We Help Physicians Make The Best Use Of Their Income and Savings While Minimizing Their Taxes and Risks
Our Unique Flat-Fee Pricing Model Is A Game Changer For Physicians
You worked incredibly hard in med school and residency. Now you are finally earning a substantial income as a physician. It's important to understand that as a physician, you can be a target for financial advisors who want to charge you astronomical financial planning fees simply because they know you can afford to pay them. At HCP Wealth Planning, we believe the fees you pay should be based on the service you actually receive, not your job title or how much you can afford to pay. So we created two affordable flat fee financial planning solutions for physicians.
- "By The Gig" Plans: For an affordable one-time fee, you can get a custom, comprehensive financial plan from a fiduciary CFP® who truly understands the unique planning needs of a physician. We are confident you won't find another advisor who will take a more thorough approach to helping you build a foundation of financial well-being. These planning engagements consist of multiple meetings to create a comprehensive plan that we help you implement.
- "Unlimited" Plans: These are designed for physicians who prefer to have an ongoing relationship that includes professional investment management. We start the process the same as we do with "By the Gig" clients, which means we conduct multiple meetings to create a comprehensive plan. But after we implement the initial plan, we have three regularly scheduled meetings per year. In between, we continue to manage your investment portfolios and you have unlimited access to us to reach out whenever necessary.
All Physician Financial Planning Packages Include The Following:
Organize And Track Your Financial Life
As a physician, it can be hard to juggle and keep track of everything you have going on in your financial life. The first part of our process is to help you organize your entire financial life on a personalized financial portal which will enable you to digitally track your bank and investment accounts, spending, and progress towards goals. You will also have access to a secure digital vault where you can upload and save any document that is important to you.
Allocate Your Excess Cash Flow
You may have a substantial amount of disposal income but how do you decide exactly where to allocate that among all of your competing financial goals? Based on a thorough review of your finances and your priorities, 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. Most Physicians are saddled with over 6 figures in student loan debt. 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 like, we can refer you to reputable, independent agents who can help you shop for coverage.
If you are a "By the Gig" client, we will help you determine where to allocate your investments in your 401ks or 403bs. We will also discuss the use of Backdoor Roth IRA's, taxable brokerage accounts, and SEPs and Solo 401ks when appropriate. If you are an "Unlimited" Plan client, we will do all of the above, but also take over the day to day management of your investments for you. We will help you be tax efficient with your investing, and build a solid, diversified approach to saving for both your short and long-term goals.
We understand not all physicians work a typical nine to five. So all of our meetings are conducted remotely via video conference and we make ourselves available outside of "bankers hours". We pledge to respond to any communications from you within 24 hours, even if its the weekend.
All Clients Get Free Unlimited Ongoing Access To Our State Of The Art Financial Portal
How Your Client Experience Begins:
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.
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 additional 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 young professional, you at least have a basic estate plan in place. Other firms may try to sell you on the idea of creating an expensive, complex estate plan simply because they find out you are a physician. But in many cases, that isn't necessary.
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 a 1099 physician, we will evaluate the use of solo 401ks. 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 with service providers, and referring you to independent, trusted, insurance and estate planners when necessary. If you are a "By the Gig" client, 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.
If you are an "Unlimited Plan" client, we will continue to have three scheduled meetings per year. In between, we will continue to manage your investments on an ongoing basis. You have unlimited access to us and we urge you to reach out whenever you need to.
Step 8: You can continue to track your financial life and progress towards your goals in your personal financial portal using our custom app.
Don't Settle For An AUM Fee That Is Riddled With Conflicts Of Interest
Unlike most other firms, we are a flat-fee only firm. This means your fees don't increase just because your portfolio does. Click the above link to find out why this is model does a better job of putting your best interests first than the industry standard assets under management (AUM) fee.
- For our "By the Gig" plans, we charge a flat fee of $1800 which can be divided into 6 equal monthly payments of $300. While this price is below the national average of advisor fees for this type of project planning, our client experience is anything but average.
- For our "Unlimited" Plans, we charge a flat fee of $4500 per year, which is billed monthly. We challenge you to find any other firm who provides a client experience that is as thorough and personalized as ours, at a lower price.
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.