Top 5 Values a Financial Advisor can Bring to You and Your Practice

On behalf of your patients, Thank You. In a world where medicine is prescribed before learning about the person, you bring the human and natural side back to practicing medicine.

I witnessed this firsthand when my son had a stroke in utero. When we were trying to figure out how to make his right arm stronger, the doctor suggested Botox, rather than a more natural approach. This frightened my wife and I and luckily my mother convinced me to speak to a Naturopathic Doctor. That changed everything in my son’s life and my family or family’s.

From that point on I wanted to give back to the naturopathic community. Helping you all thrive is the best way I found I could give back. Naturopathic Medicine needs to be better understood. I believe the best way for that to happen is for you to have a thriving and financially successful practice.

I have spoken to so many naturopathic doctors. You each have your own individual financial questions. One of those questions I get is:

“What will a Financial Advisor do for me?”

In short, a good advisor will be a financial quarterback or “doctor” for you and your practice. Here are 5 Valuable Items a good financial advisor will do your you and your practice.

#1- A good financial advisor will learn about YOU and what YOU want

When you meet a patient for the first time, do you just prescribe and walk away? Of course not. You learn about your patient:

What’s important to them?
What do they eat?
What type of exercise?
Where do they live?
What medications are they currently on?

You are learning the how’s and why’s of what they have been doing. That is what a good Financial Advisor will do for you financially.

#2- A good financial advisor will EDUCATE you

Do your patients get healthier when they understand how to do it? Of course! That’s what an advisor can do for you in your practice financially and personally. The biggest “aha’s” I get is when I ask a question and the client says, “I don’t know, and I should know that”.

You may know a lot about finances. You may know a lot about business finances. What gets you to the next level is knowing “What you don’t know and what you should know”

Things like:

How to retain your top employees/doctors?
What type of retirement account should you have?
How to mitigate Taxes?
How to attack Student Loans?
And so much more…

#3- A good financial advisor will help YOU build a holistic plan NOT just an investment plan

Just like your industry, there are many myths in the financial planning industry. The biggest myth may be that you think we are here to:

Sell you something
Only talk about investments

There are advisors out there that do just that. It does not mean they are bad. It just means that they may not be the expert in financial planning.

A holistic plan will incorporate:

Your practice
Your personal finances
Your insurance
Your legal documents
Your cash flow
Your investments
Your tax situation

A full holistic plan will help you achieve your goals and dreams!

#4- A good financial advisor will bring in other Professionals in when they are not the expert

After you meet with your patient, you create action items for them within your area of expertise, right? You then may bring in other doctors to consult where you are not the expert.

That is what a good advisor will do.

Most Naturopathic Doctors have these or will have these professionals in their life:

CPA
Bookkeeper
Lawyer
Insurance agent
Financial advisor
Brother-in-law who thinks he knows everything 😊

Do these professionals work together or in silos?

#5- A good financial advisor will help you be accountable towards your goals

You are in the health industry. You help your patients reach their health goals.

A good advisor helps you reach not just your financial goals, but your practice goals too! We will be your accountability partner.

How much easier is it to accomplish something when you have a team helping you? It is vital!

There is so much more a good advisor can bring to the table. Just like your industry, we battle myths and misunderstandings of what we do. So my advice to you is:

Talk to a financial professional. See how they work. See what they do for their clients.

If you are more financially stable, your practice is more financially stable, and you have a clear, holistic plan. This will help you be a more successful physician and the time you would normally spend on worrying about your finances can be spent helping your patients.

Ryan Burklo is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 200 Market Street Ste. 1850, Portland, OR 97201 Ph 503-221-1226. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. Quantified Financial Partners is not an affiliate or subsidiary of PAS or Guardian. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. AR Insurance License #15319412, CA Insurance License #0K24924 #2022-135828 Exp 03/2024