There are many financial products on the market, and so choosing the ones that best meet an individual client’s needs can be complicated. Informed decisions about the products in any portfolio are best made after an assessment of individual needs. After meeting to do this, you are better informed when the time comes to choose from a comprehensive suite of products and services and select those that address your unique situation.
Products and services include:
Investment Management
You may have the essential financial obligations covered and a good retirement plan in place. But what about additional investments? Our Wealth Management Team has the knowledge and expertise to make sure you are taking advantage of the right investments for your situation. Physician Wealth Advisors is a SEC registered Investment Advisory firm. Our investment advisors work side-by-side with you to be certain you have the best investments for your particular situation.
Retirement Planning
Personal
You can expect to be more active and live longer during your retirement years. That's why it's essential to have the resources necessary to sustain the lifestyle to which you and your family have become accustomed.
When it comes to planning for retirement, you should be asking yourself - How much do you need? How long will it last? When it comes to saving for retirement, many physicians are unclear about where they stand and what to do next.
Physician Wealth Advisors' top-notch advisors can help you lay the groundwork for the retirement you envision - with practical, personal guidance, helping you make sense of the many options available, and clear next steps.
Employer-Sponsored
Our plan types
Physician Wealth Advisors provides retirement plan services for 401(k), profit sharing, 403(b), 457, and defined benefit plans. We also offer services for non-qualified and ESOP plans. UMAFS consults with plan sponsors as an ERISA 3(21) fiduciary for investments along with other services to include plan design, request for proposals (RFP), vendor searches, education and communication, ERISA compliance, competitive benchmarking and advice. Our commitment to retirement plan clients helps you meet your Fiduciary responsibilities while providing employees with tools and resources to achieve their retirement goals. Our independence and fee transparency allow us to provide unbiased advice and recommendations. We work in collaboration with leading trusted institutional partners to offer state-of-the-art retirement services.
Flexible retirement plans that are managed for you
Physician Wealth Advisors goes to great lengths to make providing a retirement plan a pleasant experience. Physician Wealth Advisors handles all participant level services including education and communication, advice, and executive financial planning. We work directly with your staff to evaluate their specific needs and goals for their retirement plan. We then utilize additional educational resources to help your team successfully grow and develop their knowledge and experience. This process allows your staff to build and manage their wealth to meet their individual financial goals.
Tax Planning
Taxes are a central component of a comprehensive financial plan. Almost every financial planning issue – whether it is retirement, investments, insurance, or estate planning – has tax considerations. To that end, we have invested in diagnostic tax software that can help recognize tax planning and investing opportunities simply using your tax return. Moreover, the software has also been useful at identifying potential errors to help ensure you pay what’s appropriate, but nothing more (if tax planning strategies aren’t reported to the IRS correctly, they may as well not have happened)! While we do not prepare tax returns, by incorporating your tax situation into your overall financial plan, we can work together to help minimize your tax liability.
- Tax-efficient Portfolio Management - A thorough understanding of your tax situation puts us in a better position to understand your overall personal finances. That can allow us to tailor specific approaches to your situation which may lead to a more tax-efficient investment strategy.
- Review Tax “Gotchas” – Identify credit and deduction phaseouts e.g., Medicare Surcharges, Net Investment Income Tax, Widow Penalty, and Required Minimum Distributions.
- Retirement Optimization – Comprehensive knowledge of your tax situation allows us to better understand the role each of your traditional (pre-tax), after-tax and Roth retirement accounts play in your overall financial strategy.
- Retirement Distribution Planning – Taxes are an important factor to consider when withdrawing money from your accounts during retirement, including the consideration of Roth IRA conversions and timing of Social Security. We can illustrate various scenarios to visualize the optimal way to think about these withdrawal decisions.
- Coordination of Tax Strategies with Your CPA – Having a clear understanding of your tax situation allows us to collaborate effectively with your tax preparer thus reducing the chance of errors. We’ve seen a number of mistakes on the reporting of charitable donations and back door Roth IRA’s to name a few that could’ve been avoided.
- Ongoing Tax Management – Tax laws and regulations are constantly changing. By reviewing your tax returns periodically, we can show you potential adjustments in your financial strategy that may help keep you up to date with new laws and regulation.
How to send us copies of your tax returns:
- Upload your return directly using a secure link we’ll email to you
- Drop your returns off at our office – we’d love to see you and we’ll copy them for you
- Have your tax preparer send them to us directly
Taxes are an important consideration for us as advisors to understand your personal and financial circumstances and we hope you’ll take advantage of this value-added service. We realize tax season is one and done for many of you but we’re glad to work year-round to help make sure that all aspects of your financial plan are functioning in the most tax-efficient way possible. After all, it’s not just what you earn, but what you keep that matters most!
Income Planning
One of the most important services we offer physicians may be a well-structured and sustainable retirement income strategy. Considering the many methods for structuring such a strategy, this process may be overwhelming to retirees.
The risks in retirement are different from the risks an investor may have faced while accumulating retirement assets, and often a retiree needs help to understand and evaluate these differences. Our financial planner's guidance can be of great help throughout this process.
Risk Management
Insurance plays a vitally important role in a comprehensive financial plan for physicians as they have higher earning potential as well as greater liability risk than the average American family. Insurance protection should allow physicians to live life knowing that if something happens to them, their families can maintain the lifestyle they’re accustomed to. In other words, the decision to purchase insurance should be viewed from the perspective of seeking to trade a small known loss, to avoid a big unknown loss.
Physician Wealth Advisors provides intelligent choices for the type of insurance, coverage amount, and provider, so that you can obtain this essential protection for your family. Our experts can guide you through all the different choices and help you select the right coverage to give you peace of mind. If you already have a policy, we’d also be happy to review it. It is our belief that no financial plan is complete without a comprehensive risk and insurance analysis.
Life Insurance
Life insurance offsets risk by providing a financial safety net to individuals and their families in the face of unexpected events, particularly the death of the insured. It serves as a mechanism to transfer the financial burden associated with such risks to an insurance company.
When a person purchases a life insurance policy, they pay regular premiums to the insurance company. In exchange, the insurance company agrees to pay out a predetermined sum of money, known as the death benefit, to the policy's beneficiaries upon the insured's death. This death benefit helps offset the financial impact that can arise from the loss of income, outstanding debts, funeral expenses, and other financial obligations.
Disability Insurance
Disability insurance offsets the risk of income loss in the event that an individual becomes disabled and unable to work due to injury or illness. It serves as a crucial financial safety net by providing a portion of the insured person's income when they are unable to earn it themselves.
As a physician, your ability to work and earn a substantial income is a vital asset. If a disability prevents you from practicing medicine, disability insurance provides a portion of your income, ensuring financial stability and the ability to meet ongoing financial obligations.
Long-Term Care Insurance
Longevity and long-term care (LTC) planning is a significant concern for many people across a broad range of demographics. The personal nature of health care, the inability to predict how much care will be needed in the future or how the care will be delivered, and longer life expectancies can make for a challenging and sometimes uncomfortable planning topic. Furthermore, costs for custodial care are not covered by Medicare or traditional health care insurance. As such, early planning and an effort to coordinate the issue with other important financial planning areas are vital.
In an effort to improve our planning and better analyze the risks associated with retirement and potential long-term care needs, we are using a tool called HALO. With HALO, we are able to be more specific in our planning, utilizing long-term care and life expectancy data from your subset of the population, those who relate closest to your personal and direct family situation.
Please take a few minutes and click on the secured link below to answer the subsequent questions (you’ll find the Halo assessment quiz on the webpage under the header “Get Started,” then click the box labeled “Take the HALO Assessment”). After the quiz, you will see a snapshot of your analysis which we can use to update your retirement plan. As always, your responses and personal assessment will remain private and will only be used together as we plan for your future goals.
Debt Management
Many of our clients are faced with the challenge of balancing student loans, home mortgage, purchasing a practice along with other debt burdens. We can help build a roadmap for managing and paying down debt while still achieving your savings goals for retirement. Often times individuals may qualify for various student forgiveness and repayment programs. Our specialists can help you navigate the complexities of these issues.
College Funding
With the cost of education rising at an unparalleled rate, you may be concerned about funding your children’s or grandchildren’s college education. Physician Wealth Advisors can present and explain options and ideas about saving to meet your college savings goals. One great option is using the Utah’s 529 program (my529) to start investing and preparing for those future expenses. We can help you understand the amount and how to properly invest the money you set aside.