The team at Tailored Financial Strategies of Raymond James is highly experienced in addressing the unique needs, concerns and financial complexities facing physicians today. Kennie Taylor’s sister and father are both physicians, and Kennie himself was a dentist before a car accident prevented him from practicing any longer, so he understands the needs, concerns and mindset of medical professionals regarding both their professional lives and personal lives.
We’ll help you have a personalized plan designed to grow and preserve your wealth and mitigate the impact of market risk, taxes and inflation. Our advisors offer comprehensive wealth management services that go far beyond just typical investment management to address every essential matter that money touches. By collaborating with your tax and legal professionals, we can help develop a plan that enables you to maintain your lifestyle now while leaving a meaningful legacy long after you’re gone.
A physician re-assessing his career as he nears retirement age
Charles is a hospital-based physician who has been practicing medicine for several decades. He has seen many changes in the medical profession over the years and today finds himself working a lot harder and dealing with many more administrative hurdles for the money and benefits he earns. It has caused him to consider retirement, but he has many questions and concerns.
What we would do:
We would appreciate Charles’ wish to not have to practice medicine any longer than financially necessary. After all, he has done immeasurable good for many patients and their families over his career, and he has definitely earned the opportunity to now enjoy his own life and devote more time to his family and interests.
The next step is to take a close look at Charles’ current financial situation, including his assets and liabilities, monthly expenses and projected needs for retirement. Once we have a clear picture of his present status, we would work to show him a realistic picture of what his retirement could look like if he retired today, and also how it could look five years from now.
Finally, we would develop a plan for transferring wealth from his employer benefit programs in a tax-efficient manner and create a retirement income plan designed to provide the money he needs to maintain his lifestyle. We would also show him how he could build a legacy and provide for his family through estate planning and charitable giving strategies.
This investment profile is hypothetical and not indicative of any specific situations or clients. It is presented only as an example and not intended as investment advice. Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Raymond James financial advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.