The Doctor’s Team of Experts and Financial Concierge

By Katherine Vessenes, JD, CFP®
President, MD Financial

Doctors, because their financial situation is so complex and they are short of time, need the same type of coordinated, expert advice previously available only to the very wealthy.

Have you ever wondered about all the experts who help Bill Gates, Jeff Bezos and even Donald Trump manage their money? They have an insurance guru to oversee the risk management, an investment team to make sure their assets are working as hard as possible, an attorney to keep them on the straight and narrow, along with a savvy accountant to help them reduce their taxes and a financial advisor to coordinate all these folks and prepare for their future. It probably costs the very wealthy thousands of dollars per hour to get this kind of experienced, coordinated advice!

At MD Financial, we provide the same type of services to our doctors. Our goal is the help our physicians not only simplify their financial lives, but also build and protect their wealth in the best possible ways.

First we collaborate with our team of experts who review every doctor’s financial health, and make recommendations for eliminating debt, building wealth and even saving taxes now and in the future. The end result is a customized financial action plan for each physician that identifies the weak spots in their current financial situation and makes specific suggestions to help them overcome their gaps and get to their goals.

Once we have gotten our physician clients on a better financial path, we act as their financial concierge.

The term “concierge” is derived from Latin root words meaning “extra service.” Have you ever stayed at an upscale hotel where the concierge would get you theatre tickets, arrange for transportation or help you out with other requests to make your stay both memorable and hassle free? We provide extra financial service as part of our concierge service to our clients.

Just a few examples so you know what to expect with our team:

For many of our residents, fellows and even attending physicians, their student loans or sometimes credit cards, are a heavy burden. We work with them to provide a debt plan, that can, in some cases, even show a path for tax-free loan forgiveness. This might mean looking for a good lender to refinance them at a lower rate, utilizing loan forgiveness programs, or just working within their budget to allocating funds to becoming debt free.
One of our doctor couples, Drs. Steward, wanted to buy a new sailboat. Our team did some extra research for the Stewards, and let them know the difference in purchasing three different length sailboats. We looked into what it would take to finance each boat, the costs of different slips and even the costs of taxes, upkeep and licenses. Finally, we sat down and presented all the research to the Stewards in a short, concise report. Our goal wasn’t to talk them out of the boat. Our goal was to make sure they were both comfortable with whatever their decision would be and that it didn’t inadvertently sabotage their plans for the future.

Net Result: Our report outlined their choices very clearly. Drs. Steward were surprised by how expensive the boat was going to be and decided to postpone it until they had some of their student loans paid off.
Dr. Harmon inherited twelve cemetery plots but never got around to selling them. One of our Client Service Managers called the cemetery and found out some key information Dr. Harmon didn’t know. First, there were only 8 plots, not 12. Second, the rules of the cemetery required that they either be sold back to the cemetery at a predetermined, discounted price, or Dr. Harmon could sell them on Craig’s list or Ebay and still owe the cemetery some money. We offered to run the ad for Dr. Harmon, but she decided to just transfer them back to the cemetery.

Net result: Dr. Harmon has $5,000 extra dollars that can now work harder for her financial future.

These cases are fun for us. Sure—we may never have these situations again. However, they allow us to provide a high level of concierge service to our clients, to help simplify their financial lives.

We believe our team of experts, along with our concierge financial services, are the reasons over 90% of our new clients came from referrals last year.

We understand you’re busy. Contact us today to take the stress out of worrying about your finances.

Katherine Vessenes, is the founder and CEO of MD Financial Advisors who serve 500 doctors from Hawaii to Cape Cod. An award-winning Financial Advisor, Attorney, Certified Financial Planner®, author and speaker, she is devoted to bringing ethical, fiduciary advice to physicians and dentists. She can be reached at Katherine@mdfinancialadvisors.com.