At Herrick Wealth Advisory, we understand the unique challenges faced by healthcare professionals and concierge doctors, who navigate demanding professional obligations to clients while running business operations and, in many cases, balancing a personal and family life. We support our clients in the healthcare fields as follows:
End-to-End Service Model: Our support for our clients in the medical field extends well beyond their financial planning and investment management. We help business owners in the medical field navigate tax, legal, payroll, and other business operations, freeing up their time to focus on:
Comprehensive Financial Planning: Our holistic approach addresses the unique circumstances and aspirations of our clients, supporting both their personal and professional growth.
Goal Setting and Life Planning: We encourage our clients to envision their goals and dreams, helping them articulate and pursue the lives they imagine.
Specialized Financial Solutions for Healthcare Professionals:
Retirement Planning: Strategies that account for the unique aspects of your profession, including retirement plans that optimize tax efficiency and align with your lifestyle goals. Our clients often take advantage of back-door Roth IRA contributions and other tax-advantaged solutions in their retirement planning.
401(k)/Qualified Plans: We consult with our clients and third-party administrators to design a qualified plan that utilizes the internal revenue to the benefit of our business-owner clients.
Cash Balance Plans: We often implement cash balance plans to provide our clients with a defined benefit option that can significantly enhance retirement savings and tax deductions, especially beneficial for high-income earners.
Insurance and Risk Management: Comprehensive evaluations of your insurance needs, including malpractice, disability, and life insurance, to safeguard your financial future.
Investment Opportunities: Access to specialized investment options that consider your high-income status and liquidity needs, including stocks and bonds, direct indexing, private equity and alternative investments tailored for high-earning professionals.
Our goal is to empower healthcare professionals to take charge of their financial future with tailored strategies that address their unique concerns. At Herrick Wealth Advisory, we are committed to helping busy healthcare professionals navigate the complexities of financial planning, allowing them to focus on what matters most—patient care, career aspirations, and personal and family life. Our clients appreciate the peace of mind that a high-touch service model offers.