The “New” Ascelepius Group

NAPFA-logo

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.

Group at work-web The Ascelepius Group collaborating.

Joe Hollen Presenting-web Joe Hollen of Hollen Financial Planning presenting on fee-only advisor duties.

Me, Barry and Andy-web The participants determined to make their new website www.asclepiusadvisors.com
a primary resource for medical professionals.

About Objectively Speaking

Tom Batterman, founder of Vigil Trust & Financial Advocacy and Financial Fiduciaries, LLC is in the business of representing the best financial interests of his clients. Having provided objective, fee-only financial management services for over two decades, he specializes in managing the investment and related financial affairs of individuals and mutual insurance companies who do not have the time, interest or expertise to manage such matters on their own. As an objective, unbiased professional who takes on a fiduciary responsibility to his clients, he guides clients to the financial decisions they would make themselves if they had years of training and experience and the time and expertise to fully research and understand all of their options. Founded in 2010 as an outgrowth of Vigil Trust & Financial Advocacy, Financial Fiduciaries, LLC is a financial management solution for individuals and mutual insurance companies who recognize they do not have the time, interest or expertise to properly attend to their financial matters on their own. While there are many financial “advisors”, most of them have investment products to sell and the “advice” they provide is geared toward getting their clients to engage in a purchase. As one of the rare subset of advisors known as “fiduciary advisors”, Financial Fiduciaries does not sell any investment product so its guidance is not compromised by conflicts of interest which plague ordinary advisors. Prior to his employment in the financial industry in financial advocacy and trust positions, he worked at a private law practice in the Wausau area in the areas of estate planning, tax, retirement planning, corporate organizations and real estate. He is a graduate of the University of Wisconsin-Madison and the UW-Madison Law School and has during his career held Series 7, 24 and 65 securities licenses. A longtime resident of the Wausau, Wisconsin Area, Tom is active in the community. He enjoys golf, curling, skiing, fishing, traveling and spending time with his family.
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