Written By Caitlin See
When it comes to financial planning for physicians, you need a comprehensive approach to wealth building that factors in the unique opportunities and challenges that come with your line of work. An experienced financial advisor for physicians can take the guesswork out, helping you to reach major life goals like owning a home or retiring early while maximizing student loan and tax savings.
Best financial advisors for physicians: A cheat sheet
Your best bet is to work with a financial planning firm that specializes in serving physicians and their families. We’ve put together a quick reference guide on some of the best financial advisors for physicians, breaking down their fee structure and the advisory services included. All of these firms work with clients nationwide.
| Company name | Services | Ongoing cost | Includes student loan planning? |
|---|---|---|---|
| SLP Wealth | Investment ManagementRetirement SavingsStudent Loan PlanningCash Flow ManagementTax PlanningInsurance Advice | Starting at $99/month (plus 0.49% of any investments directly managed) ADV2 | Yes |
| WealthKeel | Investment ManagementRetirement PlanningStudent Loan PlanningInsurance PlanningFinancial WellnessTax Planning | Starting at $700/month ADV2 | Yes |
| Wrenne Financial Planning | Investment ManagementFinancial PlanningStudent Loan PlanningTax Planning | Starting at $100 per month ADV2 | Yes(additional fee) |
| Integrity Wealth Solutions | Investment Management, Financial Planning | Starting at $1,250/quarter(depends on size of investable assets) ADV2 | No |
Note that we haven’t received compensation to list any of these financial planning firms. The information provided is intended to give you a better understanding for what services you can find and for how much. That said, listed fees and services are based on the firm’s most recent ADV filing found on the Investment Adviser Public Disclosure website or their own website.
1. SLP Wealth
Primary services: Investment Management, Retirement Savings, Student Loan Planning, Cash Flow Management, Tax Planning, Insurance Advice
Fee structure: Monthly subscription plus 0.49% AUM fee
Whether you’re starting your residency or getting ready to retire, SLP Wealth provides an all-inclusive approach to financial planning at an affordable price. Our team of financial planners has advised on over $3 billion in student loan debt and traded billions of dollars of bonds. Plus, we offer industry-specific advisory groups, which will allow you to work with a financial planner who understands your medical field and will coordinate the most advantageous student loan strategy alongside your long-term financial goals.
Here are SLP Wealth’s fees for financial planning based on our most recent ADV filing (October 2023):
- One-time setup fee of $1,000.
- Ongoing flat fee of $199 per month.
- Additional asset-based fee of 0.49% for any investments we directly manage.
However, we’re currently offering discounted pricing starting at only $99 per month. Plus, we’ll waive your setup fee entirely.
Additionally, SLP Wealth offers an in-house tax team to help with personal tax returns and S-Corp filings. These tax preparation and support services have an additional cost, but we’re gearing up to be a one-stop shop for all of your financial needs.
*Disclosure: This website Student Loan Planner and SLP Wealth share common ownership. SLP Wealth is a SEC Registered Investment Advisor.
2. WealthKeel
Primary services: Investment Management, Retirement Planning, Student Loan Planning, Insurance Planning, Financial Wellness, Tax Planning
Fee structure: One-time fee plus monthly subscription
WealthKeel exclusively works with physicians primarily in their 30s to 50s, including dentists and veterinarians. It serves clients nationwide but has major hubs in Tampa, Philadelphia, New York City, Chicago, Atlanta and California.
Here are WealthKeel’s fees based on its website offerings in March 2024:
- One-time plan creation fee of $3,000.
- Ongoing subscription fee starting at $700 per month.
- Alternative pricing available for one-time plan creation (without ongoing financial planning and investment management) designed for do-it-yourself investing.
Note that medical residents and fellows can access a reduced flat-fee of $500 per month while in training.
3. Wrenne Financial Planning
Primary services: Investment Management, Financial Planning, Student Loan Planning, Tax Planning
Fee structure: One-time fee plus monthly or quarterly subscription
Wrenne Financial Planning’s team of physician-focused financial advisors work with residents, fellows and practicing doctors to plan for major milestones in each stage of their career.
Here are Wrenne Financial Planning’s fees for combined investment management and financial planning based on its most recent ADV filing (September 2023):
- Upfront fee ranging from $500 to $3,000.
- Ongoing fee ranging from $1,200 to $20,000 per year (paid monthly or quarterly, in advance).
- Discounted fees available for residents and fellows.
Wrenne Financial Planning also offers student loan planning for a one-time fee of $500 for single borrowers and $750 for dual household borrowers.
4. Integrity Wealth Solutions
Primary services: Investment Management, Financial Planning
Fee structure: Flat fee based on assets
Integrity Wealth Solutions primarily works with physicians who have at least $500,000 in billable assets. Unlike the other firms included in our best financial advisors for physicians list, Integrity Wealth Solutions offers a tiered flat fee for asset management (which includes ongoing financial planning services) based on assets managed.
To give you an idea of potential fees, here’s a sample from Integrity Wealth Solutions’ most recent ADV filing (February 2024):
Source: Integrity Wealth Solutions Form ADV Part 2A – Firm Brochure
For financial advising clients with less than $500,000 investable assets, Integrity Wealth Solutions charges a fee based on 1% of the value of the assets managed at the end of each calendar quarter.
Choosing the best financial advisor for physicians
When searching for a financial advisor for physicians, you want to look for a fiduciary advisor. Anyone can claim to be a financial advisor, but fiduciary financial advisors are legally and ethically required to act in their client’s best interests. Having a fiduciary responsibility will help ensure any financial advice or recommended investments or products are based on your needs rather than what will earn the advisor the most money.
Ideally, they should offer a transparent fee structure that details which services are included, and which are an additional cost. This information should be easy to locate on their website, not buried in the details.
Once you have pricing information, you can compare apples to apples. For example, when comparing assets under management (AUM) fees, SLP Wealth has no minimum balance and charges half (0.49%) of what a firm like Integrity Wealth Solutions charges (1%) for assets less than $500,000. And when we have one of the lowest setup fees (currently being waived) and monthly subscription fees.
Considering SLP Wealth includes student loan planning in combination with comprehensive financial planning and wealth management, you can take advantage of a great deal from a source you already trust for your student loan advice.
Our team carries the top financial planning credentials in the industry with designations such as:
- Certified financial planner (CFP)
- Chartered financial consultant (ChFC)
- Chartered financial analyst (CFA)
- Certified student loan professional (CSLP)
Plus, we have in-house certified public accountants (CPA) to streamline your financial journey.
Reach out to get specialty-specific fiduciary financial planning!
