FAQ’s
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1. Do you have a fiduciary duty?
· Absolutely! We are a Registered Investment Advisor and only make recommendations in our clients’ best interests—always.
· Good ethics is our key business philosophy. The most important financial decision a doctor can make is choosing to work with an ethical advisor they can trust. It can literally make or break a doctor’s financial future.
2. What is your investment philosophy?
The answer to this could take us a few hours. Briefly we believe in:
· Using an evidence-based approach to explain investing, including Nobel-prize winning financial strategies
· Using tax efficient investing strategies to save clients taxes today and in retirement
· Never timing the market—it doesn’t work and just costs you money.
· Using low cost mutual funds
· Keeping our fees low so you make more money
3. Do you recommend proprietary products?
Never! They are rarely in a client’s best interest and don’t fit our view of a fiduciary duty.
4. How do you get paid?
· We charge a financial planning fee for our concierge/financial planning services. This varies depending on the complexity of the case.
· We also charge a fee for any assets we manage—our fees are some of the lowest in the industry.
· If we help you with a life insurance or disability insurance policy, those companies compensate us just the way your auto insurance company compensates the agent who helped you.
5. Have you ever been cited for a regulatory violation or sued by a client?
· Never! This includes all my legal licenses, my CFP designation, security licenses in over a dozen states and numerous insurance licenses.
· I attribute this to our philosophy of always doing what is in the clients’ best interest.
6. Are you a Certified Financial Planner® and do you have advanced degrees?
· Yes, I have been a CFP since 1989, and proudly served on the CFP Ethics and Professional Liability Board.
· In addition, I am licensed to practice law in three states and am “of counsel” to the law firm of Messerli and Kramer in Minneapolis.
· The CFP® designation is considered one of the top designations in the industry and only 3% of all CFPs® are attorneys. To my knowledge, no other attorney/CFPs® specialize in doctors, so I am in a very small group!
· In addition, Josh Lantz on my team is a CRPC® and most of our client service managers have degrees in financial planning or finance.
7. How many doctors have you worked with?
Since opening MD Financial in 2011, we have served over 500 physicians from Hawaii to Cape Cod.
8. Do you plan to retire?
Absolutely not! This is way too much fun! However, if I am ever injured or die prematurely, my de facto partner, Josh Lantz, is set to take over the business. He is in his late-30’s, brilliant, and knows every aspect of the business.
9. Where do you get your new doctor clients?
· Over 95% of our new clients come from referrals from our existing doctors and dentists.
· We attribute this extraordinarily high rate of referrals to my business philosophy: When you do the right thing by your clients, you keep your clients happy. Happy clients refer their friends and colleagues. It is a very simple business philosophy, but it works for us.
10. Do you have any Industry honors?
Yes! These are the most recent:
· Top Financial Advisor for Doctors by Medical Economics
· Top Financial Advisor for Dentists by Dental Products Report
· A 5 Star Wealth Manager
· Top Women in Finance
· IARFC Ambassador Award
11. How big is your team?
· We currently have almost 20 team members who help us provide a WOW experience to our clients and give them a white glove, concierge style financial experience. This includes four advisors.
· Over time we want you to meet all the team members so you know your financial affairs are important to each and every member of your crew. If one of us is out for the day, there are numerous other members who can help you.
12. What are you currently working on?
I am currently writing Rich Doc. Broke Doc® to help doctors avoid the silly mistakes some doctors make with their money.
THE MD FINANCIAL DIFFERENCE
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Medical Dental Financial is a team of retainer-based financial consultants who provide concierge financial planning for physicians and dentists. We patterned our practice after the world-famous Mayo Clinic model. Patients fly into Rochester, MN from all over the globe to get world-class, collaborative, concierge medical care from topnotch physicians. We wanted to provide that same level of financial service and advice to the physicians and dentists who devote their lives to saving lives.
Like the Mayo model we:
Have a fiduciary duty to only make financial recommendations that are in our clients’ best interests. We are not obligated to any investment or insurance company and always provide unbiased, ethical advice.
Provide a one-stop, collaborated team of financial experts. By bringing together a world-class, coordinated, and experienced financial team, we save you time, money and hassles. This leaves you more time to live your life and take care of your patients.
Tailor make a customized, financial plan that will improve your financial health today and in the future. Our advice is meant to help simplify your financial life, reduce taxes, and help you build your wealth and protect it.
Have an extraordinarily high rate of clients that refer their colleagues. Over 90% of our new clients come from referrals. We’re honored and think this is the best vote of confidence!
Specialize in reducing taxes both now and in the future. Minimizing your taxes today and in retirement could have a larger impact on your financial future than any market gains. Remember it is not how much you make, it is how much you keep.
In short, we are the busy doctors’ team of concierge, financial advisors dedicated to helping you plan, protect and prosper.