The Medical Professional’s Specialist

At HighPointe Financial Group, we distinguish eight important planning areas that every physician must consider in order to build and implement a properly balanced and coordinated financial plan. It is this coordination across all areas of a physician’s financial life that distinguishes HighPointe Financial Group.

Retirement Planning

Retirement planning for physicians requires an entirely different strategy than what is used by most working people. Most people enter the workforce in their early twenties or before and start contributing to their 401(k), Roth IRA or other retirement savings vehicle. Their money has over a decade longer to reap the benefits of compound interest than the average physician, who will begin their career in their thirties with med school debt and no retirement nest egg. We assist physicians in finding the right retirement vehicles to catch up and then save enough to continue their desired lifestyle into retirement.

College Planning

A college education is one of the most expensive, long-term and invaluable purchases that a family will make. If there are multiple children in the family, the scope of the endeavor also multiplies.

Today there are a number of effective ways to save for college and determining the best vehicle can be overwhelming. Things to consider are the length of time before money is needed, potential for growth, risk of loss, tax implications, ownership and control, ease of management, and fees and expenses. Because the cost of education is growing at such a rapid rate, the same program today will likely cost three times what it does for children who will begin their higher education 18 years from now. Planning today will provide the most flexibility and options for the future.

Estate Planning

Life is full of uncertainty. If you have not yet taken the time to establish a proper estate plan, it is time to

get started. It requires proper coordination with the rest of your financial plan, and making sure someone is helping to manage this overall process is essential.

Building your estate to ensure a secure financial future for your family is not just about creating wealth. Estate planning should include careful planning to transfer the right assets to the right hands at the right time. All your wishes should be correctly documented.

We coordinate with you and an experienced estate planning attorney to ensure your successful estate plan covers:

  • Right Assets – Review your existing assets and protect your existing and future asset base with insurance if necessary.
  • Right Hands – Consider your beneficiaries and how they shall be placed financially on your death.
  • Right Time – Review different methods of transferring assets and consider structure, taxation and costs versus benefits.

Practice Planning

The decision to open your own practice is not just a business opportunity – it’s a personal lifestyle choice. Managing your own practice requires a set of skills not taught in medical school. We provide you with the tools and advice necessary to help you run a highly successful practice. Because this decision is such an important one, it’s imperative that you have the knowledge necessary to make informed decisions for yourself. We aim to provide you with that knowledge

These are a few of the areas we touch on:

  • Should I purchase a practice or start a new practice?
  • Contract Negotiations
  • Financial and Tax Implications of Running a Practice
  • Federal and State Business and Tax Registration Processes
  • Employee Wages and Benefits
  • Liability Protection
  • Disability and Medical Leave
  • Retirement Planning
  • Business Succession Planning

Asset Protection

Carefully constructed asset protection strategies that are fully implemented early, before any hint of trouble, are much more likely to succeed, and can save you hundreds of thousands, or even millions of dollars. Asset protection has become a significant issue as our lives become increasingly litigious. Both individuals and businesses are at risk of sometimes frivolous claims, so more and more people are ensuring that their assets are well protected. Asset protection strategies generally concentrate on separating assets from risks.

Here are some of our recommendations to help protect clients:

  • Permanent Life Insurance
  • Liability Umbrella Policies
  • Limited Liability Company
  • Family Limited Partnerships
  • Asset Protection Trusts

Insurance & Risk Management

To maintain financial stability through life’s challenges, you must ensure that your income is properly protected, and it is essential to work with insurance advisors who gain economies of scale by working with enough physicians to get preferred pricing for you.

HighPointe Financial Group is not captive to any one insurance company because no single company can offer the best of every kind of insurance out there. It is critical to access several carriers to find the most appropriate company to help you achieve your goals.

Debt Management

Early management of educational loans and finance has significant long-term benefits. Our goal is to help medical school borrowers expand their financial literacy, make smart decisions about student loans, and manage their student debt wisely.

Tax Reduction Strategies

A well balanced financial plan will consider income taxes now, taxes on investments as they grow and how taxes will affect the withdrawal of the asset. Unsuspecting investors often pay unnecessary taxes to the IRS, when they could have given that money to their children or a charity or spent it on a large purchase.

We partner with accounting firms in order to give our clients the most accurate and up to date tax reduction strategies. With the complexity and ever changing tax code, it’s imperative to stay current with all IRS codes and regulations.