Money Meets Medicine Podcast

MMM #2: Would a Financial Advisor Add Value for You?

Do all doctors need a financial advisor?  What does a financial advisor even do?  That’s a pretty controversial topic in the world of physician finance.  In the end, it depends on which of the three groups you fall into.  Do you take a Do-it-yourself approach to personal finance?  Perhaps, you are in the “Dot the i’s and Cross the t’s” group or the Outsource group.

Which group you belong to will determine how helpful a financial advisor would be for you.  That’s what this episode is all about.  So, if you are ready to dive in to find out where you belong, and if a financial advisor would add value for you – check out today’s episode.

What You’ll Learn – What Does a Financial Advisor Do?

Disability Insurance for DoctorsWhat will you learn in the “How Financial Advisors Should Add Value” episode.  Ultimately, you’ll learn all of the following, and more:

  • The three different financial groups that doctors fall into: the DIY group, the Dot the i’s and cross the t’s group, or the Outsource Group.
  • The four characteristics in the Gold Standard of Financial Advising.
  • Depending on your financial group, how a financial advisor should add value for you.
  • The 7 ways that a Vanguard study found a financial advisor can add value for you.
  • Fee-only versus fee-based advising.
  • What does a financial advisor do?
  • Shiny Object Syndrome.  And, what is it and how does it impact your finances?

Resources from the Episode:

This Episode’s Sponsor:

This episode’s sponsor is Larry Keller from Physician Financial Services.  If you are in the need for life or disability insurance, don’t hesitate to call Larry.  Multiple readers and friends have used Larry, and I’ve never heard a single complaint.  I’d recommend him to you highly, and without reservation!

You can find Larry at the Physician Financial Services website; call his cell phone at (516) 677-6211. Or, you can reach him by email at [email protected].

Listener Question of the Week:

Each episode, we are going to start including listener questions as they are provided to us.  So, if you have a specific question you’d like answered on the podcast reach out to us!  Reach out on twitter (@TPP_MD) or email [email protected]. For ryan, @physicianwealth or [email protected].



  1. Laura

    We have had a financial advisor that is fee based for about 20 years. We’ve made the rookie mistakes during our residency with an advisor that sold us annuities, VUL, etc. We left that advisor and revised investments with our current advisor. We like him and trust him; however, I’m still not sure how much we pay him.
    Since my husband is 51 (physician) and I’m 49 (physician); does it make sense to NOW switch to a fee only advisor, or at some point is it “too late”? Our retirement target is 55-56 for my husband 57-59 for me.

    • ThePhysicianPhilosopher

      You can look up your advisor’s fee schedule by looking up their Part 2 of their ADV brochure. Section 5 outlines the fees.

      If you are paying your advisor 1% and have, let’s say, $3 million in assets that they will manage when you roll it all into an IRA when you retire… You’ll be paying them $30,000 per year. Why pay that much if you can get the same advice for $10,000 from a financial advisor AND get less conflicted advice?

      There is a reason my recommended advisor list only has 4 or 5 financial planners on it … Because it is hard to find people I trust to recommend to readers who have a reasonable fee schedule and provide advice through the least conflicted model.

      I’d consider making a change if your advisor works under an AUM and is going to be taking more than $10,000-$12,000 from you each year.

  2. Oliver Smith

    Hey there! What an enlightened blog! Yes! You are right that “financial advisor is a pretty controversial topic in the world of physician finance”. Thank you for sharing complete information through this amazing podcast. It will be very helpful to me. Keep posting such great posts.


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