Beyond the White Coat: Wealth Management for Physicians in Turbulent Times

A 2012 study by the Association of American Medical Colleges projects a shortage of 91,500 physicians in America by 2020. A physician's time may be valuable now, but should this projection come to pass, his or her time will be treasured in the near future. Unfortunately, lack of time is only one of the five immense challenges facing physicians. Those five were identified in a series of interviews conducted with numerous physicians, administrators and other key professionals in the healthcare industry. Based on these interviews and other third party research, physicians are well aware they need financial help. Accumulating, protecting, sharing and wisely consuming wealth can be a daunting task for anyone, let alone the most time-strapped professionals in our country. As one interviewee so aptly stated: "Awareness is not the problem; lack of time to obtain good advice represents the real problem."There are a number of wonderful books that will explain the technical side of finance; however, this guide was written for those physicians searching for the right type of professional to trust with their family's finances. Furthermore, those working in legal, tax and insurance who have physician clients would be well served to read this guide so they can better understand the baffling challenges facing those who keep our society healthy. This guide will* Confirm the three macro trends affecting how healthcare is delivered* Address the five challenges that most, if not all, physicians are currently facing or will be facing in the future* Define true wealth management* Explain how to identify and engage the right type of financial professionalWith all the economic, social and political uncertainty, a physician can spend an enormous amount of time and energy figuring out how to manage his or her wealth effectively; however, this guide was written for those who want to spend a small amount of time determining who to delegate those responsibilities and what they should expect from that relationship.