• School & Residency/Fellowship

  • You have recently graduated from school and started your residency, or will soon be finishing a residency or fellowship and are suddenly expected to manage a much higher income The saying “an ounce of prevention beats a pound of cure” is an important one in the world of financial services.  Seemingly insurmountable debt plagues the future of many young physicians.  Learning whether you should consolidate your student loans, budgeting properly, choosing from insurance options, and making wise investments are necessary life skills. 

    As a medical professional, you face significant transitions.  At each one, it is critical that you take the appropriate steps.  The major transitions for all physicians are from medical school to residency, and from residency to practice.  The third key transition facing some is becoming a partner in a practice.  Each of these transitions poses its own unique challenges and opportunities.  We can help you identify and address the key financial issues you face as you move through each transition and prepare for the next one.

    When you break down a financial game plan and the desire to become financially independent, your income and savings level will determine your success.  If your ability to earn an income is interrupted, the strategy will fall apart quickly unless you have insurance in place.  The goal at this stage is to guard against catastrophic financial problems, protect your insurability, initiate a basic savings program, manage debt, and educate yourself so you can become financially independent as efficiently as possible once you enter practice.  Getting professional advice now beats paying for costly mistakes later.

  • Entering Practice

  • Working with hundreds of medical professionals, we receive significant feedback from our clients as to what they like and dislike about their situation. If you have an entrepreneurial spirit and like the challenges and opportunities offered by running a business, the private practice route may be the best situation.  For those who would rather not have to deal with the challenges of running a business, working in a health system based or large group practice may be good options.  Deciding which option fits you best will make you the most satisfied professionally.

    Entering practice, you are considering a complicated set of employee benefits in combination with personally owned insurance and investments.  You don’t want your new benefits to conflict with your current investments and insurance, which is why a careful review can help avoid gaps and overlap.  With an increasing income, this is the time to start focusing on debt management, tax minimization, and wealth accumulation. The ideal comprehensive financial plan will have you enjoying your life today, while efficiently managing your risks and preparing for the future. 

    In order to achieve financial independence, you need to build a balanced plan to achieve your financial goals.  At Gifford Financial, we believe that very little in life is accomplished without a plan and that very few great things happen by accident.  The sense of security you have by knowing you and your family are taking the right steps to accomplish your goals is immeasurable.

  • Business Owner

  • You are self-employed.  In this case, you most likely have to wear many hats as an entrepreneur.  You are the physician, the marketer, the practice manager, and probably don’t have time to investigate or be aware of the many planning options available to you and your employees.  From employee benefits to business continuation strategies, our financial advisors can help you sort through the many options available to you.

    Establishing benefits can be crucial when it comes to recruitment and retention of key employees.  We work with you to design your retirement plan and benefits package to help you achieve your goal of running a successful business.

    With any small business, the untimely passing, disability, retirement, or termination of an owner or partner can present significant financial challenges.  A well-designed business continuation plan can help avoid conflicts relating to distribution of income and the sale of the business, should something happen. We can help you review your situation to see if your practice could withstand the loss of revenue you or your partners generate and help you find solutions.  At Gifford Financial, we are here to help you put a written comprehensive financial plan in place to grow and protect your business and personal assets.

  • Growing Family

  • There is so much information out there, but sometimes not much wisdom.  You are very busy without much spare time.  In this case, a financial advisor can save you a bit of your most precious commodity – time. 

    Financial independence and accumulation of wealth are no accident.  Whether it’s preparing for retirement, funding your children’s education, insuring your family against tragedy, eliminating debt, or saving for a vacation home, your money deserves your undivided attention.

    Most financial strategies assume everyone lives a long, healthy life and saves a good portion of their income in quality investments that always do well.  At Gifford Financial, we address the issues that happen in real life, good and bad.  The one constant in life is that there will always be surprises.  When you are financially prepared for these surprises, they become less stressful and are therefore easier to deal with emotionally. 

    A solid written comprehensive financial plan should make your life simpler by letting you focus on the issues you excel at and enjoy.  This may include practicing medicine, spending time with your family, or pursuing hobbies.  These activities are more enjoyable knowing that your finances are in order.  Financial success isn’t the ability to make one or two decisions that turn a buck into a million.  Rather, financial success is the result of many small, but sound decisions that, when compounded, can add up to substantial financial security.

    You are in complete control…or at least you should be.  When it comes to spending and saving, investing and paying taxes, many may offer good advice, but you’re the only one who can do anything about it.  Maybe you are unsure of your investment options and how to prioritize them.  Maybe you don’t know where your paycheck goes each month.  In any case, if you are reading this, you already understand the importance of getting your financial future under control.  Our advisors are here to help guide you to the financial freedom you desire.

  • Retirement

  • It is important to understand what your ideal retirement looks like.  Is it simply working less, teaching, or maybe volunteering?  Perhaps you envision relaxing on a beach, playing golf every day, biking around the world, or even heli-skiing in British Columbia.  However you intend on spending retirement, estimating your retirement needs is an important factor to consider early on in your career.

    As you prepare for retirement, it is important to understand the risks you will face.  The two competing risks are volatility in the short run versus the constant erosion inflation has on your wealth, which is why it is important to strike a balance between growth and stability. 

    To help optimize your situation as you approach retirement, we will work with you on understanding how to maximize your Social Security benefit options and review your overall investments to determine an efficient strategy for distribution. Your distribution strategy will be guided by your goals, whether they are to help maximize income during your lifetime or transition a large estate.  As you make these decisions, it is also important to understand the differences in how assets are taxed in retirement and at death.  Understanding your options is a necessary step before updating your estate plan to ensure it reflects your wishes.  Our goal at Gifford Financial is to help you have the ability to enjoy the retirement you envision.

Separate from the financial plan and our role as financial planner, we may recommend the purchase of specific investment or insurance products or accounts. These product recommendations are not part of the financial plan and you are under no obligation to follow them.