This One Change to Financial Aid Could Negatively Impact Many Families

Apple on Book

At the end of 2020, Congress passed the Consolidated Appropriations Act. Most of the attention around this act, a $2.3 trillion spending bill, was focused on the COVID-19 relief provisions. However, also buried in that massive document were dramatic changes to student financial aid rules.  These changes will go into effect during the 2023-2024 school year when the FAFSA becomes available on October 1, 2022.  Some of these changes are long overdue and will be a benefit to families.  However, not all changes will be beneficial.

First, here is a brief rundown on some of the changes you can expect in the future: 

The FAFSA will be shorter and easier to fill out

The FAFSA currently has over 100 questions included in the application and many of them are confusing.  The new simplified version will have approximately 36 questions.  It also allows applicants to have both their taxed and untaxed income transferred to the FAFSA automatically, as opposed to manually entering it or having to self-report it.

“Expected Family Contribution” will be renamed “Student Aid Index”

The Expected Family Contribution, or EFC, is an index that schools use to determine a family’s eligibility for financial aid.  The formula includes such things as a family’s income, non-retirement assets, marital status, number of dependents, and how many children will be attending college at the same time.  Theoretically, the lower the EFC, the more aid could be available to a family.  This will get renamed to Student Aid Index, or SAI, but will operate similar to the EFC so there will be no impact to families financially.

Change in Custodial Parent

Under the current rules, the custodial parent in two household families (as a result of divorce or separation for instance) is the parent whose financial information is supplied.  The custodial parent is defined as the parent with whom the child lives with for the majority of the year.  As of 2022, the parent who supplies the most financial support will be required to fill out the FAFSA application, and this may not necessarily be the custodial parent.  The result – a higher EFC and less financial aid available to the family.

Pell Grant Eligibility

Pell Grants are a form of need-based financial aid that are awarded to low-income students to help offset college costs.  These typically do not need to be repaid.  This change is one of the positives of the new legislation. Under the current method, Pell eligibility is determined by a family’s EFC, the cost of attendance at the chosen school, and whether the enrollment status is part time or full time.  With the new rules, the size of the student’s family and their adjusted gross income will determine their Pell eligibility and size of the award.  Families that make less than the 175% federal poverty level will receive the maximum award, which is $6,495.

The above summarizes some of the changes you can expect to see in the 2023-24 school year. Now let’s focus on one that will negatively impact many families.  Currently, financial aid eligibility increases for families with more than one student enrolled in college at the same time.  Under the new law, the aid eligible to families will significantly decrease.

Let me explain with a fictitious family that includes two children who are two years apart. The first child will be in college by himself for his freshman and sophomore year, but the younger child will start college when the older one begins his junior year.  Therefore, the family will have two kids in college at the same time for two years. Both parents work and their combined income is $150,000.  The family also has assets of $150,000 which include cash and savings, taxable investment assets, and 529 plans.   The calculated expected family contribution (EFC) for this family is $40,000.

Before we dive deeper into the above family’s college financial situation, I would like to explain how the EFC is utilized by schools.  Your EFC is an indexed number that college financial aid offices use to determine how much financial aid a family is eligible for.  The formula for financial need is the Cost of Attendance (COA) less the Expected Family Contribution (EFC).  For example, if your EFC is $30,000 and you are applying to a school that costs $70,000, you will be eligible for $40,000 of need based aid.  ($70,000 COA – $30,000 EFC = $40,000 need).  It is important to point out – just because you are eligible for $40,000 in need-based aid, it does not mean you will receive this from the school your child applied to.  All schools vary in the determination of financial aid, so this will be solely dependent on the individual institution.

Now back to our fictitious family.  Under current guidelines with two students in college at the same time, this family’s EFC would be cut roughly in half for each student.  When this family has only one child in college for the first two years, the EFC that the college will use is $40,000.  However, once the second child starts school, the EFC will be roughly be cut in half to $20,000 per student.  The total EFC does not change, but the distribution of it does.  Therefore, the school that the older child attends will factor in the following EFC numbers for the four years he/she is in college as $40,000, $40,000, $20,000 and $20,000 and adjust the need based financial aid package accordingly, with more aid from the school being distributed in the last two years.  End result: the family is still expected to pay a total of $40,000 annually.

Under the new bill, the EFC no longer will be reduced with multiple kids in college at the same time.  Therefore, the above family’s EFC contribution would be $40,000 in year one and two for the oldest child and then $40,000 per child for the next two years.  That reduction is eliminated and so is the additional need-based aid that would come with it.  This will significantly increase the financial strain on families with two children attending college simultaneously.

The Expected Family Contribution index was designed to give insight to colleges on what a family could afford to pay each year. For families who have, or will have, multiple children attending college at the same time, this new rule is a major setback. Instead of being more accommodating to families facing the rising cost of college, this new rule essentially doubles a family’s expected contribution, which would decrease the amount of aid they’re eligible for.  We encourage all families who will be adversely impacted by this change to consider writing your Congressman or Congresswoman and requesting action to repeal this part of the bill.

2020: Market Review

Market Review 2020 Cover

The year 2020 proved to be one of the most tumultuous in modern history, marked by a number of developments that were historically… wait for it… unprecedented. But the year also demonstrated the resilience of people, institutions, and financial markets.

The novel coronavirus was already in the news early in the year, and concerns grew as more countries began reporting their first cases of COVID-19. Infections multiplied around the world through February, and by early March, when the outbreak was labeled a pandemic, it was clear that the crisis would affect nearly every area of our lives. The spring would see a spike in cases and a global economic contraction as people stayed closer to home, and another surge of infections would come during the summer. Governments and central banks worked to cushion the blow, providing financial support for individuals and businesses and adjusting lending rates.

On top of the health crisis, there was widespread civil unrest over the summer in the US tied to policing and racial justice. In August, Americans increasingly focused on the US presidential race in this unusual year. Politicians, supporters, and voting officials wrestled with the challenges of a campaign that at times was conducted virtually and with an election in the fall that would include a heightened level of mail-in and early voting. In the end, the results of the election would be disputed well into December. As autumn turned to winter, 2020 would end with both troubling and hopeful news: yet another spike in COVID-19 cases, along with the first deliveries of vaccines in the US and elsewhere.

For investors, the year was characterized by sharp swings for stocks. March saw the S&P 500 Index’s1 decline reach 33.79% from the previous high as the pandemic worsened. This was followed by a rally in April, and stocks reached their previous highs by August. Ultimately, despite a sequence of epic events and continued concerns over the pandemic, global stock market returns in 2020 were above their historical norm. The US market finished the year in record territory and with an 18.40% annual return for the S&P 500 Index. Non-US developed markets, as measured by the MSCI World ex USA Index,2 returned 7.59%. Emerging markets, as measured by the MSCI Emerging Markets Index, returned 18.31% for the year.

EXHIBIT 1 – Highs and Lows

MSCI All Country World Index with selected headlines from 2020

2020 Market Review

As always, past performance is no guarantee of future results.

Fixed income markets mirrored the extremity of equity behavior, with nearly unprecedented dispersion in returns during the first half of 2020. For example, in the first quarter, US corporate bonds underperformed US Treasuries by more than 11%, the most negative quarterly return difference in data going back a half century. But they soon swapped places: the second quarter was the second-most positive one on record for corporates over Treasuries, with a 7.74% advantage.3 Large return deviations were also observed between US and non-US fixed income as well as between inflation-protected and nominal bonds.

Global yield curves finished the year generally lower than at the start. US Treasury yields, for example, fell across the board, with drops of more than 1% on the short and intermediate portions of the curve.4 The US Treasury curve ended relatively flat in the short-term segment but upwardly sloped from the intermediate- to long-term segment. For 2020, the Bloomberg Barclays Global Aggregate Bond Indexreturned 5.58%.

EXHIBIT 2 – Sharp Shifts

US Credit minus US Treasury: Quarterly Returns, March 1973–December 2020

2020: Market Review

Past performance is no guarantee of future results.

 

Uncertainty remains about the pandemic and the broad impact of the new vaccines, continued lockdowns, and social distancing. But the events of 2020 provided investors with many lessons, affirming that following a disciplined and broadly diversified investment approach is a reliable way to pursue long-term investment goals.

 

Market Prices Quickly Reflect New Information about the Future

The fluctuating markets in the spring and summer were also a lesson in how markets incorporate new information and changes in expectations. From its peak on February 19, 2020, the S&P 500 Index fell 33.79% in less than five weeks as the news headlines suggested more extreme outcomes from the pandemic. But the recovery would be swift as well. Market participants were watching for news that would provide insights into the pandemic and the economy, such as daily infection and mortality rates, effective therapeutic treatments, and the potential for vaccine development. As more information became available, the S&P 500 Index jumped 17.57% from its March 23 low in just three trading sessions, one of the fastest snapbacks on record. This period highlighted the vital role of data in setting market expectations and underscored how quickly prices adjust to new information.

One major theme of the year was the perceived disconnect between markets and the economy. How could the equity markets recover and reach new highs when the economic news remained so bleak? The market’s behavior suggests investors were looking past the short-term impact of the pandemic to assess the expected rebound of business activity and an eventual return to more-normal conditions. Seen through that lens, the rebound in share prices reflected a market that is always looking ahead, incorporating both current news and expectations of the future into stock prices.

Owning the Winners and Losers

The 2020 economy and market also underscored the importance of staying broadly diversified across companies and industries. The downturn in stocks impacted some segments of the market more than others in ways that were consistent with the impact of the COVID-19 pandemic on certain types of businesses or industries. For example, airline, hospitality, and retail industries tended to suffer disproportionately with people around the world staying at home, whereas companies in communications, online shopping, and technology emerged as relative winners during the crisis. However, predicting at the beginning of 2020 exactly how this might play out would likely have proved challenging.

In the end, the economic turmoil inflicted great hardship on some firms while creating economic and social conditions that provided growth opportunities for other companies. In any market, there will be winners and losers—and investors have historically been well served by owning a broad range of companies rather than trying to pick winners and losers.

Sticking with Your Plan

Many news reports rightly emphasized the unprecedented nature of the health crisis, the emergency financial actions, and other extraordinary events during 2020. The year saw many “firsts”—and subsequent years will undoubtedly usher in many more. Yet 2020’s outcomes remind us that a consistent investment approach is a reliable path regardless of the market events we encounter. Investors who made moves by reacting to the moment may have missed opportunities. In March, spooked investors fled the stock and bond markets, as money-market funds experienced net flows for the month totaling $684 billion. Then, over the six-month period from April 1 to September 30, global equities and fixed income returned 29.54% and 3.16%, respectively. A move to cash in March may have been a costly decision for anxious investors.

 

EXHIBIT 3 – Cash Concerns + Global Equity Returns

2020: Market Review

Past performance is no guarantee of future results.

 

It was important for investors to avoid reacting to the dispersion in performance between asset classes, too, lest they miss out on turnarounds from early in the year to later. For example, small cap stocks on the whole fared better in the second half of the year than the first. The stark difference in performance between the first and second quarters across bond classes also drives home this point.

 

A Welcome Turn of the Calendar

Moving into 2021, many questions remain about the pandemic, new vaccines, business activity, changes in how people work and socialize, and the direction of global markets. Yet 2020’s economic and market tumult demonstrated that markets continue to function and that people can adapt to difficult circumstances. The year’s positive equity and fixed income returns remind that, with a solid investment approach and a commitment to staying the course, investors can focus on building long-term wealth, even in challenging times.

FOOTNOTES

  1. 1S&P data © 2021 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved. Indices are not available for direct investment.
  2. 2MSCI data © MSCI 2021, all rights reserved. Indices are not available for direct investment.
  3. 3US corporate bonds represented by the Bloomberg Barclays US Credit Bond Index. US Treasuries represented by the Bloomberg Barclays US Treasury Bond Index. Bloomberg Barclays data provided by Bloomberg. Indices are not available for direct investment.
  4. 4ICE BofA government yield. ICE BofA index data © 2021 ICE Data Indices, LLC.
  5. 5Bloomberg Barclays data provided by Bloomberg. All rights reserved. Indices are not available for direct investment.

DISCLOSURES

The information in this document is provided in good faith without any warranty and is intended for the recipient’s background information only. It does not constitute investment advice, recommendation, or an offer of any services or products for sale and is not intended to provide a sufficient basis on which to make an investment decision. It is the responsibility of any persons wishing to make a purchase to inform themselves of and observe all applicable laws and regulations. Unauthorized copying, reproducing, duplicating, or transmitting of this document are strictly prohibited. wHealth Advisors accepts no responsibility for loss arising from the use of the information contained herein.

 

The Coronavirus and Market Volatility

Coronavirus

The world is watching with concern the spread of the new coronavirus. The uncertainty is being felt around the globe, and it is unsettling on a human level as well as from the perspective of how markets respond.

At wHealth Advisors, we accept the fundamental principle that markets are designed to handle uncertainty, processing information in real-time as it becomes available. We’ve witnessed this volatility over the past 3-4 weeks. Such declines can be distressing to any investor, but they are also a demonstration that the market is functioning as we would expect.

Market declines can occur when investors are forced to reassess expectations for the future. The expansion of the outbreak is causing worry among governments, companies, and individuals about the impact on the global economy. As an example, last month Apple announced that it expected revenue to take a hit from problems making and selling products in China. Airlines are preparing for the toll it will take on travel. Local businesses are worrying how their bottom lines will be impacted from preventive measures such as self-quarantines and social distancing. From the largest companies in the world down to our corner coffee shops, these are just a few examples of how the impact of the coronavirus is being assessed.

The market is clearly responding to new information as it becomes known, but the market is pricing in unknowns, too. As risk increases during a time of heightened uncertainty, so do the returns investors demand for bearing that risk, which pushes prices lower. Our investing approach is based on the principle that prices are set to deliver positive future expected returns for holding risky assets.

We can’t tell you when things will turn or by how much, but our expectation is that bearing today’s risk will be compensated with positive expected returns. That’s been a lesson of past health crises, such as the Ebola and swine-flu outbreaks earlier this century, and of market disruptions, such as the global financial crisis of 2008–2009. Additionally, history has shown no reliable way to identify a market peak or bottom. These beliefs argue against making market moves based on fear or speculation, even as difficult and traumatic events transpire.

When it comes to managing your portfolio, it’s prudent to develop (and stick with!) a long-term plan than can be maintained in a variety of conditions. For our clients, we consider a wide range of possible outcomes, both good and bad, when helping to establish an asset allocation and plan. Those preparations include the possibility, even the inevitability, of a downturn. Amid the anxiety that accompanies developments surrounding the coronavirus, decades of financial science and long-term investing principles remain a strong guide.

We send our best to you and yours. Wash your hands, avoid touching your eyes/nose/mouth, and, as always, feel free to contact us at hello@whealthfa.com.

10/16/2020 Editor Note: Our co-founder, Dennis McNamara, was featured as a financial expert on Dr. Wealth where he weighed in on investing in a post-COVID world. Link to contribution here: https://www.drwealth.com/investing-in-post-covid19-world/ 

Doctors Get Shafted When It Comes To Finances

Doctor Finance

Written by: Dennis McNamara

In a profession where it is expected that the practitioners embody the highest degrees of empathy, intellect, and work ethic – all for the benefit of others (and really, society at large) – why is it that doctors get the shaft when it comes to their finances?

Answering this question requires us to look at both the personal/financial circumstances many doctors face after graduating and the financial industry’s systemic shortcomings (or, outright inability) to provide fair service offerings to new doctors.

The Triple Whammy: Doctors Playing Catch-up

Let’s begin with the most significant financial circumstances that doctors are faced with, also known as the “Triple Whammy” – a term coined by author Dr. James M. Dahle MD of The White Coat Investor. The triple whammy is comprised of three factors that set doctors behind their non-doctor peers:

  • Significantly higher-than-average student loan balances
  • Delayed earnings due to schooling and residency/fellowship
  • Higher-than-average income tax brackets once finally earning

Dr. Dahle illustrates this uphill battle faced by doctors by describing a one-on-one race towards financial independence between a physician and their non-doctor peer:

If you compared the earnings/savings race between a physician and his college roommate to a 400-yard dash, the physician might be the faster runner, but he has to start fifty yards behind the starting line (student loans), he has to give his roommate a 15-second head start (lost earning years), and he has to run with a parachute tied to his waist (higher tax burden). It turns out the doctor has to be REALLY FAST (high earner with a very high savings rate) to still win.

Outside of the infrequent cases where medical school costs are paid for via family and/or scholarship, this triple whammy is inevitable for most doctors.

Burnout

A fourth circumstance faced by doctors is burnout – we might as well amend the “Triple Whammy” to be a “Quadruple Whammy” – it’s that significant. In fact, a survey of 15,000 physicians cited in a Wall St. Journal article (Abbott, 2020) noted that 42% of the physicians surveyed across 29 specialties reported feeling some sense of burnout.

It is not uncommon for doctors to lose interest in working in medicine. This is understandable as doctors are constantly asked to do more and more with less and less. Over time, this overloading can have significant consequences. Besides the impact on personal well-being, patient care, and the health care system, burnout can derail doctors’ financial futures (decreased productivity, increased risk of malpractice, higher rates of divorce, early/forced retirement).

By acknowledging both the a) high likelihood and b) personal/financial consequences of burnout, doctors need to plan accordingly. By living intentionally during peak earning years, doctors can aggressively repay their student loans, build a nest egg, and craft a lifestyle that can be sustained if/when there’s ever the desire/need to shift into a lower paying career.

Being handcuffed to a job simply for the pay, despite feeling drained, disenchanted, and possibly depressed, is a not a recipe for personal fulfillment or success.

Perhaps at some point a doctor wants to teach, work part-time, or spend some years on the “mommy/daddy track.” Others may desire working in a location that doesn’t pay as well, volunteering more, or walking away from medicine as a whole. While money is not the key to happiness, it can be an empowering tool for pivoting toward a role that is more fulfilling.

Getting finances on the right track early in a medical career is a great defense to combatting burnout and can make nearly any conceivable career transition more realistic.

So, what is a newly minted doctor to do?

Our best recommendation is to begin with education, some personal finance 101. For starters, whether it’s student loans, retirement planning, or being tax-savvy with your hard-earned dollars, The White Coat Investor is a quick read and great primer for getting familiarized with personal finance. If interested in scratching beyond the surface, the whitecoatinvestor.com has forums, articles, and vetted guest contributions that weigh-in and expound on additional topics. If reading and learning about finance feels like learning another language, that’s understandable – but do know that taking this time to understand the basics may be one of your better long-term investments.

Besides getting familiarized with finances, a newly minted doctor should invest in a professional consultation on their student loans. For many doctors just entering their residency, a student loan analysis may result in pursuing an income based repayment strategy and/or Public Service Loan Forgiveness. For doctors who have already completed their residency (or dentists who have shorter residencies), it may mean refinancing.

Questioning how much a student loan analysis could save you? Assuming you don’t qualify for any loan forgiveness, consider a basic refinancing scenario. If a doctor with $200k of student loan debt with an interest rate of 6.8% and a 10-year repayment schedule was able to refinance to a rate of 4.8%, their monthly payments would be reduced by $200. Over the 10 year repayment schedule this would save nearly $24,000 in interest payments.

The Financial Industry’s Shortcomings: Doctor beware!

This brings us to the next obstacle for doctors – the finance and insurance industries. Bill Bernstein, author of The Intelligent Asset Allocator, once noted, “If you assume that every financial professional you interact with is a hardened criminal, you’ll do okay.” As a financial planner, and it pains me to say, Bill’s quote is accurate. All investors, not just doctors, should approach the financial and insurance industries with antennas up. In many fields there is a code of conduct or standard of ethics to adhere to. In medicine, the common example of this is the Hippocratic Oath. Thought to have originated in c.a. 500 BCE, the Hippocratic Oath was a response to the charlatans who posed as doctors to swindle patients and make a quick buck. Though many medical institutions have moved away from the original Hippocratic Oath, many modern versions maintain the same theme: putting patients’ best interests first.

When it comes to the financial industry, like Bernstein’s quote alludes, Caveat Emptor – “let the buyer beware.” In a field saturated with mutual fund salespeople, insurance salespeople, and stockbrokers – how does one find a financial professional they can trust?

The F-word: “Fiduciary”

Similar to the Hippocratic Oath, the financial professional that you choose to work with should be one who, at a minimum, adheres to the National Association of Personal Financial Advisor’s (NAPFA) fiduciary oath. According to NAPFA, this oath means that the professional shall:

  • Always act in good faith and with candor.
  • Be proactive in disclosing any conflicts of interest that may impact the client.
  • Not accept any referral fees or compensation contingent upon the purchase or sale of a financial product.

To know for sure whether the financial professional you’re working with, or the person that you’re interviewing to hire, is a fiduciary, ask that they put in writing and sign a statement that they will always put your financial interests ahead of their own and the firm they work for. If they are unwilling (or “unable”) to sign this, they are not a true fiduciary.

NOTE: Financial professionals are legally required to act as a fiduciary in ERISA plans such as 401ks, 403bs, IRAs, and pensions. So, if a financial advisor tells you, “Yes, of course, I act as a fiduciary in insert ERISA retirement plan” just know that this is nothing special. You want a professional that always acts as a fiduciary.

However, despite adhering to heightened code of ethics, many of the advisors that you can search for on NAPFA.org charge their clients by a percentage of the assets under management (or, AUM). That is, if you have $500,000 of investable assets and are seeking the advisor to manage those assets, you may be charged 1% (i.e. $5,000), on $1 million of investable assets you might pay that same 1%, or $10,000. These fees also do not account for the underlying expense ratios of the investments you’ll be placed in (oftentimes as high as another 1%).

Hiring an advisor when you have negative net worth

While we could take time to debate whether or not the AUM fee structure holds up under deeper ethical scrutiny when compared to a fixed/flat-fee which is not tied to investable assets (hint: it doesn’t), let’s get back to the point! For most doctors, even if they do their homework on NAPFA.org and find an advisor that acts as a fiduciary, will a young doctor meet the asset minimums to qualify as a client? Perhaps, but probably not.

When it comes to medical/dental school, roughly 80% of students will take on loans to pay for tuition. Out of those who borrow, the largest cohort (27%) take on between $200-300k of student debt (not including any undergraduate debt). Despite earning money during residency/fellowship, it’s likely that most doctors will become an attending while still having a negative net worth. That is, they may be a great saver and were able to accumulate $50,000 of cash/investments during residency, however they still have $200,000 of student debt – or a negative net worth of $150,000. For an advisor that charges their fee as a percentage of the assets they’re managing, there is no way to be compensated for working with a young doctor.

Here’s when the charlatans of the finance and insurance industries begin rearing their ugly heads. When you hear that they’ll provide you anything for “free” – RUN AWAY!

Some of the worst places to get financial advice:

  • Unsolicited emails
  • Stock-picking internet forums
  • Your TV (turn off Jim Cramer!)
  • Your insurance agent
  • Your local brokerage shop (Morgan Stanley, Merrill Lynch, Edward Jones, UBS etc.)
  • Your bank or credit union

With a negative net worth and no (or minimal) assets to manage, the most unsavory financial and insurance reps capitalize on the opportunity to make a one-time sale of a product that can earn them a commission, score them a kickback, or help them hit a quota (behind the curtain: “one more sale and I win a trip to the Bahamas!”).

One more time for the people in back: DOCTOR BEWARE!

Final Thoughts: Who should doctors work with?

The top qualities that a doctor should consider in a financial planner are as follows:

  • Fiduciary: As discussed – someone legally sworn and obligated to always place your interests ahead of their own.
  • CFP® Credential: Certified Financial Planner™ marks are the gold standard. Advisors are required to complete extensive coursework and to pass a board administered exam.
  • Fee-only: Advisor is compensated only by the client and never earns commissions for product sales or referrals. NOTE: Fee-only and fee-based are not the same!
  • Independent: Not affiliated with or hired by any brokerage firm, bank, or insurance company.

Unfortunately, it can sometimes be a challenge finding advisors that check off all four of these. Luckily, there are sites such as FeeOnlyNetwork.com and ACPlanners.org that offer search functions based on your location. As the name suggests, FeeOnlyNetwork.com offers listings of fee-only advisors. On ACPlanners.org, the website for the Alliance of Comprehensive Planners (or, ACP), you can also search for advisors based on geography. While both organizations are reputable and their advisors meet most (often all) of the aforementioned qualities, it’s worth exploring ACP if you want an advisor who offers a broader scope of services (i.e. navigating student loans, starting a solo-401k, preparing you annual taxes etc.).

At wHealth Advisors, working with medical professionals is personal. Having a wife, a brother-in-law, and numerous relatives that have pursued the path of medicine we recognize the nuances of the journey, the challenges, and the endless opportunities – all while upholding the industry’s highest standards. The service page of our website highlights our offerings for doctors in all stages of their careers ranging from residents to retirees. For those still pursuing the search for an advisor: Godspeed, good luck, and we hope to hear from you.

Related:

Podcast: Not A Medical Marvel (feat. Dennis McNamara CFP®)

Abbott, B. (2020). Physician Burnout is Widespread, Especially Those in Midcareer. The Wall Street Journal.

For any questions or clarifications please feel free to contact us at hello@whealthfa.com.