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Physician’s Ultimate Guide to Choosing a Financial Planner – Part 4: Best Financial Planners for Type 2A Physicians

Best Financial Planners for Type 2A Physicians:

A fiduciary, fee-only Advice-Only financial planner who charges a flat fee or an hourly rate.

Once you’ve made the decision to manage your investments yourself, you are looking for an Advice-only financial planner – one whose value is not managing your money but empowering you to do so on your own sustainably. Without an AUM fee to charge, advice-only planners may charge a flat fee or an hourly rate for their services. Reasonable rates are usually between $200-500 an hour depending on what is included. Flat fees are often priced based on expected hours of work for the financial planner (e.g. if ~10 hours of work involved, the flat fee could be between $2000-5000).

Great advice-only financial planners take the time upfront to help understand your goals and values, and if necessary, help you clarify them. By understanding your values as well as your attitudes/psychology toward money, they can help come up with a comprehensive plan for you to follow that is specific to you and your family. The value they provide is helping you address your blind spots, provide an objective assessment of your current situation, a projection of what you need to do financially to live the life and career of your dreams, and giving you a blueprint to follow so you can make it happen.

Pros of Advice-Only financial planners who charge a flat fee/hourly rate:

Cons of Advice-Only financial planners who charge a flat fee/hourly rate:

If you are a Type 2A Physician, considering working with us at DocEmpowered! As a financial planning firm founded by a practicing physician and dedicated 100% to empowering financially, our program is designed specifically for both Type 2A and 2B physicians while maximizing value and minimizing conflicts of interest.  Learn more about our services.

Alternatively, you can find a great Advice-Only hourly rate/flat fee financial planner on the National Association of Personal Financial Advisors (NAPFA) Directory or the XY Planning Network (XYPN) Directory – both are reputable organizations who include only fee-only, fiduciary planners who hold the respected CFP® designation in their directories. Make sure you narrow your search to Advice-Only planners, as ~80% of these financial planners will be AUM-based.

Disclosures: The links above are identical to what you’d find on a search engine, and we receive no benefit or payment if you click on the links above. DocEmpowered is a proud member of XYPN and an Associate Member of NAPFA, and our recommendation stems from our belief in their shared mission to elevate the financial planning industry.

Next – Part 5: Best Financial Planners for Type 2B Physicians