Case Study: The 3 Most Common Financial Planning Pitfalls for Doctors

Learn more about how we helped the “Smith family” overcome financial concerns and chart a course to an early retirement.

Client Profile: The Smiths Our client—like many doctors we work with—already had financial advisors that were mainly focused on investment management as the sole means through which to grow their wealth. They experienced growth for a few years, but when 2022 came around, they realized that this approach was very limited. They felt uneasy with their portfolio and realized that they were overpaying taxes. They felt they had a good income, but their budget was a bit tighter than expected and their investment manager couldn’t provide any answers.

Challenges:

• Limited goal alignment & improper asset allocation: Investments were not strategically aligned with the client's long-term financial goals. Also, the portfolio lacked diversification, leaving them exposed to unnecessary risk, for which they paid dearly last year.
• Overlooked tax implications: Their previous advisors did not consider tax efficiency, resulting in missed opportunities to minimize tax burdens. We found over $70,000 in tax deductions in under 30 minutes!
• Overpaying and under-protected: The advisor didn’t do a comprehensive analysis of insurance needs vs holdings and we found they were paying an unbelievably high amount for inadequate coverage.

Tune into our webinar to see how we solved their challenges! The end result: our clients went from feeling financially stressed to financially secure and well on their way to an early retirement.