As a physician, juggling personal life, family life, and professional life can be tough. However, adding financial planning and management to all of that can make things feel overwhelming. Allowing a financial advisor to do the heavy lifting with your financial management becomes non-negotiable.

It would be worthwhile to consider the implications of managing your finances on your own rather than getting professional help and expertise from a trusted financial advisor or certified financial planner.

Firms like Bay Street Capital Holdings are uniquely positioned to assist you in managing your finances as you advance your career. To benefit from the expertise the firm offers, schedule an appointment today with William Huston, a trusted financial advisor.

Key Takeaways

• Regardless of how much you earn as a physician, employing the services of a financial advisor is crucial to your financial well-being and success.
• Bay Street Capital Holdings, Integrity Wealth Solutions, JP Morgan Personal Advisors, LWJ Wealth Management, and Physicians Family Financial Advisors are top financial advisory firms both veteran and young physicians can work with.
• William Huston, Ekenna Anya-Gafu, Ila Corcoran, Mellody Hobson, and Suze Orman are some of the leading financial advisors for physicians.

Disclaimer

The contents of this article are for educational purposes only. They are not intended to be a source of professional financial advice. You will find experts on financial planning and financial management here.

Benefits of hiring a financial advisor

1. Tailored expertise: working with a financial advisor gives you access to customized financial advice and guidance which is enriched with the expertise of a seasoned professional.

2. Emotional balance: when it comes to investing, an experienced financial advisor can help you avoid hollow but shiny opportunities as well as guard against emotionally-driven decisions.

3. Personalized strategy: a trusted financial advisor will work with you to develop personalized strategies that take into account the specifics of your financial and social situations.

4. Stress reduction: having the guidance of a skilled advisor affords you the freedom to relax and let go of stress regarding issues such as tax, retirement, college debt etc.

5. Future and long-term planning: a trusted financial advisor brings both short- and long-term perspectives to your financial goals, and this helps you plan for the future including college education for your kids, retirement etc.

Top financial advisory firms for physicians

These are some of the top financial advisory firms that have helped numerous clients successfully manage their finances and grow their investments over time.

Bay Street Capital Holdings

Bay Street Capital Holdings is a renowned wealth management firm that specializes in financial planning, investment advisory, and risk management. Besides their excellent fee structure of 2% AUM, what sets them apart is their unique approach of effectively managing overall risk and volatility, rather than solely focusing on maximizing returns.

Physicians often have more complex financial situations than other professionals do and Bay Street's understanding of a physician’s life, loans and constraints means that they excel at bringing simplicity to these complex situations.

Bay Street advisors create a plan that fits your needs and pick out the right investments for you, while keeping an eye on them to make sure you're getting closer to your goals. And you can meet with your advisor when you have any questions.

Integrity Wealth Solutions

Integrity Wealth Solutions offers financial planning and investment management services with a straightforward pricing system. The team focuses on assisting physicians and other medical professionals in a way that's open and fair. They create cost-effective, tax-efficient portfolios based on each client's overall financial goals.

They support clients throughout different life stages and offer a great option for those who don't want to handle things themselves or pay high fees for traditional financial advisors. Their wealth management fees range from $1,250 to $3,750 per quarter for the average client. This covers both investment management and financial planning services.

J.P. Morgan Personal Advisors

J.P. Morgan provides various services, including helping with money plans, investing, planning for education costs, and getting ready for retirement. To start, they suggest having at least $25,000 to invest, and if you do, they waive their annual advisory fee for the first six months.

When you open an account with J.P. Morgan Personal Advisors, you'll have access to advice made just for you. A team of experts who always act in your best interest will work with you. They'll learn about your money situation and what you want to achieve in the long run.

LJW Wealth Management

LJW Wealth Management provides a range of financial services to help you manage your money well. These include managing risk and insurance, analyzing your cash flow, finding strategies to manage your debts, offering smart borrowing options, giving advice on investing and education.

Other services they provide include considering tax implications, helping with practice management and business planning, planning for an earlier retirement, and creating plans for your estate, legacy, and charitable giving. While they don't have a fixed fee structure, they do focus on their client's unique needs.

LJW Wealth Management offers services tailored specifically for physicians. Their advisors understand the financial challenges physicians and doctors face, like rising insurance costs, lower payouts, and the pressure of caring for medically fragile patients.

Their team also collaborates with your existing tax and legal advisors to create a long-term wealth management plan. This can help you achieve financial independence, save for a home, or fund your child's education.

Physician Family Financial Advisors

Employing a monthly retainer fee structure, the firm offers tax strategies, retirement planning, and investment management services that focus solely on the needs of physicians with families.

The people who give advice at this company are certified financial planners and they're officially registered with a government agency called the SEC. They've been doing this for over 25 years, which means they really know what they're talking about.

They work in a way where they only get paid the fee you agree on, so they're not trying to sell you anything extra. They'll go through all the details of your money situation to make sure you're not missing out on any tax benefits. If you're already investing your money, they'll check to see if you're paying too much in fees or if your investments are too confusing.

Their main goal is to make sure you're making the most money you can, so you can concentrate on your patients and your family. If you want to join, you can pay $625 every month for as long as you need, or $725 every month for a year.

5 best financial advisors for physicians

Spotting a good financial advisor can be a hard task to take on, but the following lists give you the top go-to financial advisors for physicians.

1. William Huston, AIF®, AIFA®

William is the Founder and Chief Investment Officer of Bay Street Capital Holdings. As a trusted financial advisor, he exemplifies great expertise in helping physicians build investment portfolios that matches their financial goals.

In recognition of his expertise and achievements in areas such as wealth management and investment advice, Investopedia has hailed him among their top 100 advisors for the last three years. And his company has been ranked 2nd out of 900 other companies like his, according to Wealthmanagement.com.

He's been doing this kind of work for more than ten years, serving as a trusted friend for physicians, giving them really helpful advice about how to take care of their money and investments so they can be secure in the future.

2. Ekenna Anya Gafu, CFP®, AAMS®

Ekenna, a Certified Financial Planner (CFP) and Accredited Asset Management Specialist (AAMS), offers comprehensive financial planning services to various high earning professionals especially physicians. He brings to his clients a wealth of experience from various past roles to provide top-notch financial planning services that helps them realize their goals including paying off medical school debt.

Ekenna excels in helping his clients handle tax planning, build substantial emergency funds and develop robust retirement plans. With his experience in the brokerage industry spanning over half a decade, Ekenna excels in providing specialized financial guidance to physicians.

3. Ila Corcoran

Ila is a Realtor and SVP of Real Estate Operations and Advisory services at Bay Street Capital Holdings. With a focus on housing, property ownership, and real estate investing, she possesses the necessary skills and a clear understanding to assist physicians and medical professionals in achieving stable lifestyles and financial success.

4. Mellody Hobson

Mellody Hobson is an influential figure in the financial world. She holds key positions as the co-CEO and President of Ariel Investments, a respected investment company in Chicago. Additionally, she serves as the chairperson of the Board of Starbucks Corporation and is a Director of JPMorgan Chase.

With a strong commitment to promoting financial literacy among Black Americans, she actively supports professionals, including physicians, in maximizing their earnings. In 2022, Mellody Hobson was recognized by Barron's as one of the 100 Most Influential Women in U.S. Finance.

5. Suze Orman

Suze Orman is a well-known expert on money matters in the United States. She's a #1 New York Times bestselling author, focusing on personal finance.

Suze has written many books, including titles like Women & Money, The 9 Steps to Financial Freedom, and The Money Book for the Young, Fabulous and Broke. Her books have been read by millions—over 25 million copies have been sold, and they're available in 12 languages, so people all around the world can benefit from her advice.

For 13 years, Suze Orman hosted The Suze Orman Show on CNBC, where she shared important financial advice with her audience. Nowadays, she keeps empowering and teaching people about money through her podcast, Women & Money. Her goal is to help individuals, including physicians, take charge of their finances and lead happier lives through smart money management.

How we help

With a team of financial advisors, financial planners, and real estate agents, Bay Street provides you with a comprehensive financial plan that meets all your financial planning needs. These range from investing for retirement and obtaining disability insurance to becoming a homeowner and estate planning. Speak with our advisors today.

Bay Street Capital Holdings

Bay Street Capital in Palo Alto excels in wealth management, focusing on risk management alongside returns. Led by William Huston, among Investopedia's Top 100 Financial Advisors, it's a notable Black-owned firm.

Their partnership with Resthaven Properties earned them a finalist spot in 2023 WealthManagement.com Awards. In 2021, Bay Street was a CSR finalist among 900 firms, showcasing their commitment to diversity and impact.

Sources

https://www.physicianfamily.com/

https://www.deevaventures.com/9-advantages-of-hiring-a-financial-advisor/

https://www.medicaleconomics.com/view/how-physicians-can-pick-the-best-financial-adviser