What is the North Star Medical Division, what makes it unique, and why work with us instead of another firm?

The Medical Division is a collection of highly specialized advisors who work exclusively with Medical/Dental Professionals and their families. They are trained in comprehensive planning topics related to the special needs of Medical/Dental professionals. Some examples of these specialized areas are: Debt Management, Disability Planning (long and short term), Tax Minimization Strategies, Asset Protection Strategies, Early Exit/Retirement Planning, Small Practice Benefits Planning and Estate Planning.

In addition to the high degree of specialization and understanding of issues important to Medical/Dental Professionals the North Star Medical Division is unique in its approach to planning. We take a very holistic approach in evaluating the issues affecting Medical/Dental Professionals, along with developing customized solutions to each professional's individual situation. Typically an advisor or team of advisors stays with the client from Residency to Retirement, regardless of geographic relocation.  This provides our clients with a consistent team of advisors and a sense of long term stability. We pride ourselves on establishing relationships for life.

What is the advantage in working with a North Star Medical Division advisor?

The primary advantage is an understanding by the advisor of the unique challenges facing Medical/Dental Professionals. Some issues commonly encountered include tax efficient wealth accumulation due to higher than average tax brackets, asset protection concerns, and debt management. 

What is the process in working with an advisor in the North Star Medical Division?

Typically the process entails several meetings learning about the clients' goals and objectives, discussing the options available to the client, developing implementation strategies, and monitoring the plan.

The focal point of this process is to build a long term advisory based relationship.

Why wouldn't a physician or medical/dental professional do the planning on their own?

Time and expertise. Most of our clients value the time they spend with their family and do not have the time to devote to becoming educated on financial issues to the extent they can make informed choices. As such, they appreciate the expertise brought to the table by a team of financial advisors who have specialized knowledge in these areas.  

How is planning for physicians and medical/dental professionals different from other professionals?

The general fundamentals of a financial plan for physicians are no different than for any other professional. However, there are issues faced by physicians that are different from other professions. Physicians typically have larger debt loads, so detailed debt management strategies need to be reviewed. Physicians also face higher marginal tax brackets making tax efficiency and minimizing taxes of primary concern in drafting a financial plan for physicians. In addition to these issues, other unique circumstances faced by physicians are:

• The long period of time when a physician is over worked and underpaid during residency and fellowship
  
• A unique and focused skill set, that needs to be protected in the event of injury or illness
  
• Employment contracts that need to reviewed and understood
  
• A higher risk both professionally and personally for lawsuits and judgments
  
• Potential significant changes in cash flow due to large bonuses
  
• The ability to own a practice as well as the building, surgical center or equipment
  
• Political risk and the potential for more governmental involvement and change
  
• All these issues when combined provide a complex financial environment that needs to be overseen by a financial professional familiar with addressing these issues as they relate each medical/dental professional.

When should I begin planning?

We have found the likelihood of success in our clients' planning is enhanced significantly the earlier they begin the planning process. For many, the final year while evaluating employment offers is a good time.

From an asset accumulation perspective the earlier you start laying the foundation for investments, the sooner you will position yourself for financial independence, with the ability to walk away from medicine or choose an alternative career path, travel the world, or spend more time with family.

How much does it cost to meet with a financial advisor?

Fees charged by financial plans can vary greatly. We have found the cost of mistakes far outweighs the cost of working with a fee based financial planner. The key is to find someone with whom you're comfortable, is a specialist, and listens to your concerns and issues.

How are financial advisor from the North Star Medical Division paid?

In our opinion, separating the development of the financial plan from the implementation stage lends itself to a true advisory relationship where you know the advice you receive is objective. 

A fee to develop the financial plan* will be charged. The fee will be based on the complexity of the financial situation, estimate of the time needed to complete the analysis, and the type of analysis to be performed. You will be given an estimate of the fee to be charged from your advisor prior to any work being performed. 

*Separate from the financial plan and our role as financial planner, we may recommend the purchase of specific investment or insurance products or accounts. These product recommendations are not part of the financial plan and you are under no obligation to follow them.

Why should I have an advisor from the North Star Medical Division come speak to our residents, fellows, or students?

The North Star Medical Division is designed around the sole mission of efficiently and effectively reaching medical and dental professionals to help them understand the financial issues that face them. When communicated simply, effectively and in an entertaining manner, the complexity of financial information can be made easily understandable. Without convenient access to this information, many people put off making key financial decisions and unintended results can be devastating for them, their families or practices.

The age of instant information has also intensified the dissemination financial advice. It is now possible to turn on your television, palm pilot, or laptop any time of day and get financial information. Fifteen years ago financial news rarely made top headlines except for a couple times per year. This trend is compounded with the conflicting information printed on a daily basis in our newspapers and books. This conflicting data can make it very difficult for the medical professional to determine what is pertinent to their unique situation. We feel there is a big difference between information and wisdom. Our tailored presentations touch on the key issues faced by those in attendance, whether they are in graduating from medical or dental school, in the middle of a five year program, entering practice or becoming a partner. It is our mission through our presentations to help attendees acquire the wisdom to make sense of all the information.