The Advisor
An Online Newsletter for Medical Professionals
May, 2011
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We are pleased to announce
MD Preferred 2.0!
www.mdpreferredservices.com
Below is a brief breakdown on some of the new exciting additions:
- Completely redone homepage - quickly access both our professional services or our career services.
- Integrated blog - stay up to date on MDP news, submit your own articles or read some of our thoughts.
- Innovative directory pages - use our advanced search functions to narrow your search by zip code. Build a network based around exactly where you want to be.
- Company or contact profile pages - we now give providers the ability to create a company profile or a contact profile. Let people know what you have to offer. Talk about yourself. Be as informative as you want to be.
- Industry Links - we are in the beginning stages of putting together an "Industry Links" page. This will list our healthcare partners and national partners who support the MDP program. Keep checking back as this will begin to grow exponentially into the summer.
- Members Only - stay tuned for a MDP member's only section of the site. We're keeping things under wraps but needless to say, there's a lot of exciting things in the pipeline.
We continue to make constant improvements to the site and have more plans in store for this summer. Keep checking back to see what we cook up.
As always, we welcome any feedback. If you find a bug or need to make a correction to your directory listing, drop us an email and we'll make sure you're taken care of immediately. Contact Us
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Fighting the Ghost
By Anthony J. Ogorek, Ed.D., CFP
The road to hell is paved with good intentions. This popular aphorism has been around for years with good reason. It seems that, try as we may, good intentions do not always result in good outcomes. We witness this truth in our financial advisory firm more than we would like to admit.
The typical scenario involves a busy high achiever, such as a medical professional or business person who feels that they cannot find anyone as qualified as themselves to manage their financial affairs. Either through a lack of encouragement or a lack of interest, their spouse is left out of the loop regarding the family's financial picture.
Feeling somewhat guilty about this state of affairs, the professional creates a fallback plan in the event that he or she is unexpectedly taken out of the picture. The plans may differ to a degree, but they all have one thing in common that goes something like this: "In the event that I die, I have the business card of (fill in the blank) in my sock drawer. If anything happens to me I want you to give them a call immediately."
For certain clients it was our business card that had spent years in their spouse's sock drawer. Although we appreciate the posthumous referral, the decedent may not realize the difficult position in which they have placed their spouse and advisor.
Read More!
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MD Preferred
Medical Directories
Knowing how to reach industry decision makers is a critical part of any job search. MD Preferred healthcare directories help physicians and nursing candidates identify hospital and private practice in-house recruiters as well as the nation's leading search firms. The MD Preferred Hotel Directory helps healthcare executives plan conferences and meetings, business and personal travel.
Hospital & Private Practice In-house Recruiters Top 100 Medical Recruiting Firms Medical Associations & Societies State Licensing Boards |
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Why Work with a Fee-Only Financial Advisor?
By Ara Oghoorian, CFA
When you accept professional advice on how to invest, save, and grow your hard-earned money, you have certain expectations from your financial advisor: expertise, professionalism, ethics, and independent, sound financial advice. If you're not working with a Fee-Only Financial Advisor, you may not be getting what you bargained for. Why?
According to the Bureau of Labor Statistics, in 2008 there were over 208,000 financial advisors in the United States, with that number expected to rise to 300,000 by 2018. However, of those, only 2,000 are Fee-Only financial advisors and members of the National Association of Personal Financial Advisors (NAPFA). Unlike transaction-based financial advisors who make their money on commissions earned from selling financial products, Fee-Only financial advisors do not sell any products, nor do they work on commissions. Instead, a Fee-Only financial advisor is paid a flat fee by the client for independent financial advisory services he or she provides, rather than from the investments the advisor recommends. Let's break it down:
Read More!
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Managing Major Life Changes
By Jerry H. Biese, Genworth Life Insurance Company
As the French writer François de la Rochefoucauld once said, "The only thing constant in life is change." Therefore, learning to manage major life changes in a positive way is essential to physical, emotional, and spiritual well-being. Regardless of whether these changes are positive, such as having a baby or relocating for a new job, or negative, such as the loss of a parent or the dissolution of a marriage, there are steps that you can take to better navigate these stormy seas.
Consider the following strategies to maintain physical, emotional, and spiritual health during major life changes:
Take care of yourself: If you haven't done so already, now is the time to learn to positively manage stress. Adequate rest, moderate exercise, and a well-balanced diet are indispensable, particularly during a major transition. When you are under stress, it is easy to turn to "quick fixes," such as alcohol, caffeine, sleeping pills, or sweets. While these choices may make you feel better temporarily, over the long-term, they may leave you feeling worse. Instead, try deep breathing techniques, yoga, or creative visualization. Depending on personal taste, close your eyes and listen to music, draw or paint a picture, or write in a journal to express your feelings in a constructive and therapeutic way. If necessary, unplug the phone, the television, and the computer for a little while. Down time is important. Are you getting enough of it? Relax with a pet, watch an uplifting movie, or escape into a novel. Stay active and involved with hobbies. Do something daily just for the fun of it!
Read more!
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MD Preferred
Career Services
With a growing physician shortage, with healthcare reform swelling the ranks of patients, with rising malpractice premiums, shrinking revenues and growing government regulation, it has never been more important that a physician or nursing professional make the right choice when considering a career change.
MD Preferred offers the only medical job board with top tier job listings and access to  award winning, doctor friendly professionals in: Real Estate/Relocation, Mortgage Services, Private Banking Services, Legal Services, Accounting Services and Financial Planning.
Medical professionals requiring discrete professional representation during their job search can call 800-260-8366 to speak with a personal search associate.
MD Preferred/Medical Match Job Board
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Profit-Sharing Plans
By David Wray
David Wray, the president of the Profit Sharing/401(k) Council of America, once said that the purpose of profit-sharing plans is "to generate goodwill and a feeling of partnership" between employer and employee. Profit-sharing plans give employees a share in the profits of a company each year and can help to fund their retirements.
All funds contributed to a profit-sharing plan accumulate tax deferred, as with other defined-contribution retirement plans, but employer contributions are tax deductible only if the plan is defined as an elective deferral plan, which means that instead of accepting their profit shares as cash, employees defer the assets into retirement funds.
Profit sharing is attractive to business owners because of its flexibility. Employers can choose how much to allot to employees each year based on the amount of revenue taken in. There is no required minimum. If the company has a bad year, the employer has the option of giving very little or nothing at all to employee accounts.
Employees are usually enrolled automatically in profit sharing once they become eligible. Companies can choose eligibility requirements based on age and length of service. In 2011, a company is allowed to contribute up to 25% of an employee's salary or $49,000 (whichever is less). This amount is indexed annually for inflation.
Read More!
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Financially Savvy Women
By: Charlotte A. Dougherty, CFP® In conjunction with Lincoln Financial Advisors
Having a career that brings you personal satisfaction and financial success places many demands on your time and energy. You may find yourself putting off important tasks simply because there's no strict deadline for completing them. But, no matter how busy you are, there's one task you shouldn't put off - planning for your financial future. Married or single, with or without dependents, you need a comprehensive financial plan. Chances are, you've taken care of the basics. You've set goals, diversified your investments to mitigate risk and outpace inflation, and started saving for retirement. Now it's time to consider additional strategies. A financial plan tailored to your needs and personal circumstances can help maximize your potential assets and preserve them for your loved ones. Smart Investing - A Key Factor Whenever appropriate, consider using tax-advantaged investment strategies to help you reach your goals. Tax-deferred investing, allows your investment to work harder for you. For instance, the tax rates on long-term capital gains and dividend income are generally lower than the rates on ordinary income. Taking advantage of the difference could help you realize investment growth potential. Consider holding interest-bearing and other investments that generate income that's taxable at higher rates in a tax-deferred retirement account, and keeping investments that produce dividends and long-term capital gains in a taxable account. But remember that taxes, typically at ordinary income rates, would be due upon redemption of assets from a tax-deferred investment. If employee stock options are part of your compensation package, your professional financial planner can explain the tax implications of exercising your options and help you integrate them into your investment and estate plans in a tax-efficient way. Perhaps funding a college education for your children or grandchildren is one of your goals. Some state-sponsored 529 college savings accounts and prepaid tuition programs offer tax advantages to domiciled residents. All 529 plan qualified withdrawals are free of federal tax. The Coverdell Education Savings Account (ESA) is another tax-advantaged option you might consider. Read More! |
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We love contributions!
Have an article you'd like to contribute to a future Advisor? We'd love to run it! Drop us a line and let us know how we can help you get into the next issue. Contact Us |
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