Hippocratic Financial Advisors ??

[emergencysavings]

Does anyone here have experience with Hippocratic Financial Advisors?  A colleague of mine referred a number of our residents to them, but I think primarily because a close friend of his works for the company.  That's not necessarily a bad thing, as he himself uses them as well.  I think they are based out of SoCal.  Sounds like they may charge about $500 for first year of financial planning consultation and investment advice plus some percentage of the investment as well.  I don't know the specifics unfortunately because I don't want to get on their e-mail list to find out yet...   Just seeing if anyone has experience (good or bad) with them.    

[jfoxcpacfp]

Read the ADV Part 2B. See Item 5:

• The owner, Ravi Davis, receives fee-based compensation for asset management from Advanced Practice Advisors


• Mr. Davis also owns an affiliated insurance agency to sell insurance products


• Mr. Davis also receives marketing and referral fees from Bank of America

I point the above out because the ADV Part 2A for HFA states, under Item 4 that HFA does not manage client assets and, under Item 5, that HFA charges $500 - $2,000 for the creation of a financial plan. There has to be something more and it appears that it is insurance products (Hippocratic Insurance Services LLC) + kickbacks from BoA.

If you'll scroll to Item 19A (ADV Part 2A), you'll see that Mr. Davis is a CFP who has a BS in Psychobiology. Scroll down and you can find Mr. Davis' business background and, at 19B, a list of the other businesses in which Mr. Davis is an owner.

Go to this link any time you want to look up a financial advisor or financial advisory firm. This blog post on WCI may be helpful:

Form ADV: Ignore it at Your Peril

 

[ajm184]

The website is covered in the 'We serve the doctor community' which isn't issue with expect the services offered are the same as most AUM type advisors.  As a physician focused financial advisory firm, if I've learned from WCI is that appropriate understanding and advice around student loan debt is where alot of value can be added.  This firm does not appear to have that particular expertise.

[RosieQ]

I've worked with Ravi the owner of this firm for the standard stuff including getting life insurance and a new disability insurance policy set up. He was knowledgable and overall I liked his advice including on physician specific financial issues. I believe his wife is a physician as well. He gave some free financial planning tips that were more focused on balanced and moderated savings, spending, debt paydown over time which is reasonable though most on this forum would push for the more aggressive financial independence live like a resident for 2-5 years path. But no red flags and a totally reasonable guy with good knowledge of physician issues. I did not pay for a detailed financial plan but I suspect insurance product and commissions for physician mortgages (BofA, First Republic etc) and the occasional financial planning fees make up the bulk of his services.