Understanding the fee structure of your financial advisor is a key step to ensuring your financial interests are being met. It’s important to note that financial advisors operate under various fee structures, including fee-only and commission-based, and each structure offers different incentives to advisors and to clients. Having a firm grasp on your financial advisor’s method of compensation helps you understand the full picture of how your investments are being managed.
There are different financial considerations for varying stages in a physician’s life. In today’s post, we share 7 Financial Considerations for Physicians from Residency to Mid-Career to Late-Career.
Our work at Idaho Medical Association Financial Services provides ways to effectively reduce and manage client’s tax burdens. The first step is working with your financial adviser to create a year-round tax plan. By continually monitoring financial activity throughout the year, and the resulting tax effects, clients can take steps to lower their tax burdens
This single question may be the most common question people ask financial advisors. The answer though is a largely personal one; dependent on your age, income level, and lifestyle during retirement. According to JPMorgan Asset Management’s 2016 Guide to Retirement, someone age 45 with an annual household income of $100,000 should currently have savings equal to 3.4x his or her salary. Someone age 60 bringing in the same amount of income should have 7.3x that amount in savings. Another way to look at it is every $1,000,000 in invested retirement savings provides between $40,000 to $50,000 (adjusting for inflation) in income per year during retirement. These numbers can seem daunting, especially considering the variability of markets and policies regarding taxation, savings, and benefits that is largely outside an investor’s control.
Fueled by the reformation in recent healthcare regulation, the healthcare industry as a whole is undergoing rapid change. This is especially interesting considering the industry hasn’t necessarily been considered a progressive industry in the past. According to PricewaterhouseCoopers, 2016 marks a remarkable shift in the way healthcare is distributed and how patients expect to receive care. A recent study by the international professional services company found notable trends like increases in mobile healthcare through app services, willingness to finance prescription drug expenses, and rising interests to seek out and utilize independent urgent care centers – like franchised medical practices.
At Idaho Medical Association Financial Services, we specialize in working with accredited investors in the medical field. We understand the specific needs and challenges of those in the medical profession and help create financial plans to help them meet their goals; one of the areas we specialize in is loan repayment. Facing massive student loan debt can be intimidating. With IMAFS, you have a trusted financial partner on your side.
With under 3 months left in 2016, you may be considering donating to charitable organizations if you haven’t already this year. Maybe your company aims to contribute a certain amount each year to needy organizations or maybe you like to set aside a portion of your yearly income to give back to the community. Either way, it’s important to understand the benefits and considerations of contributing to charitable causes.In today’s post, we’re exploring 3 Things to Understand About Charitable Donations.
How does a financial advisor make their money and how can you expect to pay for their services or products? Financial advisors typically use one of three structures to earn compensation: fee-only, commission-based, and fee-based. To find the ideal financial advisor for you, it’s important to understand his or her compensation structure upfront.Today, we’re examining Financial Advisor Compensation to help you make the most informed decision when it comes to finding a financial advisor you trust.
Medical Malpractice Insurance helps protect physicians and other licensed health professionals from wrongful practice suits resulting in bodily injury. Today’s blog takes an in-depth look at the 3 Things to Know About Medical Malpractice Insurance.