Issue link: http://viewer.e-digitaledition.com/i/423395
MULTIDISCIPLINARY APPROACH TO MONEY THE PAR ADIGM: STR ATEGIES IN WEALTH MANAGEMENT team believes in leveraging the strengths of multiple professionals to successfully manage clients' portfolios. To optimally manage each client's unique situation, financial advisors should meet periodically with clients' estate planning lawyers and regularly with accountants to coordinate taxes and estate planning, notes Bill Strand, Principal and Founder of Paradigm. "Physicians are keenly intelligent, but because they're so busy, they don't always have time to learn the intricacies of tax and estate planning," he says. "Even if they do, if their information is two years old, it's probably obsolete. It's often not possible for physicians to keep track of all this information on their own and regularly meet with accountants and attorneys. That's our role. We help our clients manage their finances so they can practice medicine more effectively or do the things they want to do with their lives." to as much as 1.25 percent of the assets per year," Strand says. "But by careful selection of funds or private managers we can often drop those fees to less than one-quarter of 1 percent per year. The difference of 1 percentage point per year remaining in the physician's pocket can add up to a substantial additional return over 15 to 20 years or more of investing." When the market is booming, internal expenses are often overlooked because investors are typically focused on the high returns. The team at Paradigm feels it is important to control the internal expenses during all market conditions. Goal Setting and Accountability Because financial independence is a big-picture pursuit, Strand urges clients to establish annual goals or targets. These goals are typically based on cli- ents' desire to maintain their current standard of living for the rest of their lives. If their goal is to maintain their standard of living, Paradigm helps them determine how much needs to be set aside each year to reach their longer term objective. Hav i ng est a bl ishe d a pla n, t he Paradigm team keeps clients account- able for their progress toward their goa ls. If f ina ncia l m ilestones a re missed, the team rebuilds the strategy to ref lect the client's financial posi- tion and discusses ways to achieve financial independence using a new set of variables. " Phy sic i a n s t y pic a l ly h ave t he wherewithal to become financially i ndep endent , a nd set t i ng t a rget s a nd ag gressively pursuing them is important," Strand says. "Even if such practices don't seem meaningful to our clients, they are to us. It's our job to help physicians realize their dreams of financial independence." For more information about Paradigm, visit www.planparadigm.com. n The Easiest Referral You Can Make! We accept all referrals, in or out of network, insured or uninsured. Appointments: 612.596.6105 www.facebook.com/ShrinersTWI Pediatric Orthopaedics M D N E W S . CO M ■ MD NEWS Minnesota | 1 1