Are You a Fiduciary for Physician Families?
Yes, being a fiduciary has been at the core of our practice since day one. We firmly believe in putting the best interests of our physician families first in all financial advice and planning. This commitment is not just a policy; it’s the foundation upon which Physician Family was built and continues to operate.
How Does Physician Family Get Compensated? Understanding Our Fee Structure
Transparency is paramount in our relationship with physician families. The fees outlined are the sole compensation Physician Family receives for our services. For our “Make A Plan” and “Get On Track” projects, fees are payable upfront via credit card. Our ongoing “Stay On Track” membership fees are billed monthly in advance through ACH bank draft. As a fee-only financial advisory firm dedicated to serving physician families, we strictly avoid any commissions, referral fees, or hidden charges. This fee-only model ensures that our advice is unbiased and solely focused on your family’s financial well-being. We believe this clear and direct fee structure builds trust and allows us to provide objective guidance tailored to the unique needs of physician families.
Which Pricing Tier Applies to My Physician Family?
To ensure fair and appropriate pricing for all physician families, we have different tiers based on the complexity of your financial situation. The Partner pricing tier is designed for physician families where one or both partners are:
- Partners in private practice
- Earning income from self-employment in addition to their primary practice (e.g., locums, medical director roles, side businesses)
- Receiving income from medical business ventures (e.g., ownership in surgery centers, medical practices, or medical office buildings).
This tier acknowledges the added complexities that often accompany these income structures and ensures you receive the comprehensive financial planning support necessary for your physician family’s unique circumstances. If you are unsure which tier best fits your family, please reach out, and we can help determine the most appropriate and cost-effective option for you.
Does the Physician Family Fee Include My Spouse?
Yes, absolutely. We understand that financial planning for physician families is a family affair. The fees quoted are designed to cover comprehensive financial services for your entire immediate family: you, your spouse or partner, and any children under the age of 18. We believe in providing holistic financial advice that considers the needs of the entire physician family unit, ensuring everyone is on the same page and working towards shared financial goals.
Will Physician Family Continue to Support My Spouse If I Pass Away?
At Physician Family, we are committed to the long-term financial security of physician families. For our “Stay On Track” members, this commitment extends beyond just the physician. In the unfortunate event of death or cognitive impairment of the physician, Physician Family will step in to provide ongoing support and guidance to your spouse. We will work closely with your spouse to ensure they are equipped to make sound financial decisions during a challenging time and for years to come. Our philosophy is “Once a physician family, always a physician family,” and we stand by that promise to provide enduring support and stability.
Does Physician Family Charge Asset-Based or Percentage-Based Fees (AUM)?
No, Physician Family does not employ asset-based fees or “percentage of Assets Under Management” (AUM) fees. We believe in transparent and predictable pricing for physician families. Your “Stay On Track” membership fee covers both account management (where we directly manage your investment accounts on your behalf) and investment guidance (where you manage your own accounts with specific mutual fund recommendations provided by us). Regardless of the size of your investment portfolio, your membership fee remains consistent, ensuring cost-effective and value-driven financial planning for your physician family. This fee structure is designed to be equitable and focused on the service we provide, not the size of your assets.
Will My Physician Family Fees Ever Increase?
It is likely that our fees may increase periodically. Physician Family is committed to attracting and retaining top-tier talent to best serve our physician families. Our pricing structure is based on the costs associated with employing highly qualified professionals. To ensure we can continue to provide exceptional service and expertise, we may occasionally adjust membership rates to align with inflation and the rising costs of providing excellent financial planning services. We are committed to providing advance notice of any fee adjustments to our valued physician families.
Are There Any Hidden Fees for Physician Families?
Absolutely not. Transparency and trust are paramount to Physician Family. We are committed to a no-hidden-fees policy. The fees we clearly outline are the only costs you will incur for our comprehensive financial planning services designed for physician families. We believe in open and honest communication about all costs associated with our services, ensuring peace of mind and a clear understanding of the value you receive from Physician Family.
