Wealth Planning for the Modern Physician

Season 7 of Wealth Planning for the Modern Physician begins with host David Mandell joined by Bill Martin, CFA, Chief Wealth Officer at Earned Wealth and founder of the Earned Institute. Bill shares the career experiences that led him to Earned and explains why he was drawn to building an integrated wealth-management platform specifically for doctors. He and David also discuss the Earned Institute and its education-first mission of bringing together expertise across tax, investing, insurance, asset protection, retirement planning and other areas of a physician's financial life. The conversation then turns to Earned's new white paper, After-Tax Alpha: Quantifying the Value of Integrated Wealth and Tax Management for Doctors. Bill explains why taxes should be viewed as a year-round planning opportunity rather than simply an annual reporting exercise. He and David walk through six key drivers of after-tax wealth: year-round tax-loss harvesting and gain deferral; placing investments in the most appropriate account types; planning ahead of practice sales and other liquidity events; coordinating financial decisions before they are made; allowing tax savings to compound over time; and structuring 1099 and practice income more intentionally. Throughout the discussion, Bill and David emphasize that many doctors do not necessarily have an investment problem as much as a coordination problem. Tax, investment, retirement, insurance, estate and business decisions can each affect the others, and valuable opportunities may be lost when those decisions are made in isolation or too late in the year. The episode offers practical examples of how proactive planning can create meaningful long-term benefits for employed physicians, practice owners and doctors with side income or other entrepreneurial interests. Key Takeaways Tax planning can be most effective when it is treated as a year-round discipline and coordinated with investing, retirement planning and other major financial decisions. For doctors with multiple accounts, advisors or financial professionals, coordination across the entire financial picture can be just as important as the individual strategies being used. Planning well in advance of major events, including a practice sale, investment gain or new source of 1099 income, can create opportunities that may no longer be available once the transaction or tax year is nearly complete. Key Insights Year-round tax-loss harvesting can capture opportunities that a traditional year-end review may miss, particularly during periods of sharp market volatility. A tax-loss "bank" may help offset future capital gains inside or outside an investment portfolio, making tax-loss harvesting relevant beyond the year in which the loss is realized. Asset location matters. Taxable, tax-deferred and tax-free accounts are treated differently, so the placement of investments across those accounts can affect long-term after-tax results. Managing several investment accounts or advisors without a coordinated strategy can lead to duplicated exposures, inefficient asset placement and an overall portfolio that is out of balance. Practice sales and other liquidity events should be planned for well before closing. Tax-loss harvesting, charitable strategies, estate planning and other tools may become more valuable when there is sufficient time to implement them. Financial decisions often cross disciplines. Investment, tax, retirement, insurance, estate and gifting strategies can work against one another when the professionals involved are not coordinating before decisions are made. The long-term impact of tax-efficient planning comes not only from the tax savings themselves, but also from allowing those retained dollars to remain invested and compound over time. Physicians with 1099 income or practice ownership may have access to additional planning opportunities, including retirement-plan design, business deductions and entity-structure considerations. Cash balance and other retirement-plan strategies can be especially significant for physicians with the right income, cash-flow and age profile, but they require advance planning and proper structure. The central theme of the episode is proactive coordination: tax strategy becomes more powerful when it is integrated into the doctor's broader financial plan instead of being addressed as a separate, once-a-year exercise. Resources: Extra Disclosures (Related to this specific topic) | Please View Now After-Tax Alpha: Quantifying the Value of Integrated Wealth and Tax Management for Doctors | Get Your Free Report Earned Institute | View Now Free CPA Consultation | Schedule Today Free Copy of Wealth Strategies for Today's Physician | Get Your Free Copy For more information, offers and more, please visit earned.com/wpmp.

This summer, join host David Mandell as he revisits and highlights episodes from Season 5 of The Wealth Planning for the Modern Physician podcast, in our 2026 Summer Rewind Series. "I genuinely believe there is a lot of information to gain from all of our episodes deliver, but for the summer, I've handpicked a few that offer intriguing ideas and a unique perspective for physicians in 2025," says David. "I hope you enjoy this Season encore series. Have a great summer!" Episode 5.18 | Originally Released: May 14, 2025 In this episode of the Wealth Planning for the Modern Physician podcast, host David Mandell sits down with two highly respected medical leaders—Dr. Mark Figgie, Chief Emeritus of the Surgical Arthritis Service at the Hospital for Special Surgery (HSS), and Dr. Joel Press, Physiatrist-in-Chief at HSS—to explore their personal and professional journeys in medicine. Dr. Press shares how his diverse early experiences led him to physiatry, while Dr. Figgie recounts his balance between science, business, and a lifelong pursuit of education, including earning an MBA during his fellowship. The conversation shifts into a discussion of mentorship at the Hospital for Special Surgery, where both physicians have played key roles in developing a cross-disciplinary mentorship model to support younger doctors. Their focus extends beyond clinical guidance to include career development, personal financial planning, and wellness—areas often overlooked in traditional medical training. This approach fosters institutional collaboration and a stronger culture at HSS. Finally, the episode dives into physicians' relationships with industry. Dr. Figgie offers candid advice on contracts, intellectual property rights, and ethical considerations when working with device manufacturers. He emphasizes the importance of legal review and staying true to what benefits patients. Dr. Press adds insight into personal financial trust, suggesting that doctors build a "board of directors" for trusted guidance. The episode closes with a preview of future initiatives aimed at supporting physicians earlier in their careers through financial education and mentorship. Learn more by visiting the original episode page. Learn more, including additional show notes, links, and detailed key takeaways, by visiting visiting the original episode page. Check out other episodes from our 6 seasons by visiting, physicianswealthpodcast.com. Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!

This summer, join host David Mandell as he revisits and highlights episodes from Season 5 of The Wealth Planning for the Modern Physician podcast, in our 2026 Summer Rewind Series. "I genuinely believe there is a lot of information to gain from all of our episodes deliver, but for the summer, I've handpicked a few that offer intriguing ideas and a unique perspective for physicians in 2025," says David. "I hope you enjoy this Season encore series. Have a great summer!" Episode 5.13 | Originally Released: March 5, 2025 Host David Mandell speaks with orthopedic surgeon and retired Army Colonel Dr. Pat St. Pierre. Pat shares how his path took him from West Point and infantry service to military medicine, orthopedic surgery and a long-running sports medicine practice in Palm Desert, California. Along the way, he offers practical advice for younger physicians about mentorship, employment contracts, family considerations and the financial realities of private practice. The conversation also explores Pat's work with medical-device companies, including his role in developing robotic technology for shoulder replacement surgery. He explains why thoughtful collaboration between physicians and industry is essential to advancing patient care. Finally, Pat discusses the importance of retiring to something rather than simply retiring from medicine. He shares how a longtime passion for wine became a challenging and rewarding second chapter, and why physicians should begin planning early for a meaningful life beyond clinical practice. Learn more by visiting the original episode page. Learn more, including additional show notes, links, and detailed key takeaways, by visiting visiting the original episode page. Check out other episodes from our 6 seasons by visiting, physicianswealthpodcast.com. Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!

This summer, join host David Mandell as he revisits and highlights episodes from Season 5 of The Wealth Planning for the Modern Physician podcast, in our 2026 Summer Rewind Series. "I genuinely believe there is a lot of information to gain from all of our episodes deliver, but for the summer, I've handpicked a few that offer intriguing ideas and a unique perspective for physicians in 2025," says David. "I hope you enjoy this Season encore series. Have a great summer!" Episode 5.8 | Originally Released: December 25, 2024 Host David Mandell continues his conversation with dentist and coach Dr. Sue Keller. Picking up where they left off at the end of Part I, David and Sue discuss the ongoing financial challenges of her specialty dental practice. Here, they tackle Sue's difficult decision to file bankruptcy for the practice after more than 20 years—and the legal, practical and emotional processes involved. The discussion then turns to Sue's transition after closing her practice—from working part-time for another dentist, serving patients as part of a non-profit and her eventual interest in, and transition to, coaching. David and Sue conclude the conversation chatting about Sue's role as a coach and how physicians and dentists could benefit from this type of advisor. Key Takeaways from this Episode: Bankruptcy does not necessarily mean failure, but it can be a step toward a more balanced life Regular evaluation of business and life balance is vital The importance of community and support in times of crisis Learn more, including additional show notes, links, and detailed key takeaways, by visiting visiting the original episode page. Check out other episodes from our 6 seasons by visiting, physicianswealthpodcast.com. Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!

This summer, join host David Mandell as he revisits and highlights episodes from Season 5 of the Wealth Planning for the Modern Physician podcast, in our 2026 Summer Rewind Series. "I genuinely believe there is a lot of information to gain from all of our episodes deliver, but for the summer, I've handpicked a few that offer intriguing ideas and a unique perspective for physicians in 2025," says David. "I hope you enjoy this Season encore series. Have a great summer!" Episode 5.7 | Originally Released: December 11, 2026 Listen in or watch as host David Mandell interviews dentist and coach Dr. Sue Keller. David begins with questions he asks all doctor guests to the program—about their initial interest in becoming a doctor, early career journey and more. Sue relates her personal experiences that lead her to dentistry and a shift from an interest in orthodontics to general dentistry. Sue explains her initial venture into private practice, purchasing an existing practice from a burned-out dentist, and her initial attempts to grow the practice. She and David discuss her challenges in growing the practice, the positives and negatives to developing a niche practice, to moving the physical location and the difficulties of keeping good staff. For the remainder of this first part of a two-part episode, Sue tells David about the challenges of keeping the practice afloat financially. In part two, they discuss Sue's decision to file bankruptcy for the practice after more than 20 years and her career transition thereafter. Key Insights: Sue shares her personal journey, mentioning her early interest in dentistry after having her first loose tooth at six years old. Sue had a positive childhood experience with her dentist, which fueled her desire to make dentistry comfortable for others. She discusses the transition in her career, starting her practice after a residency and eventually purchasing an existing practice from a burned-out dentist. In 1995, Sue took over a family practice and started building it up, noting challenges with old technology and financial constraints. She explains that her practice focused on treating anxious adult patients with oral sedation, creating a niche in an underserved area. She moved her practice in 2007, creating a comfortable environment in Northampton but encountered financial challenges in 2008 due to the financial crisis, including losing two-thirds of her patients after the move and facing difficulties hiring motivated staff, leading to constant turnover. Sue reflects on the decision to go fee-for-service and the financial pressures of taking insurance while striving to maintain high-quality care. Despite her advanced education, she struggled to implement complex treatments due to a lack of patients who could afford the care. Sue emphasizes the importance of utilizing specialists, even for bread-and-butter dentistry, to maintain quality and avoid complications. She outlines the ongoing financial struggles from 2008 to 2017, refinancing multiple times to stay afloat amid a tough market. Learn more, including additional show notes, links, and detailed key takeaways, by visiting visiting the original episode page. Check out other episodes from our 6 seasons by visiting, physicianswealthpodcast.com. Click here to get your FREE copy of our latest book, Wealth Strategies for Today's Physician!