Three-Phase Approach to Wealth Management for Physicians
Provided by Eric Kala CFP®, CIMA®, AEP®, CLU®, ChFC®, CRPS®
Recover, Build, and Enjoy: Our Unique Three-Phase Approach to Wealth Management for Physicians
As a physician, you have unique financial needs due to your high income-earning potential paired with your late-career, heavy debt-load start. Here at Avid Wealth Partners, we specialize in helping you build, protect and enjoy your wealth now and in the future. No matter what stage of your career you’re at, we’ll meet you there and help you get on the right path for financial security. Our team utilizes a three phase model that’s designed to help you maximize and protect your wealth and give you peace of mind in knowing that your financial affairs are being properly attended to.
The Recovery Phase
We refer to the first years after your residency as “The Recovery Phase” because you’re getting a late start on your income-producing years with tremendously more educational debt than most professionals. Our primary focus during recovery is to help you manage your money in a way that will get you out from under your medical school debt as quickly as possible while making sure that your assets and wealth-producing potential are properly protected. We also focus on getting you caught up with your retirement savings and helping you create a lifetime financial strategy that addresses your specific needs, goals, and risk tolerance. During this phase, we want to help you lay a solid foundation and develop great financial habits so that you maximize your wealth-building potential throughout your career.
The Wealth Building Phase
The pace at which physicians graduate into “The Wealth Building Phase” varies greatly depending on their medical school debt, income, and financial discipline, but our team aims to get you to this stage as quickly as possible so that you can create and maintain the lifestyle you desire now and in the future. During the wealth building years, we will work with you to make sure you have the proper wealth and asset protection tools in place as your career evolves and income grows, and we’ll provide the expertise you need to ensure your investment strategies are aligned with your goals, time horizon and tolerance for risk. Our goal is to empower you with the right information along the way so that you can make informed decisions for your financial health and wellbeing.
The Retirement Transition Phase
Whether it comes in your 50’s, 60’s 70’s or beyond, there will likely come a time that you’re ready to start dialing back the amount of time you spend working so that you can spend more time in leisure. Making a successful transition to retirement usually begins five to ten years before actually leaving your practice, and it’s a multi-step process that begins with defining what a successful transition will be. Perhaps you already have a partner or successor in mind, or maybe you’re looking to sell your practice to someone you don’t yet know. We will work with you well in advance to make sure you have looked at all your options and are able to choose the most advantageous path to accomplish your retirement goals. We will also focus on wealth preservation and transfer planning in “The Retirement Transition Phase”, and develop an effective cash flow management plan to help you maintain the lifestyle you’re accustomed to.
No matter what phase you identify with today, Eric Kala and the team at Avid Wealth Partners will meet you where you’re at and help you get – and remain – on the best possible path for continued financial success. To learn more about our firm and how we may be of service to you, visit us at AvidWealthPartners.com.
Eric Ilmari Kala uses Avid Wealth Partners as a marketing name for doing business as representatives of Northwestern Mutual. Avid Wealth Partners is not a registered investment adviser, broker-dealer, insurance agency or federal savings bank. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM) (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Eric Ilmari Kala is a Representative of Northwestern Mutual Wealth Management Company® (NMWMC) , Milwaukee, WI (fiduciary and fee-based financial planning services), a subsidiary of NM and federal savings bank. Representative is an Insurance Agent of NM and Northwestern Long Term Care Insurance Company, Milwaukee, WI, (long-term care insurance) a subsidiary of NM, and a Registered Representative of Northwestern Mutual Investment Services, LLC (NMIS) (securities), a subsidiary of NM, broker-dealer, registered investment adviser and member FINRA and SIPC.
Eric Kala CFP®, CIMA®, AEP®, CLU®, ChFC®, CRPS®
Avid Wealth Partners Affiliated with Northwestern Mutual17802
W Interstate 10, Ste. 114, San Antonio, TX 78257
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.