Lessons From Our Client Physicians: Exceptional People Require Exceptional Solutions

To serve physicians’ needs effectively, DBR & CO Physician Wealth seeks to match their level of dedication, skill, and expertise. This is a commitment we make to all clients, not just physicians. In order for us to hone in on any client’s needs, our guidance must be specific and consistent with their unique situations, and we must deliver our advice with the precision of an expert and the care of a fiduciary. We are inspired by the physicians’ code: ‘A physician shall uphold the standards of professionalism and be honest in all professional interactions.’ The code clarifies roles and responsibilities within the profession and provides guidance to physicians for addressing common ethical questions.

Consider the standards that physicians set for themselves. They earn trust by maintaining a high level of competence backed by credentials and education. Why would our industry ever settle for standards that are anything less? As trained and certified financial advisors, we also seek to provide continuity of care. We are a team of experts prescribing remedies for causes of pain while having a ‘bedside manner’ that reassures one that they are going to be OK. The similarities are numerous.

In addition to advising individual physicians and their families, DBR & CO works with a number of healthcare organizations and the retirement plans they offer to employees. Recently, members of our team visited one of our larger healthcare clients in Colorado to meet with a group of fellows. A fellow is a doctor who is in training for a subspecialty - in this case, Orthopedics. We were anxious to learn more about the exciting futures that lie ahead for the fellows, as well as the challenges they are acutely experiencing at this stage in their promising careers. Our team led off by asking what their key concerns were. The most prevalent response from the room? “What is your philosophy on insurance?” Their biggest concern was how to protect their assets.

Naturally, we discussed numerous other key matters during the meeting, such as how to mitigate the impact of taxes, how to take full advantage of their employer’s retirement plan, how to prioritize and optimize cash flows, and how to construct a well-balanced portfolio. But our conversation with these fellows brought into light the most important asset we all must protect - our ability to earn a paycheck and accumulate wealth.

Young physicians who have worked and sacrificed through years of education from the best schools will likely need a plan to address their student loans, especially in the face of rising interest rates. Medical school graduates carry a median of $200,000 in student loan debt. This is one of the issues we cover in our program designed specifically to address the needs of fellows.

In addition to advising on education and personal debt, we help both early-career and established physicians manage critical matters like rapid income inflection, complex tax liabilities, complicated compensation and employment issues, family wealth planning and even professional stress and burnout. For young physicians, burnout may not be front-of-mind; however, the more esteemed they become, the more burnout they will likely experience.

In our partnership with physicians, we are able to provide bespoke expertise that addresses their unique concerns. We strive to do the same with high-net-worth individuals, multi-generational families, successful young professionals and corporate retirement plans.
With the right tools, training and resources, we are able to assist in overcoming unique challenges faced by physicians. We are honored to help those who dedicate their lives to helping others. In the end, we find that treating one’s wealth isn’t so different than treating one’s health. In either case, the desired outcome is ensuring the patient or client feels they are going to be OK, no matter the challenge. As trusted advisors, we strive to be the first person you call when you have questions about your financial health. And remaining true to our creed of serving, we still make house calls.

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