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financial advisor in residency

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  • Avatar G 
    Participant
    Status: Physician, Small Business Owner
    Posts: 1316
    Joined: 01/08/2016

    It would work great if I could tell residents and students how to deploy their money, but that is a little bit of a legal issue.

    Of course, they could just skip any financial advice.  Similar to skipping sex ed–what could possibly go wrong?

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    What legal issue?….

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    Urban legend?  Or who knows?

    Hey, I’m skittish.  Just upped my umbrella to $5M last week.

    I have a disclaimer at the end of my residents’ lecture, not as robust as Jim’s.

    Maybe I should fix that.

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    The key is “for compensation”. If you benefit in any way yes it’s illegal.

    I have no prob telling residents to fund their IRA at Vanguard all day long.

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    Of course you guys are right.  Particularly with big picture stuff.  What I’m talking about is getting into the weeds.

    No compensation is probably similar to good samaritan or cocktail party advice.  I don’t know anybody who’s ever had an issue with that. 😉

    #163278 Reply
    Zzyzx Zzyzx 
    Participant
    Status: Physician
    Posts: 113
    Joined: 09/24/2018

    At pretty much every decent sized university financial counselors and workshops are available.  Some will tailor these to trainees

    https://cardinalatwork.stanford.edu/benefits-rewards/retirement/workshops-guidance   

    It’s psychosomatic. You need a lobotomy. I’ll get a saw.

    #163298 Reply
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 6902
    Joined: 01/09/2016

    Our Skinny Planning program has not had much success. Not only has there been little interest in it, residents who have met with me say they just can’t afford it (the fee is 1/2 of our Basic Tier, which is our lowest). About 60% of our new consults are with new attendings between 0 and 5 yrs out of training, which is when interest and ability to pay come together.

    I would suggest you check out XY Planning Network. These planners are, for the most part, relatively new in the business, hungry, and willing to work for less because they are building a business and working out of their homes. All are fee-only, most have a monthly subscription service, and all do business virtually. I believe there are several who specialize in physicians. Plus, I believe most of these planners are true planners who, while they manage assets, focus on a plan, not just investment management.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ 270-247-0555
    https://fox-cpas.com/for-doctors-only/

    #163302 Reply
    Avatar wideopenspaces 
    Participant
    Status: Physician
    Posts: 902
    Joined: 01/12/2016
    Splash Refinancing Bonus

    Thanks everyone! I don’t use an advisor and I try to encourage residents to read a learn on their own so they feel confident to DIY things. But some have more complicated questions, especially about student loans and if they really want an advisor, I’d at least like to point them in the direction of some quality fee only planners. Better than meeting with nwm and being taken advantage of.

    #163309 Reply

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