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Skinny Planning goes live

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  • jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 7329
    Joined: 01/09/2016
    Disability Insurance

    Sometime within the last year or two, I read a comment that WCI had made on the blog wishing financial planning firms could develop a model that doctors in training could afford. That comment stung me (just being honest here). I’ve wanted to do something about it ever since but just haven’t had the time to really think about it. During the Kitces podcast interview, I publicly committed to offer Skinny Planning by the end of 2017. We made it a priority and added it to our lineup just before Christmas.

    Skinny Planning is specifically designed to be a financial planning solution for doctors in training and on a limited budget. We cover a lot of ground and it costs half the price of our Basic level of services (here’s our Fee Schedule). Clients can sign up for any length of time between 6 months and 2 years. We ask for a 6-month commitment, but if you decide it’s not for you, there is no surrender fee or penalty to stop working with us. For the time being, it will be limited to 10 physician families and we will modify payment terms for anyone who needs/wants to start but is temporarily cash-strapped. Feel free to email me or post here if you have any questions.

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

    #94418 Reply
    Avatar wideopenspaces 
    Participant
    Status: Physician
    Posts: 960
    Joined: 01/12/2016

    So cool! Sounds like a really nice service for those who are afraid to DIY. I’ll keep you in mind when I talk to residents.

    #94419 Reply
    Liked by jfoxcpacfp
    q-school q-school 
    Participant
    Status: Physician
    Posts: 2338
    Joined: 05/07/2017

    that’s awesome.  very generous of you.

     

    #94429 Reply
    Liked by jfoxcpacfp
    Avatar Peds 
    Participant
    Status: Physician
    Posts: 3618
    Joined: 01/08/2016

    1) residency is a full time career. you might want to change your wording.

    2) you say “recommend funding/allocating your portfolio” is included. but then you do not mark “Recommendations for customized portfolios
    for all investment accounts.” what is the difference here?

    3) you say ” you can schedule quarterly check-in meetings to touch base on your plan and progress.” but then you do not mark “Quarterly reviews and updates to your plan.” what is the difference there?

    3) the minimum would be $1750 (3% of a current interns salary at my old residency). i actually dont know if this is a good deal or not, just a statement of fact.

    #94436 Reply
    Liked by jfoxcpacfp
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 7329
    Joined: 01/09/2016
    1) residency is a full time career. you might want to change your wording.

    Click to expand…

    Of course, you make a really good point. What we meant to say was that neither spouse could be finished with training/education and working full-time. Will have to re-word.

    2) you say “recommend funding/allocating your portfolio” is included. but then you do not mark “Recommendations for customized portfolios for all investment accounts.” what is the difference here?

    Click to expand…

    Another good catch. We need to check this box and the one for portfolio rebalancing as that is included.

    3) you say ” you can schedule quarterly check-in meetings to touch base on your plan and progress.” but then you do not mark “Quarterly reviews and updates to your plan.” what is the difference there?

    Click to expand…

    Skinny planning clients schedule at will. For ongoing planning clients, we proactively schedule a quarterly rotation of meetings.

    4) the minimum would be $1750 (3% of a current interns salary at my old residency). i actually dont know if this is a good deal or not, just a statement of fact.

    Click to expand…

    That’s up to the resident but you’re comparing this to an AUM model. Investments are not the focus of planning, so that is not an apt example. In the meantime, I am very comfortable that the results of the hours we spend working together will easily pay for the fees. Given the time we’ll spend with clients on planning, there is no way we could charge less. It is not going to make money for us but maybe some will stay on as clients. Regardless, the purpose is to get to doctors in training before they make some serious mistakes and help them prepare for attending-hood.

    One client had already reviewed the material for us and she thought it was too cheap, go figure! I sincerely appreciate your careful reading of the material and your suggestions – extremely helpful.

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

    #94509 Reply
    Liked by hatton1
    Avatar Peds 
    Participant
    Status: Physician
    Posts: 3618
    Joined: 01/08/2016

    np, ty for the reply. definitely nothing like this existed when we were in training.

    #94541 Reply
    Liked by jfoxcpacfp

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