Obtenez 3 mois à 0,99 $/mois

OFFRE D'UNE DURÉE LIMITÉE
Page de couverture de Physician Cents

Physician Cents

Physician Cents

Auteur(s): Chad Chubb & Tyler Olson
Écouter gratuitement

À propos de cet audio

 Welcome to the Physician Cents Podcast! A podcast designed specifically for physicians, offering a breakdown of complex financial topics to help you develop your financial IQ, further your financial journey, and improve your well-being. Whether you're a medical student, resident, fellow, or attending physician, you're sure to learn something new that will benefit your journey.2024 Finances personnelles Hygiène et mode de vie sain Troubles et maladies Économie
Épisodes
  • Decoding Advisory Fees: What They All Mean? #042

    Decoding Advisory Fees: What They All Mean? #042
    Dec 1 2025
    In this episode, we're tackling the often-confusing world of advisor fees, clearing up the "alphabet soup" of terminology, fee-based, advice-only, flat fee, assets under management (AUM), commissions, and fee-only. You'll get essential insights into what these different fee models mean, which conflicts of interest to watch for, and how to figure out which advisor structure suits your needs. We highlight the importance of understanding exactly what you're paying for and encourage you to look beyond just price, reliability and value matter, too! If you've ever wondered how financial advisors really get paid, or how to choose one that's right for you, this episode delivers all the answers. Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our "Best of the Best" sponsors page to find a list of the professionals Chad & Tyler team up with for their clients. You will want to hear this episode if you are interested in... 00:00 Understanding fee terminology basics.05:41 Financial incentives shape decisions.06:24 Advisor relationships and compensation insights.12:55 Comfortable self-directed investment management.14:23 Challenges of the advice-only approach.19:58 Hybrid fee models explained.20:56 Questions to ask financial advisors.27:48 Advisory fees vs. investment returns. Understanding the Types of Advisor Fees The financial planning universe is more nuanced than ever before, with new compensation models and hybrids popping up every year. It's important to distinguish between the various structures: Fee-Based: Advisors can sell products, earning commissions (like insurance), and also charge direct client fees.Advice-Only: Advisors provide flat-fee advice but don't manage investments or sell products.Flat Fee: Clients pay a straightforward dollar amount for services, either monthly, quarterly, or annually.AUM (Assets Under Management): Advisors charge a percentage of the investments they manage.Commission: Advisors are paid strictly by selling financial products.Fee-Only: All client costs are direct; no commissions from products or other entities. Advisors may offer a blend of these models, so understanding what each entails, and the incentives they create, is a crucial first step. Fee-Based Advisors: Wearing Two Hats Fee-based advisors can earn money from both commissions (such as insurance, mutual funds, and annuities) and traditional fee arrangements. This hybrid approach is common among newer physicians who lack the assets for larger minimum fees but still need financial guidance. While fee-based relationships aren't inherently bad, it's essential to be aware of the underlying incentives. If you go this route, clarity and full disclosure are your best protections, know what you're buying, the commission structure, and what (if any) ongoing service you'll receive. Fee-Only and Advice-Only: Minimizing Conflicts of Interest For physicians who want a relationship free of commission-driven biases, fee-only (especially advice-only) models are a breath of fresh air. In these setups, compensation flows exclusively and transparently from the client, limiting hidden conflicts. Advice-only advisors focus solely on comprehensive planning, not asset management. This is ideal for the confident DIY investor, if you can stick to the plan without emotional reaction or procrastination. The challenge isn't getting a plan, but sticking to it as life and career inevitably create surprises and competing priorities. AUM and Flat Fee: Clarity is Key AUM-based fees charge a percentage of the investments managed. This "traditional" approach makes fees a moving target, but may align advisor incentives with your portfolio's growth. However, it's vital to understand whether these fees also cover ongoing financial planning or simply investment management. Too many physicians overpay for limited service out of habit or inertia. Flat fee models, on the other hand, provide absolute clarity. Whether it's a single annual charge or a tiered structure based on income or complexity, you always know your costs. Look for Reliability and Transparency Choosing an advisor is about more than price, it's about aligning on values, expectations, communication, and service levels. Ideally, you're working with that advisor for decades...spend your time doing the research once. The ideal advisor relationship isn't just about minimizing costs or maximizing returns, it's about trust, longevity, and peace of mind. Whether you're a new resident or a seasoned attending, the goal is the same: to understand what you're paying, what you're getting, and to feel empowered to periodically re-evaluate as life evolves. The best of the best list is a paid sponsorship, but these are professionals/companies that Tyler and Chad collaborate with within their own practices or have been vetted to earn a spot on this list. By supporting our sponsors, it allows Chad & Tyler to ...
    Voir plus Voir moins
    30 min
  • Estate Planning & Asset Protection with Kyle Claussen, Ep #041

    Estate Planning & Asset Protection with Kyle Claussen, Ep #041
    Nov 15 2025
    Estate planning is often one of those "I know I should, but…" tasks that lingers on the to-do list, especially for busy professionals like physicians. So this week we're joined by Kyle Claussen, founder and owner of Resolve, for an in-depth conversation focused on estate planning for physicians. Kyle brings a wealth of expertise, tackling the complexities of estate planning, including guardianship, asset protection, and the all-important topic of ensuring your wishes are followed should the unexpected happen. From explaining when physicians should start thinking about estate planning (hint: don't wait until it's too late!) to breaking down the difference between wills and trusts, this episode is packed with practical advice tailored to doctors at every stage, whether you're a med student, resident, or practicing physician. The discussion goes beyond the basics, exploring how estate planning intersects with asset protection, and why proactive rather than reactive planning is so critical. Expect actionable tips on structuring beneficiaries, avoiding costly mistakes with property ownership across multiple states, and even some myth-busting around legal costs and DIY online tools. If you've ever put off estate planning or found the process intimidating, this episode will give you the clarity, and nudge, you need to get started. Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our "Best of the Best" sponsors page to find a list of the professionals Chad & Tyler team up with for their clients. You will want to hear this episode if you are interested in... [06:21] Estate and trust distribution insights.[09:14] Life insurance beneficiary risks.[12:16 Trusts for asset protection.[15:29 Managing multi-state property probates.[16:34 Estate planning essentials.[21:17 Top physician asset protection tips.[22:43 Risk management tips for rentals.[29:16 Why estate planning matters. When Should Physicians Start Estate Planning? When's the right time to get your estate plan in order? The answer is surprisingly straightforward, if you have kids, now is the time. Even if you're single or married without kids, the default "intestate" rules determined by your state may not align with your preferences, potentially leading to lengthy probate processes and undesirable outcomes. Many physicians delay estate planning, thinking it only becomes necessary when they're older or have amassed significant assets. But the reality is that life insurance proceeds, custody of children, and guardianship arrangements in the event of untimely death all hinge on these critical documents, regardless of your age or net worth. Wills, Trusts, and Beneficiaries: Avoiding Common Pitfalls A major focus of the discussion was the mechanics of passing on assets, particularly for families with young children. Too often, physicians mistakenly list minor children as direct beneficiaries of life insurance policies or retirement accounts. This can create legal headaches, since minors cannot legally inherit large sums outright or manage those funds. Kyle emphasized the importance of designating a trust, either by establishing a revocable living trust or including a contingent trust in your will, as the beneficiary for minor children. Doing so not only streamlines the process and potentially avoids multiple probate cases (especially important if you own property in multiple states), but it also allows you to set parameters around when and how young beneficiaries receive assets. You can't change the rules after the fact. That's why proactive planning, rather than reactive scrambling after a crisis, is essential. Estate Planning Costs and What to Expect One common myth is that estate planning is prohibitively expensive. According to Kyle, basic estate plans, which include powers of attorney, a will, and potentially a revocable trust, typically range from $500 to $2,500. While more advanced plans for those with multi-million dollar estates may cost more, most early- and mid-career physicians can secure peace of mind with a modest investment. He advises reviewing estate documents every five years or after major life changes to ensure guardians, beneficiaries, and special instructions are up to date. Key Tools Every Physician Should Consider for Asset Protection While estate planning determines what happens after you're gone, asset protection is about proactively safeguarding your wealth during your lifetime. The two are often linked, but not all estate planning tools (such as revocable living trusts) provide creditor protection. Kyle outlined several primary strategies: Malpractice Insurance: Ensure you're adequately covered at or above your state minimums.Tenancy by the Entirety: If available in your state, this joint ownership option for married couples provides powerful protection of your primary residence against individual creditors.Umbrella Insurance: An...
    Voir plus Voir moins
    31 min
  • The Value of Life Outweighs Money, Ep #040

    The Value of Life Outweighs Money, Ep #040
    Nov 1 2025
    This week, we're exploring how moments of uncertainty and adversity can shake our priorities and remind us not to let financial goals overshadow our relationships and overall well-being. Whether you're a medical student, resident, or practicing physician, this episode encourages you to regularly reassess your work-life balance and ensure your financial decisions support, not compete with, the life you truly want to lead. Be proactive, not reactive, in aligning financial strategies with what matters most. So settle in and get ready for honest insights, personal stories, and actionable advice on blending smart financial planning with a fulfilling and authentic life. Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our "Best of the Best" sponsors page to find a list of the professionals Chad & Tyler team up with for their clients. You will want to hear this episode if you are interested in... [00:00] Balance financial independence and meaningful living.[03:07] Value of life versus the value of financial planning and wealth creation.[06:30] Unique pressures and time demands of the medical profession.[07:47] The emotional, relational, and personal dimensions of financial planning.[08:52] Reevaluate your priorities to optimize life.[09:58] Financial planning as a tool for life optimization. When Life Overshadows Money We open the episode sharing a personal experience: a scary moment when Tyler's son fell and suffered a head injury during a family trip. Although the outcome was ultimately okay, it was a stark reminder that, in moments when our loved ones are in danger, money suddenly feels meaningless. After all, no matter how much money we've accumulated, none of it matters when someone we love isn't ok. These experiences, whether direct or vicarious, force us to reevaluate priorities. Physicians often feel a tension: striving for financial independence or early retirement, versus the die with zero philosophy that advocates for using resources to enrich life today. Setting the right priorities is not always easy, which is why reflective conversations like these are valuable. Work-Life Balance: More Than a Buzzword Work-life balance is especially elusive for many physicians; the grind can easily take over, often leading to missed family moments and a skewed sense of what truly matters. Life moves quickly, and loved ones won't always be around. The true value in life isn't found in dollar signs, but in the relationships and memories we create. While financial security is vital, letting it dominate our decisions can leave us out of balance, personally and professionally. Be Honest About What You Want Effective financial planning does require introspection and honest conversations. Good financial planners will routinely ask clients about their time commitments and priorities, not just their investment strategies. Physicians (and anyone) should establish a "supporting cast," whether it's a spouse, friends, or a planner, to keep themselves accountable for how they spend their time, not just their money. These conversations help prevent years from slipping by without regular reassessment of what truly matters. Making Intentional Choices Periodically consider questions like, "If I could go down to 0.9 or 0.8 FTE and still reasonably reach my goals, would you do it?" For those with steady savings and clear financial plans, there's often hidden flexibility to adjust work commitments and make space for life's priorities. We also share stories of clients who took pay cuts or changed careers to reclaim quality time with their families, and how these moves were celebrated not just financially, but also personally. Financial planning principles are crucial, but only insofar as they enable a life well-lived. Money is the tool, not the destination. Tyler sums it up: "Value financial planning principles, but value them in the context of the value of life and making the most of it for yourself." In medicine and beyond, it pays to be intentional about how we invest our resources, especially the ones we cannot earn back. Are you assessing your priorities regularly? What changes could you make today to give first place to what matters most in your life? The best of the best list is a paid sponsorship, but these are professionals/companies that Tyler and Chad collaborate with within their own practices or have been vetted to earn a spot on this list. By supporting our sponsors it allows Chad & Tyler to dedicate more time to you and the Physician Cents community. If you ever have a question (or not a great experience, which we don't expect!) about a sponsor, please let us know. We call it the "best of the best" for a reason, and we will maintain that standard for our listeners & viewers. Connect With Physician Cents WealthKeel LLCOlson Consulting LLCTyler Olson on TwitterChad Chubb, CFP®, CSLP® on Twitter Subscribe to Physician ...
    Voir plus Voir moins
    17 min
Pas encore de commentaire