Medical Professionals
Brent L. Shaw CFP®, RICP®, WMCP®
Co-Founder and Private Wealth Advisor
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As a medical professional, you face a set of unique financial challenges due to the complexities to of the career. Whether it’s the delayed gratification of entering the workforces later than peers, accumulating significant debt to fulfill your dreams and have lasting impact, or managing complex compensation with significant tax implications; Esteem Wealth Partners thrives on being a dedicated partner at every life-stage of a physician’s career and beyond.
Our team serves over 400 physicians and medical professionals across the country. We specialize in providing planning for the three unique stages of a medical professional’s career – Getting Started, Established and Growing, and Plan an Exit or Next Phase of the journey.
Brent’s intimate knowledge & expertise regarding the challenges medical specialists face at various stages of their career helps clients navigate the ever changing medical environment with confidence. Whether it’s a private practice, physician partnership track, or hospital employee, Brent’s team has successfully helped many medical professionals across the country to financial independence. Healthcare Business Review magazine has acknowledged this expertise by naming Esteem Wealth Partners as a Top 10 Healthcare Finance Service Solutions Provider in 2022.
GETTING STARTED
Getting started can be tough, especially when you made the sacrifice to invest your time and your money in yourself!
In the first couple of years, whether in residency or fellowship our goal is to help our clients answer the following questions, while not losing sight of long-term goals:
- How do I balance my budget to enjoy today while effectively paying down debt AND saving enough so my lifestyle never has to go backwards?
- What is the most cost-effective way to pay off my loans and will the Public Service Loan Forgiveness help?
- If I get sick or injured and can’t perform the substantial duties of my medical occupation, will my disability coverage be enough to maintain my lifestyle? Will I be required to work in another occupation based on my qualifications?
- In the event I die too soon, do I have enough life insurance coverage to supplement my assets so my family can maintain lifestyle and dignity?
ESTABLISHED/ATTENDING PROFESSIONALS
Some of the toughest years are behind you and now you're moving forward. These can be summed up as the accumulation years – in both time and money. The key critical questions are:
- How much do I need to be saving for retirement and other goals considering I started saving almost 10 years after my non-physician peers?
- How do I most effectively use tax-efficient strategies not only today but in the future AND which savings vehicles should I prioritize to maximize first for tax-efficiency & creditor protection based on my goals and the alternatives available?
- In the event my health declines and I can no longer work or if I were to pass away, are there properly structured insurances in place for my family to maintain their dignity AND do I have the proper estate planning documents in place to make sure my assets are accessible to the right people, at the right time, and for the right reasons?
- How much am I currently paying in investment fees AND how should my portfolio be diversified to achieve the optimal return based on the level of risk I’m willing to take?
PRE-RETIREMENT & RETIREMENT
Let the fun begin. Years of hard work, dedication and discipline have led to this moment. While we’ve helped many people get TO RETIREMENT, our plans are structured to ensure you can maximize your goals THROUGH RETIREMENT. We help you answer these critical questions:
- How do I structure my portfolio to generate enough income without having to worry about market volatility and running out of money?
- At what age should myself and my spouse elect to receive Social Security retirement benefits?
- Will I have a potential excess Required Minimum Distributions (RMDs) problem and should I consider Roth Conversions throughout retirement?
- How do I plan for funding a potential long-term care event to provide the best possible care while properly protecting my assets for my spouse and family?
FORBES TOP FINANCIAL SECURITY PROFESSIONALS BEST IN STATE LIST (JULY 2022), BASED UPON DATA AS OF 12/31/2021. RESEARCH AND RANKINGS PROVIDED BY SHOOK RESEARCH. NORTHWESTERN MUTUAL & ITS ADVISORS DO NOT PAY FOR PLACEMENT ON 3RD PARTY RATING LISTS, BUT DO PAY MARKETING FEES TO THESE ORGANIZATIONS TO PROMOTE THE RATING(S). RANKINGS AND RECOGNITIONS ARE NO GUARANTEE OF FUTURE INVESTMENT SUCCESS.
THE SELECTION OF TOP 10 HEALTHCARE FINANCE SOLUTIONS PROVIDERS 2022 IS BASED ON THE EVALUATION TEAM'S REPORT AFTER EXTENSIVE RESEARCH & A MULTILAYERED EVALUATION PROCESS: 1. SUBSCRIBERS OF HEALTHCARE BUSINESS REVIEW MAGAZINE ARE REQUESTED TO NOMINATE COMPANIES THEY BELIEVE ARE AT THE FOREFRONT OF TACKLING THEIR PROBLEMS REGARDING FINANCIAL COMPONENTS & WHOM THEY WILL RECOMMEND TO THEIR PEERS. 2. THE MARKET RESEARCH TEAM ALSO ACTIVELY TRACKS THE BEST COMPANIES THAT DELIVER SOLUTIONS THROUGH VARIOUS SOURCES. THEY VET THE SUBSCRIBERS' NOMINATIONS AND MAY ADD ADDITIONAL QUALIFIED COMPANIES. 3. THE FINAL LISTING IS DECIDED BY THE ADVISORY PANEL, CONSISTING OF CEOS, CFOS, CPAS, CHIEF ACCOUNTING OFFICERS, PHYSICIANS, HOSPITAL ADMINISTRATORS, VC, AND MEMBERS OF THE EDITORIAL BOARD. HEALTHCARE BUSINESS REVIEW “TOP HEALTHCARE FINANCE SOLUTIONS PROVIDERS” LIST, 2022. NO COMPENSATION WAS PROVIDED TO BE CONSIDERED FOR THE AWARD, HOWEVER, MARKETING FEES WERE PAID TO ADVERTISE THE AWARD. RANKINGS & RECOGNITIONS ARE NO GUARANTEE OF FUTURE INVESTMENT SUCCESS.