how do you approach planning for a 30 something doctor and his wife, who owns a home has two kids , is smart enough to have no problem planning for retirement and is making 500K plus?

like
Posting as :
works at
You are currently posting as works at

You ask him what he wants to accomplish and plan accordingly

likefunny

Focus on how much of that $500k he saves or invests... Doctors are notorious for not being able to retire

like

He thinks he’s smart enough, he needs help, just offer to help him and be confident when you tell him he needs you.

like

Three area I’ve found successful to focus on
1) Tax planning - for now and the future
2) 529s
3) Life insurance - depending on need...this could include buy/sell, key man, ILIT, LIRP

like

President 1 hit it on the nose. Doctors are terrible money managers.

like

How about estate planning? Trusts, Wills covering guardianship for the kids. Also evaluate for adequate insurance (disability, life, umbrella).

like

You give him my phone number

Load him up on term insurance with the most he can buy to replace his income. You know he’s spending it.

Boom. My target client. Let him doctor, you plan.

Prepare term vs perm. Run through all the scenarios’. Explain while he’s an expert at being a doctor you’re an expert about handling people’s money. Do some stats and quote percentage of Those Who work with advisor vs those who don’t. Tell him you only take on new clients interested in growing their wealth.

Related Posts

Recommendations for how to allocate 401k with Fidelity. Just switched jobs and have to move from Merrill Lynch to Fidelity

like

🏀 spinning and buying a house using an app... WHAT A GREAT COMBO.

Post Photo
likefunny

Just found out that traditional IRAs, unlike Roth IRAs, have no adjusted gross income limit. Is this the best option for retirement savings after maxing 401k and once above the Roth AGI limit?

like

How do you balance wanting to sell higher-priced properties with the thought of them not selling because of how much they’re worth?

like

Anyone here transition from life insurance and annuities to financial planning? How did you do it?

like

Hi Experts,

Suggest me some debt funds. Looking for investment for 3-5 years.

like

What's everyone's ETH price predictions?

like

Might be a dumb question... is there any way to refi and use the home equity to pay off mortgage?

like

Need some help fam - I live in Colorado, but have a job "based in San Francisco" so working remote. I'm paying Cali state taxes/ deductions. Will I get the excess back when I do my tax return for 2022? Will I get penalized in Colorado?

funny

Those with student loans how do you feel about federal student loans potentially being paused again? Probably until after the midterms...

Have you been paying even though you don't have to? Why or why not?

I have locked interest rates of 5% with rocket through a broker, closing is in July .. heard from few influencers rocket doesn’t close on time.. any feedback on rocket 🚀

like

Is now a good time to dump funds into VTI?

like

I'm a novice, lot of people r talking abt recession coming next year, should I keep investing or take out or just keep the same for now ?

like

I know this has been asked before but hoping for some tactical starting points. I grew up in an awesome ... but very blue collar family. My parents didn’t invest so I wasn’t exposed to it growing up. I would like to start. Would some 🐠 be willing to help a newbie navigate the best way to start. Would love recommendations on books, websites, podcasts etc. I have a relatively low risk threshold so I would like to start small and build up to a larger portfolio. I hope that makes sense. Thank you!

like

Any link to raise ticket or email ID to reach out JP HR post separation ? Need to get tax computation sheet.
Also need to know how many days it takes for FnF

like

I am a resident alien for tax purposes. Should I be filing a w8-ben or w9 with the bank? Do we need to even have these on file and what are they used for?

like

By investing 50k/annum in NPS I can save 15k tax per year.. Suggest me I should opt for NPS or not?

like

I have a good amount of savings (30k) just sitting in savings account, which I am planning to use in 4 to 6 or maybe in a year. Where and how should I invest? Want to be on safe side?

like

More Posts

If I have no experience in finance. But know a lot from school and my individual research on IB. with a 3.2 as a junior. what are the chances of me landing an internship or even landing a job in the banking industry by the time I graduate. It has been my dream job since I graduated but seems impossible to get in with out any experience?

like

Any recommendations on a specific recruiter to help me go in house?

like

Is PWC india Kolkata providing wfh?
Advisory LOS
Data and analytics

like

New to the region and looking for nutritionist recommendations in Seattle. Anyone here got any leads? Afraid of starting the search on Google and getting spammed on Instagram with ads 😅

likefunny

Just curious whats the starting salary the big4 give to fresh graduate JDs?
Tax groups, northeast region.

How is wipro in terms of job security and wlb

like

Hi , Why can't we work from another country ? WHAT ARE THE CONSEQUENCES IN CASE you work from a different country than india

like

What are all the product based companies available in Chennai location. If you know please comment.

like

Hello,
Anyone has done the Data Science Bootcamp from Analytics Vidhya, if yes can you please provide some reviews?

Also, which is better Scaler or Analytics Vidhya, or any other you know?

like

Hello fishes, I'm confused about which company to choose.
1. CTS - Senior Associate (23 LPA)
2. EY GDS - Technical Lead (23 LPA + 10% VP)
3. L&T Infotech(LTI) - Specialist cloud (29 LPA)

Primary concern is WLB & Job Security.
6 YOE
Tech stack : .NET + Azure I'm thinking of joining LTI.

Can someone throw some suggestions? #cognizant #lti #ey Cognizant Larsen & Toubro Infotech EY

How do you all navigate an ECD and head of client service who want to skip the brief and land on an insight based on their own instincts and move right into the creative? I’m curious if any of you feel like you have to fight for Strategy’s purpose in the process a little more than usual these days?

like

What is the minimum acceptable amount of billable hours per day/week at your firm? What is the target amount?

What are your best tips for moving from discoverist to explorist on Hyatt besides spending 60 nights in hotels?

like

Anyone here follow the blog Slate Star Codex?

like

Is it time to make my move? I’m in a mid-size mkt in a firm of 3-5 lawyers. I’ve been practicing at this firm for four years as of October ‘20 and have yet to bill under 1,800 in a year. This year I will apparently receive neither a bonus nor a raise, despite have a banner year for both billing and new business. I also handled roughly 95% of managing our office move (not just coordination, but actual packing), which occurred while I had a newborn at home. (More in comments)

like

Has anyone used both Lever AND Greenhouse ATSs? Our Lever agreement is coming up for renewal and I’m putting together a pitch to switch to Greenhouse. I would love any input into comparing the features so I can best ‘sell’ leadership on Greenhouse.

like

Think i just had blood sugar scare. Was feeling an extreme amount of tiredness and took blood sugar, at 56 mg/dL. Immediately ate and got bloods up to 115. Never had this happen before. Non-diabetic that I'm aware of but diabetes runs in family. What the hell happened today?!

‘Out of Love’ on Hotstar is a great show, Rasika Dugal is a gem!

like

Hi guys
Can someone guide how much increment we can expect at EYGDS in VAT taxation for 4 rating for position of senior 2?

like

What platform to use for trading DOGE? No Robinhood.

like

Additional Posts in Financial Advisors

Looking for a bowl around Latinos in Finance!

like

I have a job interview tomorrow, and I'm so prepared, I'm so ready to go! I want this job so badly!! EEEKKK. can everyone just send in some good vibes!

likehelpfulfunny

FB dropped a brick on Jio. Wow.

like

Wanting to leave Raymond James. Year 8, 76 mm as of this morning and potentially thinking of going to another B/D. Maybe Indy? The thought of having to do everything has always worried me.

like

Curious about all our origins and locations. Where are you bowling from?

like

New CPA in our building and asks are you a CFP? I say no and she says "Oh I was jw cuz I have people ask if I know a good planner." We agreed to talk but I need a way to deflect the "non-CFP" thing

like

Looking at a new CRM, does anyone have experience with Redtail?

I'm seeing a big push for goals based financial planning. For those of you in the HNW or UHNW space, what are they looking for?

like

Met w/ guy who has about 600k with EJ. Says they moved 150k into 2 variable annuities & 2 non-traded REITs w/out him knowing. They're in the process of moving funds to a SMA costing $500. Possible?

like

Tips for dealing with the fatigue of a long commute (1hr 45mins each way)? I have trouble focusing, being excited, and/or having energy for anything after work or in the mornings.

Why do people buy Starbucks coffee when your home office has a nice automatic Starbucks coffee machine and all you have to do is place a cup. I swear I'm not cheap but wasting $3 bucks irritates me.

like

Any international advisors here?

like

Who is planning to get in on the Lyft IPO?

Found this interesting - Lyft is paying Amazon's AWS roughly 3.7% of their revenue per trip. $.14 per ride.

like

Do I suck it up and open my own RIA now? I have picked my fav BD. They won't be writing me a check but offer a 93% payout, lower fees, custodian options, white label RIA business, etc.

like

Paraplanners/associate advisors/financial planners… how much are you making? (Salary & TC). Long story short… I found out what our PT admin assistant is making today & I’m livid 😂🫣

like