Fee-only Fiduciary Financial Advisor for Physicians
Investment Management Services for Physicians
Wharton Wealth Planning specializes in providing financial planning and investment management services for physicians in the New York Metropolitan area. We operate as a fiduciary and fee-only advisor and are independent, objective, and commission-free. We can help reduce the burdens associated with the unique and complex financial situations that doctors often face. We offer comprehensive and customized support and solutions for each physician we have the privilege of working with. Each service is tailored to meet our client's unique needs, from crafting personalized investment portfolios to navigating intricate financial landscapes and ensuring tax efficiency.
With over 25 years of experience, we work with physicians on asset management, retirement planning, asset protection strategies, estate planning, and other risk management strategies. These topics are particularly relevant because of the increased challenges to our medical system that have made this a very stressful time to be a physician.
We have extensive experience in designing custom investment portfolios to help our clients grow their assets, protect their wealth, and generate retirement income. As long-term investors, we take a principled approach by avoiding fads, short-term trends, and sensational economic forecasts. Instead, we build broadly diversified portfolios that provide targeted exposure to asset classes we believe are most likely to generate higher returns over time. We implement strategies that utilize low-cost institutional stock and bond funds in a tax-aware manner, and we rebalance your portfolio as necessary to capitalize on market shifts and manage risk.
Financial Planning Customized for Physicians
Our certified financial planning team can help you assess the degree to which you are ‘on track’ for your financial goals and retirement. We use sophisticated analytical techniques to develop a cash flow and investment strategy that is designed to maximize the chances that our clients will have sufficient retirement income to achieve their goals. Our financial planning and investment management processes focus on long-term tax minimization. We evaluate potential tax consequences in all areas of financial planning to uncover opportunities to reduce your taxes. Financial plans and asset management strategies are developed by a dual-credentialed CERTIFIED FINANCIAL PLANNER™ (CFP®) with an MBA to meet clients’ unique and evolving situations.
Making a financial plan allows a decision-making process for your:
- Investment strategy
- Taxes
- Estate planning
- Insurance and other asset protection strategies
- Retirement age selection
- Budget
- Personal goal prioritization
The personal financial plan we develop for you will include a list of areas of opportunity and concern as well as follow-up action steps we recommend. We can help you evaluate all of the retirement account options you have to choose from (403(b), 457(b), Roth options, IRA, Roth IRA, SEP, Solo 401(k), Taxable) and determine the optimal contribution amount and asset allocation for each respective account. This may involve analyzing the investments in your retirement and other accounts and recommending options that deliver similar performance with reduced risk and lower expense ratios. We can also monitor and periodically rebalance your portfolio to its target mix of stocks, bonds, and cash to keep it on course and reduce unintended risks.
We can help clarify the impact of the financial decisions you have to choose from and make specific and concrete suggestions regarding your alternatives. We aim to provide peace of mind and increased confidence in your future.
Common areas we focus on with clients:
Your Retirement Income Stream (How can you maximize income in retirement?)
Tax Planning Opportunities (How can you lower your tax bill today and in retirement?)
Investments (How can your investments be optimized?)
Your Path to a Confident Retirement
Our retirement planning process is designed to address all aspects of your financial life as you transition into retirement. We begin with a personalized conversation to understand your needs, wants, and concerns, then build a retirement plan that reflects your specific goals. By organizing retirement finances into key areas, we strive to bring clarity and structure to your financial future, ensuring that each step supports your vision for retirement.
The retirement plan we create will serve as your guide, helping you stay on course as you navigate this new phase of life. From setting goals and managing investments to optimizing cash flow and consolidating accounts, we are here to make retirement planning both comprehensive and approachable. With the unique expertise of both a CFP® and MBA designation, we offer a combination of financial planning and investment insight that brings insight and security to every step of your retirement journey.
The Importance of Rebalancing Your Portfolio
It’s human nature to react emotionally to situations involving money. Unfortunately, these behaviors can lead to undesirable portfolio performance and results. Over time, our process periodically guides us to reduce risk exposure to asset classes that may be overvalued and to preserve an optimum ratio between asset classes for an individual’s particular circumstances. This technique is called rebalancing, and we do it tax-efficiently across all investment accounts. Disciplined rebalancing of a portfolio allows us to sell some of an asset class when it’s high and performing well and buy some of another asset class when it’s low and underperforming. Individual investors tend to do the opposite and buy assets now performing well, going against the standard “buy low, sell high” rule. Rebalancing your holdings also systematically helps remove the emotion from the investing process.
How does a financial planner differ from a financial advisor?
Financial advisors focus on managing investments and advising on specific financial matters. They typically assist clients with selecting and managing investment accounts, investment strategies, and portfolio management.
Financial planners typically provide clients with a written plan or roadmap for maintaining long-term financial well-being and growth. Financial planners take a holistic approach to a client's overall financial picture and often create comprehensive financial plans that may include: -retirement planning (When can I retire and How much do I need to retire?), -budgeting and cash flow management, -tax planning reduction strategies, -long-term savings and spending goals, -estate planning, -risk management (insurance needs analysis), and -charitable giving.
At Wharton Wealth Planning, we provide both financial advising and financial planning services. This results in a stronger, more comprehensive experience for our clients.
Physician Financial Advisor NYC | Financial Planner New York, NY
Our New York City office is conveniently located near Columbus Circle on 8th Avenue between 57th and 58th street (just south of Central Park) in Manhattan.
NYC neighborhood areas we serve include: Uptown: Upper West Side, Upper East Side, Harlem, Upper Manhattan | Midtown: Theatre District, Midtown West, Sutton Place, Midtown East, Chelsea, Garment District, Gramercy, Flatiron | Downtown: Tribeca, Soho, Noho, Financial District, Chinatown, Greenwich Village, East Village.
Physician Financial Advisor Bergen County | Financial Planner New Jersey
Our Englewood Cliffs, New Jersey office is located just north of Manhattan near the George Washington Bridge in Bergen County, off the Palisades Parkway, close to Route 4, I-95 and Route 46. Our office is easily accessible from Fort Lee, Tenafly, Hackensack, Teaneck, Alpine, and surrounding areas of New Jersey.