Medical Professional Solutions
Years of education and training for your career can take a toll on your finances. Student loans accumulate while you’re in school and residency; then long hours and stressful days make it difficult to gain traction in your finances once you begin your career. Simply put, striking a balance between your lifestyle and financial freedom requires time and attention you don’t have to spare.
At Famous Financial, we understand the financial challenges that come with being a doctor or dentist. Your dedication to serving others comes with a unique set of financial considerations for your practice and your personal life, and you deserve the guidance of a trusted professional to help you navigate your priorities and needs. Our goal as your guide is to help you organize your finances and develop a strategy that allows you to devote your time and energy to what matters: your patients.
Your financial situation differs from the average individual or business owner, and we’re committed to tailoring a customized strategy that addresses each of your specific needs and objectives. We’ll discuss your values, goals, and circumstances, then customize a strategy that suits your situation. From student loans to asset protection, taxes to retirement, and debt to insurance, we’ll help you identify precisely what you need to achieve financial clarity and balance.
No matter what you specialize in or the challenges you face, our team at Famous Financial is here to assist you. We’re committed to working with you through every phase of your career—from residency, to retirement, and beyond. Some of our services for medical professionals are outlined below.
Asset Protection
There are numerous financial strategies you can implement to protect what you own and accumulate wealth for the future. We offer specific strategies to help you protect your practice and personal assets from liabilities, accumulate wealth to sustain your retirement, and safeguard asset transfer to your children and grandchildren. Whatever your goal, we’ll help you determine the right course of action to mitigate risk for your specific situation and objectives.
Executive Benefits
No health care office can run smoothly without the help of administrators, managers, nurses, physician’s assistants, and other support staff. This team is the face of your practice, and they manage schedules and responsibilities that ultimately keep your patients happy. Employee benefits like medical insurance, dental coverage, and paid leave help ensure that your employees are committed to staying with you and your practice for the long haul. Our job is to help you determine which benefits are best for your company and your employees so your team feels confident working in your practice.
Retirement Planning
Intentional retirement planning is crucial for physicians and other health care providers to achieve their financial objectives and retire on time. While most careers require four to six years of education, the medical field requires a greater time investment that consequently delays your ability to save for retirement. Others might start saving for retirement just years after graduating high school, but medical professionals can easily fall behind without proper planning. We’re here to make sure that doesn’t happen. We’ll help you outline specific objectives and implement a strategy to help you retire on time and with confidence.
Education Planning
Planning for the education of your children can be overwhelming, especially if you’re still paying off your own student loans. But with a detailed and customized strategy, we can help you make funding their education a manageable goal. Our team of professionals will help you simplify the process and consider factors like tuition inflation, taxes, risks, and more to develop a strategy that balances your current budget, maximizes your resources, and prepares the best future for you and your children.
Debt Management
You wouldn’t be where you are today if not for dedicating many years to your education and specialized training. Unfortunately, your training probably came at a high price in the form of student loans. Paying back years of extensive education can be overwhelming, especially when you’re managing a practice and focusing on your career and family. We’re here to help you address your obligations and realize that paying them off can be a reality. Our team will help you create an actionable strategy to pay off your debt and move forward with your financial future so you can focus on the important part of your career—your patients.
Disability Insurance
If your family’s main provider is no longer able to work due to illness or injury, disability insurance protects your income so that your family still has a source of stability. Our agents can help you protect your current lifestyle and long-term goals. In addition to medical expenses, income is usually reduced or even terminated at the onset of an illness or injury. As the main provider for your family, you should strongly consider disability insurance if your spouse does not believe he or she could maintain financial stability with only one income.
Charitable Planning
Our professionals can help you with your charitable giving as a part of your financial strategy. If giving to a cause has been on your mind but you’re unsure of the best approach, consult with us today and we’ll help you make regular donations to a charity part of your personal financial strategy.
Wealth Management
Through Eagle Strategies LLC, a wholly owned subsidiary of New York Life Insurance Company, we work with our clients to design and implement a variety of wealth accumulation and management plans, offering investment programs ranging from separately managed portfolios of stocks and bonds to mutual funds, and access to third-party wealth management programs. We offer a consistent process to help ensure management of investment assets according to your goals, risk tolerance and time horizon. We then monitor your plan on a continual basis, and adjust and evolve as your needs change.
Financial Planning
Through Eagle Strategies LLC, we provide personalized financial planning to our clients that is specific to several variables, including their income, risk tolerance, values, and family. We work with each client to identify and prioritize their goals, explore options, establish effective strategies, construct and execute a plan, and assess the performance of the plan and make adjustments as needed.
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