We believe in a comprehensive approach to integrated financial planning with our healthcare professional clients. We help educate our clients on considerations for each phase of their career:
Medical School
- Budgeting and Debt Management – paying yourself first
- Plan for disability to protect your income
- Consider building Up Credit for purchasing a home, care, and other potential assets (mitigate credit card debt)
- Consider obtaining appropriate health insurance, renters/homeowners’ insurance, and possibly an umbrella liability policy
- Establish a relationship with a Financial Advisor
Residency and Fellowship
- Consider creating a Debt Management Plan (explore optimal student loan repayment options); maintain “healthy" credit
- Secure occupation specific disability planning if not done so in Medical School
- Begin saving for retirement (i.e. Roth IRA, 401K, 403B)
- Plan for short and mid-term goals (i.e. wedding, family planning, home, etc.)
- Protect your family by securing life insurance if appropriate
- Review employment contract for salary, performance, revenue requirements and benefits (understand employment model) and coordinate with tax or legal professionals
- Ensure the right amount of liability and malpractice coverage is provided and/or secured
- Meet with financial advisor (1-2x per year)
- Secure an attorney to create an estate plan (Will, Trust, & POAs, etc.) & for job contract review
- Establish a relationship with an accountant regarding tax planning, integrating potential job prospects
Practicing - Post Training
- Create a budget
- Consider accelerating student loan repayment if possible
- Update your disability income planning
- Increase savings for retirement while exploring additional investment solutions
- Save for children’s education
- Maintain renters/home and auto insurance
- Build & Maintain an emergency fund (i.e. 3-6 months of reserves)
- Continue to work with an attorney to update an estate plan & address asset protection
- Continue to work with an accountant regarding tax planning with year-end tax projections
- Save for starting own practice or buying into practice (if desired) & explore healthcare lending options
Retirement Income & Distribution
- Optimize your assets to create predictable & tax-efficient income
- Long Term Care Planning – help protect balance sheet from healthcare/long-term care costs
- Longevity Risk – guaranteed income streams can help avoid outliving your assets
- Legacy planning – multi-generational wealth transfer planning
Not all products or services mentioned on this page are offered by BWM. Financial Representatives do not render tax or legal advice. Please consult with a tax or legal professional for advice that is specific to your situation.