It is important, professionally and personally, to be aware of what you are good at and where your blind spots are.--Dr. Arnold C. Friedman, MD, FACR
New York, NY (PRWEB) August 09, 2012
The summer months are often a time of relaxation, contemplation, and vacation. But before opening another summer ale or firing up the barbeque, take a few minutes and evaluate your complete financial condition. Haven't thought about it yet? The Physician Family Office saves time, needlessly wasted money, and sleepless nights.
It is fairly common to think about taxes between the New Year and April 15th. But what about reviewing insurance policies? Retirement planning? Are the professionals employed to handle your wealth working together toward a common goal?
If it's time to think about these questions, the Physician Family Office could save you time, needlessly wasted money, and sleepless nights. Physicians, who often rank among the most educated and well-respected people in their communities, are often so busy, they fail to adequately plan for their futures.
“Now, more than ever, with the business of medicine ever-changing, it is crucial that physicians structure their time to maximize efficiency,” says Chairman of the Board of the Abernathy Group, Steven Abernathy. “Because so much has changed, the strategies physicians used to plan their careers and retirement 20 years ago will not serve them well today.”
There remains a huge gap in the dialogue about wealth management among medical doctors. It is extremely rare for a physician to have a formal education about business.
Advisory Board member, Dr. Arnold C. Friedman, MD, FACR, adds:
“Medical school and training certainly did not include even a rudimentary course in finance or money management which many physicians would find helpful with issues such as debt management, starting a practice, first time home ownership, etc. Medical doctors are highly specialized professionals with many years of training and although most of us are smart, we cannot know everything. It is important, professionally and personally, to be aware of what you are good at and where your blind spots are in terms of the areas you don’t know or fully understand”.
“Our Physician Family Office was created with this in mind,” says co-founder and CEO, Brian Luster, “as specialists whose first priority is serving their patients, it is unreasonable and unfair to expect physicians to not only keep up with rapid and dynamic changes in the practice of medicine, but, to also be expected to have mastery of asset management, asset protection, tax, estate, and financial planning. That’s where we come in.”
Governed by an Advisory Board comprised of physicians, the Physician Family Office is continually advocating for the best ways to serve doctors’ unique wealth needs, performing original research, and in conversation with leading physicians in their respective specialty areas. Often investors face problems as they’re happening rather than adequately protecting themselves before they occur and hindsight is always 20/20.
The intelligent physician of the 21st century knows that simply employing an unrelated team of an accountant, lawyer, business manager, investment advisor, and perhaps many individual brokers, many of whom may actually be commissioned salespeople, will not build wealth. The structure of how wealth is managed including planning, asset protection, tax preparation, goal-setting, and objectives needs to be consistent and congruent.
Today’s Physician Family Office presents the savvy alternative for any medical doctor seeking the widest possible range of options. At a large brokerage firm it is more than likely that its employees are incented to sell the products created by that firm—thus the widest possible range available to the physician is immediately limited. Conversely, a true family office presents the widest range of available options, working with each family to create a realistic strategy to meet retirement and other goals. The head of the family office acts as CFO for each client, reviewing strategies to pursue the most cost effective solutions available.
Steven Abernathy and Brian Luster are physicians’ advocates and founders of the first Physician Family Office (PFO) in the country. The Physician Family Office sells no products, receives no commissions, and is independent, employee-owned, and governed by its Advisory Board comprised entirely of thought-leading physicians.
Visit them online at http://www.physicianfamilyoffice.org