We Help Mayo Clinic Employees Make The Best Use Of Their Benefits, Income And Savings
MAke Smart Financial Decisions
Avoid Expensive Mistakes
Connect your financial resources with your hopes for the future
At HCP Wealth Planning, we love to partner with Mayo Clinic employees as a trusted advisor. Our founder, Kevin Burkle, CFP®, CLSP, has a soft spot for healthcare professionals, and Mayo Clinic employees especially. This is because he is the son of both a nurse and a pharmacist, and is married to a Mayo Clinic RN. On top of having over a decade of experience advising Mayo Clinic employees, he has intimate knowledge of all the Mayo Clinic benefits since his own family has personally participated in them for years. Unlike many advisors who are only willing to work with high income physicians, our affordable "By the Gig" planning packages are designed to help all types of medical professionals who work at the Mayo Clinic, regardless of income or job title.
Our "By the Gig" Financial Planning Packages For Mayo Clinic Employees Include The Following:
Organize And Track Your Financial Life
We will help you organize your entire financial life on a personalized financial portal (watch the video below) which will enable you to digitally track your bank and investment accounts, spending, progress towards goals, and more. You will be given, free, unlimited access to this portal for as long as you like.
Allocate Your Excess Cash Flow
We'll help you decide exactly where to allocate your income among all your competing financial goals. Based on your priorities (which we will discuss in detail) we will help you determine exactly how much excess cash flow you have and tell you exactly where to allocate it. So you can be sure every hard-earned dollar has a purpose.
Pay Off Student Loan Debt
As Certified Student Loan Professionals®, we are experts in student loan debt strategies. We realize that a significant amount of Mayo Clinic employees are saddled with student loan debt that is preventing them from focusing on the rest of their goals. We can help you navigate the world of Income-Driven Plans, PSLF, and refinancing so you can be confident that you have chosen the optimal strategy that saves you the most money. *Ask us about how our clients can receive a .50% discount on student loan refinancing rates.
Evaluate Your Insurance Needs
Don't worry, as fee-only financial advisors we don't sell products and we don't receive any compensation or referral fees from any third parties. We do thoroughly evaluate your current insurance coverage and tell if you have enough, or if you are paying too much for life, disability, malpractice, home, auto, and umbrella. If you need to shop for coverage we can refer you to reputable, independent agents who can help you shop for coverage.
Help You Choose Your Investments
We will help you determine where to allocate your investments in your Mayo Clinic 403b and any other employer-sponsored retirement plans that you have. We will also discuss the use of Backdoor Roth IRA's, taxable brokerage accounts, and SEPs and Solo 401ks when appropriate. We will help you be tax efficient with your investing, and build a solid, diversified approach to saving for your retirement. If you are interested in working with us on a continual basis and want us to professionally manage all of your investment assets for you, check out out affordable "Unlimited Plan"
Increase Your Financial Literacy
Our process will be heavy on education. The goal is to help you learn how to manage your investments and your wealth yourself. Upon completion of our engagement, you will have built a solid foundation of wealth. Our mission is to empower you to properly manage your own finances for years to come, without having to pay thousands or even tens of thousands of dollars a year to a financial advisor.
All Clients Get Free Unlimited Ongoing Access To Our State Of The Art Financial Portal
How It Works
Step 1: Before you sign on as a client. We invite you to schedule a free live video tour of our client experience. During this video-meeting, we will discuss your top financial priorities, identify key areas of your financial life that we need to focus on, and give you a tour of our powerful financial planning technology and client portal.
Step 2: If you decide to become a client, we begin the planning process by helping you organize your finances and creating your personal financial portal.
Step 3: Next, we determine exactly how much excess cash flow you have after accounting for income, variable expenses, fixed expenses, taxes, and savings. This way we know exactly how much is available to allocate towards your various goals. Many people may find this to be an eye opening experience because they have never seen this completely mapped out for them. But we have also been told by clients that this process is incredibly valuable and simply having their financial life organized in one place helps to reduce their stress levels when it comes to their finances.
Step 4: If you have student loan debt, we will also determine the best repayment strategy at this point in the planning process. (ask us about how our clients can get a .50% discount on student loan refinance rates)
Step 5: We conduct video meetings to explore the possibilities and help you determine where to allocate your excess cash flows towards various goals. Using screen-sharing technology, we will pull various financial levers in real time to show you how they impact your ability to make work optional AND your ability to achieve any shorter term goals you may have. We will help you evaluate these various scenarios and choose one plan that you feel does the best job of prioritizing your goals. By the end of these meetings, you will be confident that every hard-earned dollar has a purpose. That way you don't end up keeping too much of your savings in cash, or spending too frivolously.
Step 6: . We will conduct additional meetings to review your life, disability, malpractice, and property and casualty insurance coverage. You can be confident that we ONLY recommend that you consider shopping for insurance coverage if it is truly in your best interest since we don't receive any compensation for selling products or for referrals. We also review your estate planning needs and make sure that as a healthcare professional, you at least have a basic estate plan in place.
Step 7: We will educate you on how to become a disciplined long term investor so you can avoid making costly mistakes. For your investment savings we will consider pre-tax and post-tax 401k and 403b contributions, traditional and Roth IRAs, back-door Roth IRA's and taxable brokerage accounts. If you are self employed and/or own a business, we will evaluate the use of solo 401ks and SEP IRAs. Based on your situation we will tell you which ones are applicable to you and how much you should save in them.
Step 8: We will create a final planning document that lists all of the recommendations we made over the course of our meetings and save that document in your secure vault in your client portal. We will help you implement the recommendations. This includes participating in 3-way calls to Fidelity and any other service providers, and referring you to independent, trusted, insurance and estate planners when necessary. After implementation you can take advantage of having 90 days of unlimited email and phone follow up if you end up having any additional questions.
Step 8: You can continue to track your financial life and progress towards your goals in your personal financial portal using our custom app.
For our most popular "By the Gig" plans, we normally charge a one-time fee of $2000. But for Mayo Clinic employees we offer special pricing. You receive a $200 discount, bringing the fee down to $1800. We also give you the option of breaking the fee up into six equal monthly payments if you prefer that instead of paying a lump sum. And while this price is below the average fee of $2000 that advisors charge for fixed-fee financial plans, our client experience is anything but average. For less than many people spend on dining out each month, you can create a plan to secure your financial future.
Even if you decide you aren't ready to partner with us, we will provide with you with some actionable tips to help you improve your financial life.