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Why Doctors Need Wealth Managers

         As the Chair of a wealth-management firm and a long-time civic leader in area hospitals, I know scores of Doctors quite well and count many of them as my Clients. Our Community needs them, and they need Wealth Management.


       In a nutshell, Wealth Managers do three things on an ongoing basis for Clients. First comes Advanced Planning: diagnosis of the Client’s current financial condition, prescription (within the Client’s comfort zone) to make that condition optimal, and projection of what is possible if the Client takes the (usually mild but effective) prescribed "medicine.” The second ongoing service is Investment Management, the professional, clinically detached application of the Client’s earned funds to grow geometrically over time to make the Plan a reality. Finally, the wealth manager leads in coordinating (insofar as the Client desires) the Advisory Team of attorneys, insurers, accountants, etc. so as to get their best collective advice while minimizing the Client’s time, stress, and risk to the Plan.


       Few Doctors, however bright and however interested in the subject, should be their own Wealth Managers. Should Doctors diagnose themselves in medical matters? Financial matters? Investing done optimally is constant and demanding work, and it requires ice water in the veins: how many Doctors – at the end of hard days and with precious little time – will muster the time, energy, and cool perspective to manage their all-important financial futures? And how much key Client information will never surface or be lost or confused by separated advisors – however skilled and dedicated – who are handled ineffectively by an overworked Client?


        Every Doctor knows that the slope to long-term financial success and freedom at a reasonable age has gotten steeper, a trend that will only accelerate in the coming years. Medicare alone will involve more patients, pay less and require more time. Regulators have shown little concern for the present well being of Doctors and none for their long-term lifestyles. Against these pressures and the daily demands of practice, the best way for Doctors – whether early or late in their careers – to gain lasting financial freedom (and the peace of mind that goes with it) is to retain – and heed – a good Wealth Manager. 


Alan N. Culbertson
A. N. Culbertson & Company, Inc.
Charlottesville, VA
(434) 972-7766


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