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Financial Planning for Advanced Practice Providers
What is a financial planner?
A financial planner in many ways operates similarly to a medical provider. Our job is to understand your chief complaints, evaluate options for you to address your complaint, help you choose what options are best for your situation, and assist in implementation.
Here are a few topics that a financial planner should cover when working with them:
Taxes – A planner will help you develop strategies to help you pay the lowest amount in taxes over your lifetime. This is done through unique planning strategies that can be implemented throughout the year and on an ongoing basis to help reduce your overall tax liability.
Investments – Think things like helping you select the right investments in your 401(k), helping you select the best investment accounts and specific investments outside of your work retirement plans, etc.
Cash flow – Many people think budgeting is just eliminating spending on things like dining, clothes, etc. but in reality, it’s about so much more. A good financial planner will help you align your money with your values so that you can still spend money on the things you love without jeopardizing your long-term goals.
This is just the tip of the iceberg as there are many other financial topic areas that a planner can help you with depending on your needs and goals.
Why do Advanced Practice Providers Need Financial Planners?
There’s plenty of reasons why engaging a financial planner is beneficial for APPs. Let’s highlight a few:
Help you prioritize goals
Advocate for your future self
Accountability and Implementation
Prioritizing Goals
When we initially meet with clients, we often find that they have a general sense of the goals they’d like to achieve but aren’t sure of how to get there.
Some clients want to pay off their student loans and also buy a home within the next 5 years.
Others want to pay for their children’s education but also save for their own retirement.
Our job as a financial planner is to help you manage your competing goals so that you can achieve them in a time and cost-efficient manner.
Advocate for Your Future Self
Most clients we work with have great intentions, but then life gets in the way. Your kid has soccer practice, your parents get sick, you’re asked to take on more responsibilities at work, etc. It’s so easy to put your finances on the back burner and “come back to them when you have time”.
That’s where we come in.
We’re here to help advocate for your future self and help make sure that you accomplish the goals you set out to accomplish.
Accountability and Implementation
We all know that eating healthy and regular exercise can dramatically improve our health and overall quality of life. Yet many of us don’t always do it.
Knowing what you need to do and actually doing it are two different things.
While we have a vast amount of knowledge when it comes to financial planning concepts, our most important job is to make sure the things that need to be done actually get done. It’s amazing how much progress we see clients make simply by having someone to hold them accountable and help them implement the planning strategies we recommend.
How We Can Help You
One of the chief complaints we hear from the Advanced Practice Providers we work with is the lack of financial education that’s available during their college years and upon graduation when they join a healthcare system. For established APPs, the accessibility to financial education through their employers is even worse. Yes, you may get some general advice on your 401(k) but no help on the everyday items that really move the needle when it comes to your finances, like taxes, budgeting, investing for non-retirement goals, etc.
Not all financial advisors are created the same. Most financial advisors work with clients that can help ‘pay the bill’s’ rather than working with a specific group of clients. Unfortunately, we find that financial advisors who work with ‘everyone’ often miss opportunities when it comes to things like taxes, employment contracts, and student loans.
Just as you focus on working within a specific medical specialty, we too specialize in working with a specific niche: Advanced Practice Providers.
With any medical concern, a primary care provider may be a good start, but ultimately a specialist in a particular area of medicine will be an expert in their field. They can formulate a diagnosis and treatment plan tailored to your specific needs. The same goes for choosing a financial planner. You can start with a generalist but ultimately, they may only get you part of the way to achieving your goals.
Whether you’re in need of a one-time financial check-up or would like to have a planner that is there to help you throughout the year as things come up, we have services available to help you.
And don’t worry, you don’t need to have $1,000,000 to be a client of our firm. In fact, you don’t need to have any investment assets to work with us.
Below is information on each one of our services:
If you have questions on how to build a financial plan that fits your goals, feel free to reach out to me at caleb@advancedpracticeplanning.com or schedule a meeting with me at https://www.advancedpracticeplanning.com/contact.
Caleb Pepperday, CFP®, ChFC®
CEO, Advanced Practice Planning, LLC | www.advancedpracticeplanning.com
Disclosure:
The information provided in this article is for educational purposes only. It is not intended as financial advice, and no content within should be construed as such. The content is based on general financial principles and concepts, and individual financial situations may vary.
Readers are encouraged to consult with a qualified financial advisor or professional for personalized advice regarding their specific financial circumstances. Any action taken by readers based on the information presented in this article is at their own discretion and risk.
The author and publisher of this article make no representations or warranties with respect to the accuracy, applicability, or completeness of the information provided.
This article does not endorse or promote any specific financial products, services, or companies. It is the responsibility of readers to conduct their own research and due diligence before making any financial decisions.
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