Insurance agent(s) Insurance is your indispensible first line of defense against a variety of exposures from malpractice to data breach and even traditional life and health. In many cases these needs are served by two different agents, one who handles life insurance planning for the staff and principals and another who is a property and casualty or “P&C” professional to help with liability coverage and health insurance. There are certainly many agencies that do both, but my experience with thousands of doctors leads me to believe that most are better at one or the other. I also prefer multi-line agents that have the entire universe of products available to suit my client’s needs at competitive pricing, not just one insurance carrier’s line.
Financial planner As corny as it sounds, People don’t plan to fail, they just fail to plan. I typically find that most physicians pay more attention to their business finances than their personal finances. However, the two should go hand in hand. Want an example? You would not believe how many doctors practicing today HAVE TO WORK – they can’t retire and simply live off their retirement savings.
A good financial planner will address these areas:
- Are you adequately insured
- Are you planning for retirement
- Are you saving
- Are you planning for college education
- Do you have an estate plan
- Working with legal counsel, are your assets protected
- Do you even have a written financial plan in place
- Is there diversity in your investment portfolio
A financial planner should also work with your CPA to identify opportunities to reduce taxes and allow to safely and predictably keep more of everything you earn by examining the costs and benefits of things like retirement plans and other legal tax deferment strategies.