"Financial Check-Up" Program for Doctors

Are you getting too much advice from too many advisors?

Most doctors receive advice from a number of different professionals such as their CPA, financial planner, stock broker, attorney, pension administrator, real estate agent and insurance broker. These advisors, often working independently of one another, may render their advice to address a particular issue, yet creating a bigger issue in another aspect of the doctor's finances. Absent a coherent financial road map, such ad-hoc advice from various advisors may prove ineffective and can result in unpleasant surprises and even financial losses.

Just as you recommend that your patients undergo annual physical exams to ensure early detection of any health-related issues, we think your finances must undergo periodical check-ups to ensure that your financial compass is heading in the right direction

Are you following a plan to reach your financial goals?

Do all the intricate pieces of your financial picture fit together in harmony?

Can you benefit from a "Financial Check-Up"?

What is a "Financial Check-Up"?

This is a unique service we offer doctors who wish to have an independent financial specialist review and assess their personal and practice's taxes and finances on a formal basis. The results: you will receive either a clean bill of financial heath, or a set of findings and recommendations to correct deficiencies or missing links in your overall financial situation.

What does a "Financial Check-Up" entail?

A basic "Financial Check-Up" includes the following:

- Review of the two most recent years of personal and business income tax returns. This review is intended to identify any missed credits/deductions, possible errors, omissions or audit flags. Upon conclusion of this review, we will advise you on any findings which may require adjustments, amendments or documentation, and will recommend how to go about correcting the situation.

- Review of personal and retirement investments, portfolio asset allocation, past performance, suitability, fees, commissions and internal expenses.

- Review of all your existing insurance policies, what they cover, explanation of benefits, annual premiums, future premium increases, on-going fees/commissions and internal expenses, product suitability and insurance needs analysis.

- Review of corporate documents, shareholder's compensation, related party transactions, minutes, retirement plan document and annual filings and other IRS-required documents that a practice must maintain and keep up-to-date in case of an IRS or other regulatory audits.

- Review of employee files and records, payroll processing procedures, time keeping, practice's overtime policy, and employee policy hand book to ensure compliance with the Department of Labor (DOL) rules and regulations.

- Review of the practice's accounting books and records, financial statements, and accounting software to ascertain completeness and compliance with the IRS requirements.

How is the "Financial Check-Up" conducted?

The process involves at least two personal interviews with the doctor, as well as reviewing a number of pertinent tax and financial documents. The results will be confidentially communicated with the doctor in person and in a written report.

How long does a "Financial Check-Up" take?

The timeline depends upon the nature and complexity of the source documents and availability of the doctor to respond to our inquiries. This process may take 3-4 weeks.

Does this process involve my other advisors?

Generally not. This is basically a review of your existing documents, tax returns and financial reports that you or the practice has received from your advisors. If a document is not available, we will inform you to request it or have it prepared by your advisors.

Does the process require that I change my current advisors?

No. The process of a "Financial Check-Up" does not require changing your current advisors. Our objective is to help you ascertain that you're receiving relevant and coherent financial advice, and that your overall financial picture is in focus. Getting a positive report from us on your "Financial Check-Up" generally means you and your current advisors are doing a good job.

How much does it cost?

The cost varies depending on the nature, scope, and complexity of the documents and particular issues we may encounter during our "Financial Check-Up". We will discuss our best estimated professional fees for your "Financial Check-Up" during our initial consultation and before we start our work.

How do I start?

Contact us by phone at 1.866.909.1040 or email to arrange for your confidential initial personal meeting or telephone conference with Ed Ramsey to discuss how we can customize a "Financial Check-Up" program for you and your practice.