Time is a precious resource for medical professionals, often leaving financial planning on the back burner. However, having a dynamic financial plan is essential for achieving long-term financial freedom, especially in a career with unique challenges like high student debt and demanding schedules.

We understand the complexities of your profession and offer a streamlined process to save you time while ensuring accountability. Our approach evolves with your life’s twists and turns, helping you stay on track.

Our Process:

1. Goal Setting: We begin by understanding your personal and professional aspirations, uncovering what financial success truly means to you.
   
   
2. Customized Planning: Combining your vision with our expertise, we craft a tailored financial strategy that adapts as your circumstances change.
   
   
3. Ongoing Support: We provide continuous guidance to ensure your plan remains aligned with your evolving needs.

Let us help you focus on what matters most—your patients—while we take care of securing your financial future

Tax Planning

Medical professionals often face significant tax burdens. Effective tax planning goes beyond income taxes, encompassing investment gains and asset withdrawals both now and in retirement. 

Our team collaborates with Baird’s tax experts to mitigate your tax liability through tailored strategies for saving, investing, and wealth transfer. We also coordinate with your accountant to ensure a cohesive, tax-efficient plan.

Retirement Planning

Balancing a fulfilling career with future financial security is crucial. Whether you’re starting out or nearing retirement, we help reduce financial anxiety by crafting personalized plans that align with your goals. Our approach ensures you enjoy life now while preparing for a comfortable retirement.

estate Planning

Estate planning protects your assets and ensures they are distributed according to your wishes. We partner with experienced attorneys to create comprehensive documents that simplify the probate process and safeguard your legacy.

Student Loan Repayment

Medical professionals often carry substantial student loan debt. We help develop customized repayment strategies to alleviate stress and help you achieve financial freedom.

Investment Consulting

Investing, at it's core, is a basic concept.  You invest capital in companies you believe will grow and in turn, if successful, their price rises with some also paying you a dividend along the way.  Medical professionals are highly educated capable individuals but with your demanding schedule, time is at a premium.

It's important to review all of the investing options at your disposable and determine the best way to allocate your savings.  You likely have access to a workplace retirement plan such as a 401k or a 403b or maybe even a Split Dollar Plan.  This might also include a Solo 401k, SIMPLE IRA or a SEP IRA if you're in a smaller practice or have self-employed income from moonlighting. If your health insurance is a high-deductible plan, you likely also have access to a Health Savings Account (HSA) which typically has the ability to invest.  Couple that with a Backdoor Roth IRA strategy and you have the ability to save significantly in a tax-deferred manner. In many cases, it's also helpful to diversify your investment taxation buckets by also putting money in a taxable investment account.  Our team, The Thornberry & Curry Group will help you assemble the building blocks to create a tax-efficient investment strategy that sets you up for success down the road.

Disability Insurance

Unlike other types of insurance, disability insurance protects your ability to earn income, which in most cases, is your most valuable asset.  This coverage replaces a significant portion of your income when you're too sick or injured to work making it a very important component to a sound financial plan.  Disability policies can be complex which can make it difficult to choose the right one.  We work closely with our insurance partner to make sure the policy you choose meets your specific needs.

A critical detail to any disability policy is the definition of disability.  Usually, the broader the definition, the more expensive a policy is but it also usually means you're better covered.  Another important consideration is which insurance riders (additional features) can and should be considered for inclusion in the policy.

Life Insurance

Life insurance is most important during your peak earning years when you and your family have significant liabilities such as a mortgage, student loans, children under the age of 18, the ability to put your children through college or to pay for a future wedding.  If something were to happen to you, would your family have the means to continue to service debt, fund important goals, and maintain their lifestyle?

Generally, term life insurance is the most practical. It comes at a modest cost and is only maintained for a defined period of time.  We can work with you to determine what coverage amount makes the most sense and for how long.

Long-Term Care Insurance

Long-term care is the assistance provided to someone who can no longer live independently. Usually, this is the result of a prolonged physical illness, a disability like a stroke, a cognitive impairment such as Alzheimer’s disease or just growing older and becoming frail. But it can also be the result of an accident.   

Without a plan for long-term care, family and friends often become the primary caregivers. When they can no longer shoulder the burden, they turn to the income or assets meant for retirement. Having a plan to help cover the cost can alleviate the burden of expensive long-term care without tapping into these other sources of income. 

Residents and Fellows: Laying the Foundation

As a resident or fellow, managing debt is often your biggest financial challenge. The average medical school graduate in the class of 2024 carried a staggering $234,597 in student loan debt. This can feel overwhelming, but with the right strategies, it’s possible to take control of your financial future.

Key considerations at this stage include: 

• Debt Management: Developing a plan to tackle student loans efficiently.
  
  
• Insurance Planning: Securing disability and life insurance to protect your income and loved ones.
  
  
• Retirement Savings: Starting early to take advantage of compounding growth. 

Building a strong financial foundation during your training years is critical for long-term success.

Attending Physicians: Growing Wealth and Managing Complexity

Congratulations on becoming a practicing physician! After years of hard work, you’re now earning a significant income. This is an exciting time, but it also comes with new financial responsibilities.

Common challenges we see at this stage include: 

• Student Loan Repayment: Aggressively paying down debt while balancing other priorities.
  
• Cash Management: Many physicians accumulate large amounts of cash in checking or savings accounts without a clear plan for its use. A comprehensive financial plan can help guide decisions around cash allocation and future purchases.
  
• Advanced Financial Planning: With higher income, tax planning, estate planning, and investment management become essential components of your strategy. 

Our goal is to help you make informed decisions that align with your goals and set you up for long-term success.

Practice Owners: Navigating Business and Personal Finances

For physicians who own or are partners in a practice, financial planning becomes even more complex. In addition to managing your personal finances, you’re now responsible for operating a business—adding another layer of responsibility.

Key considerations for practice owners include: 

• Employee Benefits: Designing competitive benefits packages for staff.
  
  
• Retirement Plans: Establishing plans that benefit both you and your employees.
  
  
• Tax Optimization: Strategizing to minimize tax liabilities for both personal and business income.
  
  
• Compensation Structures: Navigating the complexities of equitable pay within the practice.

Our team has extensive experience working with physician practice owners and collaborates closely with CPAs, attorneys, and retirement plan specialists to provide holistic advice tailored to your needs.

Additionally, Baird’s Business Owner Solutions team offers valuable resources to help maximize the value of your practice. Whether you’re evaluating compensation models or exploring liquidity event options, our team provides insights into market trends, potential partners, and recent M&A activity in the medical practice space.

Partnering With You for Financial Success

No matter where you are in your career—whether you’re just starting out or managing the complexities of practice ownership—our team is here to guide you every step of the way. We specialize in helping physicians like you build a secure financial future so you can focus on what matters most: providing exceptional care to your patients.