Managing the Wealth of Medical Professionals
The Bezilla Kinney Wealth Management Group of Wells Fargo Advisors understands the complex and unique financial needs of physicians and dentists. Our team is here to coordinate all areas of your financial picture and be your central point of contact for the many resources Wells Fargo has to offer. We will guide you through all stages of your career, including:
Early Career Mid Career Approaching Retirement & Beyond
Critical Wealth Planning Issues:
Common Myths and Misconceptions
We have compiled below many common myths and misconceptions of critical wealth-planning issues that healthcare professionals often encounter. Typically, these topics involve issues found both in the personal financial picture as well as in the practices of healthcare professionals.
Insurance & Risk Management
“I am confident that my various personal and practice insurance programs fit my specific needs and are efficient and cost effective. My risks and liability exposures, including Healthcare Professional and General Liability; Disability; Key Person Life Insurance and Property and Casualty; and other practice-related risks, are properly identified, measured and monitored.”
Surprisingly, many dentists and physicians have not been properly advised about their true risk exposures or financing options and have simply tried to buy insurance through a traditional price-driven bidding process. The consequence is often not felt until a threat or claim arises that was not anticipated, under-funded or not covered at all. Many professionals are not aware that true own-occupation disability definitions are available and disability limits are now the highest they have been in years.
“I am confident that I am receiving proactive investment advice. I feel that my personal and retirement portfolios are well-balanced and that my personal portfolios are managed in a tax-efficient manner. I am confident that there is coordination between my investment advisor(s) and my tax advisor. I receive periodic performance reports that measure my performance against common benchmarks.”
The fact is that many clients are not receiving proactive investment advice from an experienced advisor. The Bezilla Kinney Wealth Management Group of Wells Fargo Advisors offers a seamlessly integrated suite of comprehensive wealth management services. We view our role as your chief financial officer – fully engaged in your complete financial picture.
Unprecedented times ultimately call for professional judgment – a deep understanding of markets, asset classes, and relationships among them. As is often said, “There is no substitute for experience.” Our team has accumulated over 100 years of combined investment experience. We are a team with broad knowledge and apply our experience in proactively assisting healthcare professionals with managing their wealth.
“My employee benefit program has recently undergone a comprehensive review. It is monitored for competitiveness in cost, best in class asset management and service. The retirement plan I have in place for my practice is optimally designed for its largest contributor – ME.”
The fact is that it takes specialists to provide a thorough analysis of your current employee benefit program. Over the years, numerous changes have been made in the retirement plan industry. Many new plans including new comparability programs may significantly increase the amount of money that may be contributed by you and for you.
“My estate plan is completely up to date and is periodically reviewed by an estate planning professional. The changes that occurred in my personal financial life and my practice since it was last reviewed should have no bearing on my current plan. My planning is consistent with current tax law and coordinates with my assets, my investment plan, my family dynamic, and the value of my practice.”
The fact is that estate investment planning is a constant and dynamic process. One only needs to understand that estate tax law has undergone dozens of changes over the last several decades. What was once the most well designed estate plan may not be the optimal plan given current tax code and potential changes in your family circumstances. Our team, along with Wells Fargo’s specialists in trust and estate planning, will work with your attorney to plan for the protection, management, and distribution of your wealth. We have access to in-house and external independent trust companies that specialize in estate planning and trust management.
“I have a written investment plan. This plan consolidates all of personal and practice assets onto one document, projects my cash flow and helps forecast achievement of my retirement goals.
This document describes my investments and provides a review of my cash flow, retirement planning, insurance and estate planning strategies.
Many clients with whom we work have previously failed to consolidate their planning and most importantly monitor their progress to achieving their goals. Our Envision® process starts by providing a consolidated view of all assets, liabilities, investments, cash flows, and future goals. The strategy and your objectives are then stress tested against multiple market and economic scenarios to demonstrate their effect on your goals. The result is a dynamic, working document that provides a relevant, personalized benchmark for your long-term goals. This tool is a service our team provides to our clients at no cost. Do you have a written investment plan?
Full Service Relationship Management
“There lacks a coordinated team of local professionals who can act as my personal chief financial officer. A team that has the depth of resources of a Fortune 500 company under one roof and that can manage almost every investment aspect of my financial life.”
We do. Call or email us to arrange a confidential introductory meeting. We understand the unique needs of a busy healthcare professional. Our team stands ready to be the one point of contact – a professional whose responsibility it would be to coordinate a comprehensive, holistic approach to the management of a healthcare professional’s wealth.
Securities-based lending has special risks and is not suitable for everyone. If the market value of a client’s pledged securities declines below required levels, the client may be required to pay down his or her line of credit or pledge additional eligible securities in order to maintain it, or the lender may require the sale of some or all of the client’s pledged securities. Wells Fargo Advisors will attempt to notify clients of maintenance calls but is not required to do so. Clients are not entitled to choose which securities in their accounts are sold. The sale of their pledged securities may cause clients to suffer adverse tax consequences. Clients should discuss the tax implications of pledging securities as collateral with their tax advisors. Wells Fargo Advisors and its affiliates are not tax or legal advisors. All securities and accounts are subject to eligibility requirements. Clients should read all lines of credit documents carefully. The proceeds from securities-based lines of credit may not be used to purchase additional securities, pay down margin, or for insurance products offered by Wells Fargo and any of its affiliates. Securities held in a retirement account cannot be used as collateral to obtain a loan. Securities purchased in the pledge account must meet collateral eligibility requirements.
Lending and other banking services available through Wells Fargo Advisors (NMLS UI 2234) are offered by banking and non-banking subsidiaries of Wells Fargo & Company, including, but not limited to Wells Fargo Bank, N.A. (NMLSR ID 399801), Member FDIC, and Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A. Certain restrictions apply. Programs, rates, terms, and conditions are subject to change without advance notice. Products are not available in all states. Wells Fargo Advisors is licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act and the Arizona Department of Financial Institutions (NMLS ID 0906158). Wells Fargo Clearing Services, LLC, holds a residential mortgage broker license in Georgia and is licensed as a residential mortgage broker (license number MB2234) in Massachusetts.
Insurance products are offered through nonbank insurance agency affiliates of Wells Fargo & Company and are underwritten by unaffiliated insurance companies. Not available in all states. Wells Fargo Advisors is not a legal or tax advisor. You should consult with your attorney, accountant and/or estate planner before taking any action.
Trust services available through banking and trust affiliates in addition to non-affiliated companies of Wells Fargo Advisors. Wells Fargo Advisors and its affiliates do not provide legal or tax advice. Any estate plan should be reviewed by an attorney who specializes in estate planning and is licensed to practice law in your state.