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.
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 loosing site 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 lifestyle, and 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?
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 let 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 (RMD’s) 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?