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Financial Advisors Database

Disclosure:  Please note that these advisors have paid to be on this list.  Although these are sponsored listings, they are advisors who have been recommended by members in our communities.  We have made an effort to vet prior reviews of the firms listed here to the best of our ability and provide you with a place to start with your research. We do our best to ensure all information is current and up-to-date but cannot guarantee the information/documents provided are the most current. As always, we do recommend doing your own due diligence to assess whether the firms listed are a good fit for you, and you should view this list as a warm introduction, rather than a formal recommendation for your particular situation. This page may contain affiliate links, which support the group at no cost to you.

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Questions for recommended financial advisors and finance related topics come up often on our communities, and this page is an attempt to connect physicians with resources that have been recommended by their peers.  We hope it's helpful!  If you are a financial advisor that would like to be listed on this list, please fill out this form. Please note that partnerships are based on synergy and vetting, and spaces are limited on our listing.  Therefore, not all partnership requests will be accepted.


 

Financial Advisor Database

Pulse Financial Planning

Company-submitted summary: Pulse Financial Planning provides ongoing financial planning to help physicians stay on track with their finances. They are Certified Financial Planners (CFP®) that have taken a fiduciary oath. Pulse Financial Planning offers transparent fees and are never paid on commission. To learn more about how Pulse Financial Planning can help you, complimentary consultations are available to schedule here.

Best Fit For: Physicians with student loans

Specializes In: Including student loan strategies into a comprehensive financial plan

Fees: Monthly flat fee (AUM for investment management)

ADV Part 2A

Sarsi, LLC

Sarsi, LLC
www.sarsillc.com
deva@sarsillc.com
917-446-9601

Company-submitted summary: Sarsi is a fee-only financial advisor. Sarsi provides comprehensive financial planning (tax planning, cash flows, debt planning, retirement planning, insurance/protection etc.), in addition to investment management and acts as a financial quarterback to reduce complexity and help with priorities.

PSG Perk: Make sure to mention Physician Side Gigs for a free 1-hour discovery call after the initial introductory call.

Best Fit For: Physicians 5+ years into their career and who are looking to outsource personal finance to an ‘approachable expert’ but wants customized, individualized service.

Specializes In: Customizing an individual, comprehensive financial plan

Fees: Flat fee for upfront financial plan including investment advice (AUM for investment management and ongoing financial planning)

ADV Part 2A

Wrenne Financial Planning

Company-submitted summary:  At Wrenne Financial Planning, all advisors are CFP’s® with extensive experience working one on one with physician families. Their clients appreciate having them onboard to keep their plans fresh and make sure they’re taking solid steps toward their ideal future. In their experience, the longer they work with people, the more value they're able to provide. However, that’s not always the case, therefore, all of their agreements with clients are completely flexible and can be terminated at any time.

Perk: Wrenne Financial Planning offers generous discounts to residents/fellows

Best Fit For: Our average client is an early to mid career physician, married with children, and has a lot going on.  They are the types that appreciate the value of enlisting the help of other professionals to assist them on their financial journey.  The majority are employees in hospitals or practices, however a pretty large and increasing chunk are either self employed or partners / owners in practices or other businesses.  

Specializes In: Ongoing financial assistance in a wide range of areas such as making a financial plan, tax strategy, investments, benefits review, deal review, job comparisons and budgets.  

Fees: 100% of WFP revenue comes directly from clients in the form of transparent fees for service. You can find their ultra-transparent fee schedule here.

ADV Part 2A

Physician Side Gigs “PSG” and Wrenne Financial Planning “WFP” have an advertising agreement in which WFP pays PSG an annual flat fee for the endorsement.  Neither PSG nor its principals are clients of WFP.  More information can be found here.

Aptus Financial

Company-submitted summary: Aptus provides flat-fee, advice-only financial planning services to early-career attending physicians and other young professionals. Our clients manage their own investments in their own accounts with our guidance and detailed recommendations. We don’t sell anything and don’t manage our clients’ assets, so can give advice that is free of any significant conflicts of interest. Our planning process and investment advice is designed to educate and empower our clients. We help our clients determine a savings rate consistent with their goals, optimize their spending, slay student loans, automate cash flows, address risk with appropriate insurance, and invest in their own accounts simply and effectively.

Best Fit For: Our ideal clients are eager DIYers who embrace our philosophy of simplicity, are willing to implement their financial plan with our help and are interested in a long-term relationship built on trust.

Services: Financial planning, investment guidance for DIY investors

Fees: Annual flat fee, monthly flat fee, flat fee for financial plan

ADV Part 2A

Facet

Company-submitted summary: Facet knows that as a busy medical professional, the long days and demanding schedule leave you with limited time and energy to effectively manage your personal finances. A Facet membership alleviates that financial stress, pairing you with your own CFP® professional who can provide expert advice on investments, taxes, business expenses, student loan debt, and more, so you know your money is working as hard as you do. Ask your Facet expert how a membership can pay for itself today*.

PSG Perk: Right now, Facet is waiving the enrollment fee for new, annual members. They are also offering $250 into a Facet brokerage account for new members who transfer at least $5,000 within the first 90 days of their Facet membership.

Best Fit For: Industry professionals looking for a financial planning service that is convenient and effective

Services: Unbiased, personalized, and affordable financial planning membership for everything your money touches

Fees: Flat, annual membership fee that does not increase as your wealth does, so you can keep more of the money you make

ADV Part 2A

*Disclaimer: Facet Wealth, Inc. (“Facet”) is an SEC Registered Investment Advisor headquartered in Baltimore, Maryland. This is not an offer to sell securities or the solicitation of an offer to purchase securities. This is not investment, financial, legal, or tax advice. Based on a study conducted by Facet in April 2023. A statistically valid sample of members following Facet’s current planning process demonstrated that more than half of these members, defined here as a majority, achieved value greater than their planning fee. This value was shown to reoccur on an annual basis. Assumptions included average expenses and fees, using retirement tax savings, portfolio expenses and tax loss harvesting as value drivers using Facet’s investment services, and discounting value to align with the acceptance of Facet recommendations. Facet assesses clients an annual flat fee for service based on the complexity of planning needs. There is no separate or additional fee for investment management. This is not a guarantee or prediction of actual results for any member and results may vary by member. Some value like tax loss harvesting may vary year to year.

Looking for a Local Advisor?

If you are looking for a local financial advisor and aren't able to use one of our listed financial advisors above, check out our sponsor Zoe Financial.

Zoe Financial allows you to search their national network for advisors that fit your needs. Please note this platform has both flat fee and AUM advisors. Their fee structure is transparently listed under the matches they provide you, along with other information about each of them, so look at the disclosure pages and the fee structures of any matches before picking one you might want to schedule with.

If you qualify to meet with a Zoe Advisor, we will receive a referral fee at no cost to you.  This is not contingent upon your use of the financial advisor or based on the fees that you pay.  Full advertising disclosure here.

Using Financial Advisors

While we try our best to empower physicians with the tools they need to understand finances, we understand that DIY is not for everyone, and that there are several advantages to using a financial advisor. Many people prefer the comfort of having an additional set of eyes on their investments, especially as their wealth building and asset allocation become more complex. Advantages to having a financial advisor working with you include:
 

  • making sure you stay disciplined about your approach

  • educating you on different investment opportunities

  • helping with things like rebalancing your portfolio

  • providing backup if something happens to you

 

​We do encourage you to be involved and learn, regardless of whether you DIY, hire someone to provide occasional advice, or outsource all the logistics. This way, you can be an active participant in discussions and decisions, as well as possibly even bring some of your own ideas to the table.  Personal finance is personal, and the more you can intelligently weigh in on it, the more your financial plan will reflect what's right for you.  Also, make sure you only purchase what you need, because fees can add up quickly, and there may be times where you are comfortable doing some things and not others.  Also, be careful of firms that try to do too much, as you may benefit from getting some services a la carte from relevant expertise (tax strategy, legal, estate planning, etc.), rather than paying one firm a very large fee to do everything, but potentially with less specialized expertise.  

How to Choose a FA

Fiduciary Duty

Signed statement that they are willing to commit to you that they will do what’s in your best interest. Make sure they actually sign it, regardless of their certification.

Types of Certifications

  • CFP: Have to complete 200 hours of course work, have 3 years of experience, and have to pass a test

  • ChFC (chartered financial consultant): Have to complete CFP type coursework but without the test

  • CPA (certified public accountant) + PFS (personal financial specialist)

  • CFA (Chartered financial analyst): This is the hardest one to get. Requires 750 hours of coursework and 3 exams over 18 months

 

Questions to Ask

  • Ask about their investing strategy and make sure it’s reasonable.

  • Are they buying individual stocks and do they believe in active management?

  • Are they using low cost funds?  Avoid advisors that use high cost mutual funds as they eat into your returns.  

  • Are they advocating for whole life insurance or do they sell insurance?  Be careful about conflict of interest.

Fee Structures: Pros and Cons to Each

There is no 100% 'right' way to pay a financial advisor, as it's going to depend on what makes sense for your net worth and your goals.  Each fee structure has its pros and cons.  What you want to do is make sure the fees are clearly defined and transparent so that you can make an informed decision. Ask them every way that they make money from you.

There is one fee structure we would caution you about.  In general, we are advocates for fee only over fee based advising.  In fee based advising, the person recommending a product will make money from the product that is being sold.  The classic problem we see on the group in regards to this is when an advisor is selling expensive insurance products that don't make sense for people's life stages. Since insurance products allow those selling them to usually make somewhere between 50-100% (or more!) of the price of the annual premium, if someone sells you a whole life policy that costs you $100,000 a year, you can see the obvious conflict of interest.  Fee only advisers don't make commission based on products they sell from you, which is why the advisors on our list are fee only.  You should get your disability insurance and life insurance from other vendors.

In terms of options for how you pay for fee only advice, there are many options (and many hybrids of options), again with its own pros and cons.  You should do the math on what works for you as well as weigh the non-monetary pros and cons of each situation.

AUM: Many charge as high as 2% or above of your total net worth. This may not seem like a lot when you’re first starting out, but it will add up quickly and significantly eat into your returns.  It can also create a conflict of interest in the investment strategies recommended, as obviously the more money they are managing, the more money they make.  If an AUM advisor is telling you not to pay off debt or contribute fully to tax advantaged options, it's okay to dig deeper into why exactly they feel this is best for you. All of this said, if your net worth grows, they also benefit, so they may be more incentivized to ensure that your accounts grow.  Another potential situation in which this may be advantageous is if the AUM percentage of your net worth is lower than what a flat fee, advice only advisor charges.  

Flat fee: You pay an annual retainer and know the cost upfront, which may be quoted to you based on your individual circumstances or be the same for everyone depending on the firm.  This comes with the advantage of knowing exactly what you're going to pay and knowing there is no conflict of interest in what they recommend. In some situations, this fee may be higher than what you would have paid an AUM advisor depending on your net worth; however, we find that for a lot of our physicians, flat fee is preferred on the financial planning side of things.  This is because the amount of work done on the financial planners side may not increase linearly in accordance with your net worth and you could end up paying a very large amount for similar work on the part of the advisor.  The potential downside is that since they’re getting paid the same regardless, they may not want to spend as much time corresponding with you or scheduling meetings.  Make sure that you are open from the beginning about expectations you have for what you will get from the fees as well as review what they say they will include, to avoid potential conflict later by ensuring a good fit from the getgo.  

Hourly: This can be nice for many that feel like they have an overall grasp on DIY management, but like having someone to run decisions by, particularly as new situations arise (practice buy-in, inheritance, etc). The pro is that you only pay for what you use, but the flip side is that it may disincentivize you from asking questions that you could actually use advice on because you have to reach for your credit card each time.

Other options: These can include Roboadvisors, Fidelity or Vanguard (can use their people for free or low fee). These are generally lower cost options who are good for people who have a solid foundational fund of knowledge and are confident that they can DIY.

Remember, there are hybrid options here.  For example, you may pay a flat fee for the financial planning side of things and then an AUM for the management side of things.  Also remember, AUM fees can often be negotiated, especially as your net worth rises, so you should ask questions relevant to your personal situation.  

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