On August 11 and 12 I had the pleasure of meeting in Chicago with about a dozen NAPFA colleagues from all around the Country who have a significant portion of their practice dedicated to serving the financial advising needs of medical professionals. As a result of this meeting, we decided to form the Asclepius Group. The mission of the group, whose membership will be limited to NAPFA members (i.e., fee-only, fiduciary advisors) with a significant practice in the medical profession, will be to collectively study issues that impact the financial circumstances of medical professionals and to draw upon the expertise of one another as we encounter issues in working with our medical professional clients. The group includes a vast array of backgrounds that are helpful in bringing different perspectives to the financial issues facing medical professionals. While each member has extensive experience as a financial planner/advisor, the membership includes advisors with prior work experience as practicing accountants, lawyers, doctors and dentists prior to entering the financial advisory field.
At this meeting we were educated about recent developments in the area of disability insurance for physicians. Higher limits are available now than has been the case previously. Premiums have been going down for certain specialties. Purchasing insurance on a group basis through your workplace can save significantly on premiums, particularly for female physicians. Own Occupation, Own Specialty is the best choice of coverage if you can get it; there is a Transitional Own Occupation coverage that is an alternative if Own Occupation, Own Specialty is not available. Graded premium structures are an excellent, relatively inexpensive coverage alternative for physicians just starting their career. And layering of benefits can keep costs down while extending coverage. All of this was very interesting, very helpful information with respect to the work we do with physicians insuring one of their most important “assets” – their income stream!
In upcoming meetings we will be studying the impact of the new healthcare law on medical practitioners and their practices and learning about new developments regarding structuring arrangements which provide physicians with liability protection.
In the coming months we will be launching a website – asclepiusadvisors.com – which we hope develops into a well-known, primary resource for medical professionals in need of objective, fee-only, client-centered financial guidance.
Look for more information here in the future as we move forward with the development of the Asclepius Group.
Below are some pictures taken during the anagural meeting.
The participants determined to make their new website www.asclepiusadvisors.com
a primary resource for medical professionals.