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Thinking about going pro

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  • #16




    I wouldn’t switch fields, but since I do this already for free, I thought it would be nice to get paid for it and expand the knowledge base to students and residents.  There are two medical schools and many residency programs in my area, so plenty of clients.  It would be tough for me to get an ICU job for a couple hours at a time on a weekday or to practice telemedicine from my own home office.  If I can bill even half doing financial planning as I could at a comparable locum or PRN job, I’d do it.  Plus this diversifies the day; less likely to get burned out doing either.
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    .
    Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.

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    • #17
      For 6000 hrs, what’s opportunity cost? Saw you made $100/hr in medicine, that’s $600k in lost income.

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      • #18




        For 6000 hrs, what’s opportunity cost? Saw you made $100/hr in medicine, that’s $600k in lost income.
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        .
        Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.

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        • #19
          You SHOULD go pro. There is huge opportunity out there. WCI is proving it and he's just one entity. This space needs more. Start a blog and publish a book. 600K in income? you'll replace it.

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          • #20




            600K in income? you’ll replace it.
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            .
            Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.

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            • #21




              The real challenge imo is not the educational requirement, it is the work experience as you stated.  Not only does that 6,000 hours need to be done, but it needs to be done within a 5 year period.  Getting sufficient experience is the largest hurdle.  The reason is that you (and most folks on this board) probably won’t grind out the hours working 40+ hours/week for insurance company/bank/brokerage firm where there is a philosophical conflict of interest.  Another route is become a para planner.  Unless you get in with a group that is a a. large enough to give you enough hours/clients/issues to work and b. aligns philosophically.  Not alot of firms fulfill both a. and b.  Even if you do find the above, their interest is in expanding/growing their business/clientele base, therefore they will likely want to keep you to work full time with/for that group.  On one hand as a physician with a specific practice focus you would be great addition given the network you could bring to the table day one.  The other is that you have a position that pays just as well, so economically it is a wash.

              As for pay, I’ve seen similar and higher; $200 to $450/hour (think Allan Roth).  Probably similar to non-hospital specialty practice, you need to build your practice and you won’t be working 40 hours a week at the start.  Certainly, this is where being a physician can ease a potential transition.

              One additional caveat, the financial planning software isn’t cheap, but at least its not EHR expensive.
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              exactly. I looked into this once since I’ve also had a serious interest in personal finance and investing for almost 20 years. I have a good friend who is a CFP who would even provide supervision, etc. But it’s a lot of hours to get the designation, and along with the day job it’s not viable. You could get a CFA but it’s a far more challenging curriculum, equivalent to doctoral level financial education if I understand correctly.

              The other issue is it’s hard to make any kind of living preaching low fee index only investing. After a few hours a portfolio is set and the rest is basically psychology (which is why I thought I’d be good at it). But I make more per hour in my current job than I would in that job... the whole thing doesn’t pencil out.

               

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              • #22




                I think I’d like to set up a fee-only, advice-only personal financial planning business
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                About gorram time!

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                • #23
                  Not that you need my approval, but I’ve been very impressed with your contributions to the site. I think you could do it for sure. The field needs more good guys that know what they are talking about in the area of student loans as well.

                  The CFP is worth doing in that it gives you a broad overview and helps smooth out any weak spots you might have. I founded a RIA earlier this year and already had my CFA and CPA before starting out. I decided to sit for the CFP as well to continue to learn and force myself to allocatr part of my day towards education. It really helped me know more about insurance and estate planning which are some areas I was weaker on at the time.

                  You certainly don’t need it day 1 and can use your experience from your firm to help meet the experience requirements. I haven’t had anyone ask if I’m a CFP. There are so many scumbags in the industry that everyone is really looking for someone they can trust regardless of initials.

                  I’d be happy to be a resource for starting your firm if that would be of any help.

                  Best of luck!

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                  • #24
                    Well yea can't be just the regular CFP. Has to project personality with own flavor of book and a premium course. I am willing to bet he can clear that amount.

                    If it's not clear to anyone: an MD who can be a fincancial guru has a lot of demand as you get some auto credit as "one of us". Take that and put in effort to make a course/book whatever and $$ come chasing.

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                    • #25




                      Well yea can’t be just the regular CFP. Has to project personality with own flavor of book and a premium course. I am willing to bet he can clear that amount.

                      If it’s not clear to anyone: an MD who can be a fincancial guru has a lot of demand as you get some auto credit as “one of us”. Take that and put in effort to make a course/book whatever and $$ come chasing.
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                      One of our guys quit the group to start a financial firm.  Makes my stomach turn that he charges AUM.  Even worse: he turned down one of the young guys because his NW was too low.  Seriously, the doc that needs guidance the most gets turned away!

                      Worthwhile to be paid for something you find enjoyable and already do for free.  Particularly if you can develop a niche within your community (as you have mentioned) and/or your specialty.  i.e. I know of a couple guys in EM that specialize in EM doc financial advising.

                      One cautionary, devil's advocate thought.  Years ago, I was inquiring about getting training as a backcountry ski guide, talking to an old hand in the business.  I tried to avoid mentioning my career, but he finally got it out of me and his question: "Why would you want to quit a job in the ER to be a ski guide?"  Me: "Because being in the mountains is not the hospital and it is fun." Him: "Do you think that being in the mountains, responsible for the safety and happiness of a bunch of clients is anything other than work?!"

                       

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                      • #26




                        Him: “Do you think that being in the mountains, responsible for the safety and happiness of a bunch of clients is anything other than work?!”
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                        .
                        Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.

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                        • #27


                          One of our guys quit the group to start a financial firm.  Makes my stomach turn that he charges AUM.  Even worse: he turned down one of the young guys because his NW was too low.
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                          Unless he quit your group to start a charitable organization this is understandable.
                          Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.

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                          • #28


                            One cautionary, devil’s advocate thought.  Years ago, I was inquiring about getting training as a backcountry ski guide, talking to an old hand in the business.  I tried to avoid mentioning my career, but he finally got it out of me and his question: “Why would you want to quit a job in the ER to be a ski guide?”  Me: “Because being in the mountains is not the hospital and it is fun.” Him: “Do you think that being in the mountains, responsible for the safety and happiness of a bunch of clients is anything other than work?!”
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                            Yeah, it'd def be work, and when it goes from being something I kinda dabble with for fun on the side when I feel like it to an obligation with people's futures riding on it and the potential liability, it will certainly change in character.  That's inevitable.

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                            • #29


                              Unless he quit your group to start a charitable organization this is understandable.
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                              Nah, not expecting charity, but AUM never sat well with me.  Of course you're going to make more money with an AUM model and excluding young docs.

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