Kimberly Jamieson, Financial Planner and CEO at Golden Legacy Wealth Management Discussing How Essential Comprehensive Financial Planning is for Physicians.

November 22, 2024 at 08:58 AM EST

Kimberly Jamieson discusses how essential comprehensive financial planning is for physicians, who face unique financial challenges and opportunities due to the demand and dynamics of their profession. Here’s why it matters so much and how it can support a physician’s financial well-being at every career stage.

Many physicians begin their careers with significant student debt from medical school, which can delay their financial milestones compared to other professionals. Comprehensive planning provides a strategy to manage and pay down this debt efficiently while balancing other goals, such as purchasing a home or saving for retirement.

The demanding nature of a medical career, including long hours and high stress, makes time and energy scarce resources. A well-thought-out financial plan can help reduce anxiety by clarifying financial goals, managing investments, and ensuring a proactive approach to wealth-building. This is especially important for avoiding burnout, as it allows physicians to focus on their career without the distraction of unmanaged finances.

Due to their typically high earning potential, physicians have unique opportunities for wealth-building if they have a clear and effective investment strategy. Comprehensive financial planning can help identify tax-efficient investment options, from retirement accounts (401(k)s, 403(b)s, and IRAs) to specialty vehicles like Health Savings Accounts (HSAs) and 529 plans for children’s education. For those with additional disposable income, a financial plan can also explore advanced options, such as taxable investment accounts or real estate.

Physicians often find themselves in higher tax brackets, which can result in a larger tax burden. A well-planned tax strategy can help to maximize earnings and avoid pitfalls by implementing tax-efficient strategies—such as maximizing retirement contributions, utilizing HSAs, or implementing strategies like the Backdoor Roth IRA or Mega Backdoor Roth—a comprehensive plan helps reduce tax liabilities while maximizing after-tax earnings.

As the primary breadwinner for many families, physicians need robust protection strategies. Comprehensive financial planning includes tailored recommendations for life, disability, malpractice, and umbrella insurance to safeguard income and assets. These coverages can help protect their ability to earn if an illness, injury, or lawsuit impacts their ability to work.

Given the substantial time and effort invested in their career, many physicians desire a secure and rewarding retirement. A comprehensive plan not only helps determine how much to save for retirement but also advises on how to invest for growth while protecting wealth as retirement nears. This includes managing distributions in a tax-efficient way, ensuring a steady income, and, ultimately, creating a legacy for family or philanthropic interests. This is essential in planning a comfortable retirement.

Estate planning and addressing legacy goals using comprehensive financial planning is a crucial area for physicians aiming to protect and pass down wealth. By structuring assets, setting up trusts, and planning for the transfer of wealth, physicians can ensure that their families are financially secure. This includes creating a plan for charitable giving or endowing institutions in ways that reflect their values and professional accomplishments.

For physicians, comprehensive financial planning isn’t just about investment or retirement. It’s about managing unique challenges, maximizing opportunities, and securing peace of mind. By working with a knowledgeable financial advisor who understands their specific needs, physicians can ensure that their finances are well-managed throughout their careers and into retirement.

Kimberly shared: “As a mother of a doctor, I understand the complexity, stress, and financial challenges that physicians go through, along with the limited time they have to learn, and understand, the complexity of financial planning”.

About Kimberly Jamieson

As a Financial Planner, Kimberly L. Jamieson, knows the importance of setting goals – and actively working to achieve them. She is passionate about helping others and focused on crafting plans with her clients so they can pursue financial security.

After years of successfully setting and pursuing her own financial goals, Kimberly – an avid reader of financial experts – realized she had a talent for investing. She had a desire to work with clients, especially women, to help them set and then follow their financial goals.

Kimberly isn’t your run-of-the-mill, career financial planner. She was a successful small business owner for many years before changing careers over 14 years ago.

Kimberly knows that good financial planning isn’t about luck: it’s about having a plan. Kimberly, who has built her practice with Golden Legacy Wealth Management, wholly believes in helping her clients craft a plan that allows them to meet both short- and long-term financial goals.

As a single mom, Kimberly walks the walk, having raised a daughter who is now setting and tracking her own financial and professional goals.

Kimberly has a master’s degree in photography and owned a successful photography studio for 30 years. One of her goals as a mother was to have her daughter graduate from the University of Michigan debt-free. After achieving that goal, Kimberly decided to pivot and change careers in 2010.

She has been able to successfully transition to a career of helping people with their finances. From her experience, Kimberly believes that knowing your number is the key to financial success because once you figure that out, you know how much to save – and spend. Helping her clients figure out their numbers is Kimberly’s forte.

Learn More: www.Goldenlegacywm.com

Securities and investment advisory services offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth. 28411 Northwestern Highway, Suite 1300, Southfield, MI 48034. (248) 663-4700.

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Kimberly Jamieson, Financial Planner and CEO at Golden Legacy Wealth Management Discussing How Essential Comprehensive Financial Planning is for Physicians.

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