I estimate that 80% of doctors need, want, and should use a financial advisor and/or an investment manager. Some investment gurus such as William Bernstein, MD, think my estimate is way too low. At any rate, if you want to use an advisor temporarily or for your entire life, there is no reason to feel guilty about it—just make sure you are getting good advice at a fair price. On this page I list vetted, recommended firms that I think offer good advice at a fair price. See the bottom of the page for more details on the vetting.
The Vetting Process
The advisors/firms on this page are all paid advertisers, however, I did not list them (nor accept money from them) until they passed my vetting process. Prior to November 2015, this vetting was a review of their website, their ADV2, and a few emailed questions to clarify how they did business. Beginning in November 2015, I require an application (see bottom of the page) that you can review to help you decide who to hire. The application also helps me to standardize the approval process. The vetting process continues after the advisor is listed here as white coat investors who use their services let me know about their positive and negative experiences. Why do I charge a fee to be listed here? Two reasons:
- The vetting process takes time and energy and only about 1/3-1/4 that I go through the trouble to vet actually ends up listed here and
- This page of the site, like the entire rest of the site, is a for-profit business. If you want to start a website where you vet and list recommended financial advisors for free, be my guest.
You should be aware that although there are many good advisors and good firms, I have yet to find a perfect advisor and deciding who can and cannot be listed here is one of the most difficult things I do on this website. I have turned down a number of advisors that I consider well above average. (I routinely turn down most of the advisors that apply to advertise on this page.)
Remember that financial planning and investment management is expensive stuff and you should expect to pay thousands per year for it, although many of the advisors on this page are some of the cheapest options out there.
How to Choose a Financial Advisor from This List
Some readers have asked me what is the best way to choose an advisor from this list. Rest assured that there are no bad choices here. All of the advisors listed here give good advice at a fair price. The first ten firms have purchased premium listings, that is why they are listed at the top of the page and their listings have more bells and whistles. That doesn't necessarily mean that I endorse them over other firms on the list. All of the firms have passed my vetting process. Financial planning and investment management is a lot “squishier” than a more simple one-time transaction such as purchasing an insurance policy, refinancing your student loans, getting a mortgage, or having a contract reviewed. Although some of the advisors here will do a one-time second opinion or cover some limited questions for a one time fee or at an hourly rate, most are far more interested in a long-term relationship helping you to reach your financial goals. As such, a good fit between you and the advisor is essential.
I recommend you read through the descriptions of each firm and pick a handful that seem to be offering what you are looking for. Spend a few minutes on each of their websites and read through their linked application if available. If what you are reading sounds good to you, shoot them an email or call them up and schedule a time to meet with them in person or virtually (as all the advisors on this page will take any client in any state.) If you have a particularly good or bad experience, I would love to hear and incorporate your feedback on this page.
Advisors – Would you like to be included on this list?
Fill out the Advertising Partner Application. Contact the Director of Sales at [email protected] with any questions. Expect the application to be available to readers if you are approved and purchase a listing. We'll get back to you with an approval decision and pricing.