As a medical professional in a successful practice, your skills, time, and money are valuable. That is why one of our top priorities is to address the unnecessary risk that is present in many financial plans.
Many medical professionals that we meet have some relationship with a financial planner, advisor, insurance agent, accountant, attorney, etc. When we take a holistic view of their planning, however, most are financially imbalanced. They are often exposed to unnecessary risks ranging from embedded taxes and potential to lawsuits and lifestyle factors. Neglecting to address all these forces places downward pressure on their ability to build wealth.
At ARC Wealth Strategies, we bring together leading professionals in the fields of financial planning, taxation, law, and succession planning. This way, we can best assist our clients in addressing these issues and achieving optimal financial balance in their lives.
For a surgery to be successful, you need several team specialists available to address the various circumstances. Why would your unique wealth planning design be any different?
Planning for retirement can be tricky and complicated. For one thing, you have to deal with too many taxes - far more than most people.
You also must find a way to save an adequate amount for retirement. With an annual limit of only $20,500 that you can contribute to a 401(k), you need to find effective and efficient ways to navigate around this to save the amount you need to.
Plus, there’s the challenge of student loan debt, which can be overwhelming and seemingly never-ending.
This is the stage where your plans and preparation can really start to come to fruition. In this stage of growing your assets and meeting your obligations, you'll see great progress in working toward your financial goals. But, to maximize your wealth planning is best considered early on.
The earlier you start, the better you set yourself up for success. First, you'll want to establish solid savings. Once we have your savings plan established, we take the next step to managing your portfolio, monitoring your asset mix to make sure it is constantly aligned with your goals, preferences, and retirement dreams. Finally, checking each step through a tax planning lens to maximize your financial goals. Just as it is important to perform regular health checkups, it is important to perform regular financial reviews so that any updated goals can be reflected in your wealth plan.
Owning a practice is a huge achievement and a great opportunity, but it adds a layer of complexity to your finances. Not only are you responsible for your personal finances but also you are responsible for running a business and managing your practice's finances. You must consider things like benefits packages, retirement plans, the practice's tax structure, business strategies, and much more (see Business Owners).
At ARC Wealth Strategies, we can show you how to design for this complexity and grow your practice where you want it to go by taking a full approach to your situation to plan, execute strategies, and help you set and reach goals.