Physicians: PERSONA EXAMPLE

ALEX & SARAH

Alex is a surgeon at a large hospital and Sarah is an anesthesiologist for a private medical group. They have two children. Alex has just been offered a new contract and a second offer at a private surgical group – he would like help evaluating his offers. Sarah recently was offered the ability to buy into her practice but doesn’t know what questions to ask. Alex has been participating in his 403(b) plan but doesn’t know if he should put money into the other retirement plans offered at his job.

They are both concerned about protecting their assets from lawsuits. They keep getting calls about disability insurance but don’t know who to trust. They are both concerned about burnout but feel it’s not a short term concern. Sarah was recently offered the opportunity to invest in a private investment with some of her colleagues but isn’t sure how to evaluate the opportunity. They also want to pay for in state college and wonder if they should use a physician’s loan to upgrade to their next home.

How Moneta can help in this hypothetical situation:

  • If this were a real scenario, the Duff Team would connect Joe with a third party contract review company specializing in physicians. We would then review the offer pros and cons from the hospital and private group against the long term benefits and drawbacks of a large private hospital vs a private practice.
  • Sarah would learn the right questions to ask and the best ways to finance her buy-in to the practice.
  • We would create a retirement savings plan that allowed them the option to retire at 60 if burnout set in or the freedom to work longer if they feel energized knowing they are financially independent.
  • Our team would review the benefits and drawbacks of each retirement plan offered at their jobs and the priority order in which to fund the accounts.
  • We would create an estate and risk management plan to protect their assets from potential lawsuits.
  • Our team would review their group and private disability insurance policies to ensure adequate coverage and recommended a third party insurance company to fill in the gaps in coverage.
  • We would maximize their college savings plan to take advantage of tax efficient college savings strategies.
  • After hearing the pros/cons of physicians loans, Alex and Sarah may decide to apply money from savings on a down payment and use a conventional loan instead.

Examples contained herein are for illustrative purposes only based on generic assumptions; individual experiences with the Team, and results, will vary.  This is not an offer to sell or buy securities, nor does it represent any specific recommendation.  You should consult with an appropriately credentialed professional before making any financial, investment, tax or legal decision. Past performance is not indicative of future returns.

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