Prather, White & McGowan has carefully reviewed and researched the various financial methods over the years and has created a specific set of strategies designed to help you achieve success. Whether you’re a physician in a private practice or at a teaching hospital, your planning requires a unique knowledge around how compensation formulas work, what retirement packages are available through your employer and the state, how contract arrangements can affect your income taxes, and what arrangements or structures other physicians are taking advantage of in order to lower taxation on income and investments. These are all just examples of the many nuances to navigate when organizing your financial situation. Prather, White & McGowan provides the unique perspective of a team comprised of financial professionals as well as an experienced physician, so we are adequately equipped with the knowledge needed to guide you through these topics.
We initially meet with a full-time physician to discuss and teach the various strategies we normally implement in most situations. We feel that education is power, and it is the key to working together in a professional relationship with mutual respect. It is vital to the ongoing work we do with physicians to begin with a foundation of education. We counsel to this end without charging a fee because we feel it is essential for each physician to have a general framework of knowledge that gives them language to describe their future goals and objectives. We strive to provide the peace of mind that comes with a decision based out of confident education. This includes teaching about investments, taxes, insurance, estate planning, contracts, risks, opportunities, organization, real estate investments, student loans, mortgages, retirement benefits, distribution methods, education funding, and business planning if needed.
Once the strategies are understood, we gather personal information and put together a specific outline of recommendations based on the framework we discussed, covering the details of how such recommendations would be implemented in a separate meeting. We believe structuring the environment is critical for financial success. In our years of experience, we find most physicians are operating out of financial excess everyday and making financial decisions each month based on what they see in their accounts. We help physicians predetermine the use of every dollar prior to decisions needing to be made, and do so in an environment that is not emotionally charged in the moment to invoke discipline. We can help you create an environment that is automated to succeed rather than one that is hopeful to succeed.