difficult.

I can go on and on about personal finance, but I'll spare you!

Well I do plan to follow along with the student loan advice for the time being. We have made a few small moves and if they work out I'll keep listening. I like to do things myself and am actively trying to learn (read WCI already) but I will admit it is intimidating and the idea of someone doing it for me is appealing. Definitely don't want to get fleeced when I could do most of it myself.

 

[Mitch Connor]

Don't waste your money. They will try to sell you other services for wealth and retirement planning like whole life insurance etc. Don't do it

A lot of information is available for free.

Bogleheads is good. They have a forum and wiki that has a lot of information.

Maximize your tax advantaged accounts like 401k/403b, consider backdoor Roth IRA. Invest in a taxable account.

Get disability insurance.

If you have dependents, get term life insurance.

Consider the amount of risk you want to take with your investments and how long you want to work etc.

Don't get divorced.

As a physician, you are blessed with a reasonable income and pretty good job security. If you save reasonably and invest reasonably, you can easily amass several million dollars while still enjoying life.

Invest in funds with low expense ratios. Basically total market funds ( VTI etc). The actively managed funds just cut into your profits.

For estate planning, do some research but it will be wise to get a trust to avoid probate for your heirs. Read up on this and get recommendations for a couple of lawyers and shop around.

No one will care about your money and future like you will.

If you are 1099, there is more legwork on your end and you will need some professional help but you have to know the basics and foundation yourself so you don't get ripped off.

Thank you for the advice!

 

[NITRAS]

Fees are unknown at this point. I had asked a few times previously and the response I got was something to the effect of "we'll talk about that when we get closer to needing those services". They offer estate planning and asset protection, investing etc.

Those without assets don’t need asset protection or estate planning.

I get real apprehensive when people aren’t up front with what they charge.
And most of these “advisors” basic advice regarding loans is to avoid paying them so you can invest with whatever they are selling.

I’m a strong believer in getting expert advise, and paying for it. I just think it is naive to think that people aren’t self interested.

 

[lioneljohn]

Sorry for reviving this thread. Does anyone have experience with wealth management firms?

 

[gutonc]

Sorry for reviving this thread. Does anyone have experience with wealth management firms?

There's a Finance and Investment forum that might get you better responses.