I work with clients from all walks of life, but our primary target audience for financial planning is professionals from the medical and academic communities. These professionals have more distractions in their work life than ever, trying to stay on top of the latest developments in their field, navigating government and compliance regulations, and managing the constant flow of data and information. While they are a very intelligent group, they have little time to manage their personal finances with the care and due diligence that it should take.
They are also a good attitudinal fit. They are willing to put in the work with me to develop a sound financial plan. Because their work lives are so busy, they tend to stay very focused and efficient during the financial-planning process. As professionals, they also tend to be open to financial guidance and education, respecting the fact that our firm is very knowledgeable and delivers highly professional services.
For these individuals and their families, we can provide a holistic approach to a full range of financial needs. We like to position ourselves as a personal financial CFO or personal financial project manager. Ideally, this would cover financial planning, cash-flow management, retirement planning, risk management, investment planning and implementation, and employee benefits planning and administration, if that is appropriate.
Workplace retirement benefits can be more complex for these individuals than other clients, and they can include options such as state pensions and ORP, 457(b), 401(k), and 403(b) plans, or some combination of these. We can provide the guidance necessary to make informed choices on many elements of these plans and the coordination of how they might fit into one’s overall retirement-funding plan. Each plan usually has different options, investments, and implementation details, and we work with clients to evaluate how these benefits might best fit their specific financial and family situation, risk profile, and time line.
Tips for providing financial planning to the medical and academic communities:
- Provide a holistic approach across a full range of financial needs.
- Serve as a personal CFO for busy professionals.
- Help navigate options for workplace retirement planning.
Disclosure: Investment advisor representative and registered representative of, and securities and investment advisory services offered through, Voya Financial Advisors, Inc. (member SIPC). Chill Financial Group is not a subsidiary of nor controlled by Voya Financial Advisors. (35271618_IAR_0420D)
Photography by Chris Cone