Skip to main content

How We Work With Physicians

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.