FAQs
Below are questions we are frequently asked by physicians who are considering working with us. We are happy to discuss any of these questions in more detail as part of a no obligation introductory call.
General
The majority of our clients are physicians in the first 10 years of their career (residency through attending). Many of our clients have young families and are concerned about juggling multiple financial priorities, including paying student loans, building their savings, saving for their children’s education and planning for large purchases, including buying a home.
Yes, about 10% of our clients are either in, or approaching retirement. They are focused on changes in lifestyle expenses, planning for the timing of taking Social Security, selecting the right Medicare option for their situation, and strategic tax planning for starting distributions from their various retirement accounts.
Yes, we will treat your money with the same care and prudence that we would treat our own. We will always make recommendations that we believe are best for you. Our fee-only payment model ensures we don’t have a financial incentive to offer one course of action, or product, over another.
No, we only work with spouses jointly. While it isn’t necessary for both spouses to be present at every meeting, in order to create a solid financial plan and fulfill our obligations as a fiduciary, we need to review and advise on both spouse's finances.
No, you can end your relationship with us at any time, for any reason with 30-day notice.
Services
No, we believe financial planning is a process, not a one time event. We believe the true value we provide is supporting the implementation of your plan – which will evolve over time – and being your ongoing financial advice and accountability partner.
Yes, many of our clients are balancing student loan payments (including federal loan repayment plans and PSLF) while saving for other financial goals. We will create a student loan plan for you to maximize forgiveness and tax savings; and minimize the interest you pay on your loans.
Yes, we work with many clients who want to achieve financial independence prior to a traditional retirement age. We'll create projections to assess what you’ll need to save to fund your post-work years and create a savings plan to get you there.
We can't find properties for clients, however we will review these investment opportunities and provide advice on their potential impact to your financial plan.
No, however we will review your current life, disability, and property and casualty insurance to assess whether your coverage is in-line with your needs and is competitively priced. We can also make referrals to independent insurance brokers as needed to help address any gaps in your coverage and help you navigate the process.
No, but we may be able to refer you to a tax preparer that is a good fit for your needs. No matter who you work with, we will coordinate with them to share any pertinent tax information annually – such as tax forms for the accounts we manage and details on any rollovers, distributions, or contributions we assisted you with during the tax year.
Fees
Your flat fee is inclusive of comprehensive financial planning, investment management, regular meetings with your CERTIFIED FINANCIAL PLANNER® professional and their support team, as well as on-call support.
You will be charged a monthly flat-fee, after a one time setup charge. Both fees take into account certain factors that can add to the complexity of an individual’s or family’s finances. You can use our pricing calculator to determine your monthly fee.
No, as a fee-only firm there are no hidden fees, kickbacks, or commissions ever.
No, however, in some instances your flat fee can be deducted quarterly from your managed investment accounts.
Discounted rates of 50% may be available to in-training physicians depending on total household income.
Investment Management
We plan for the long term and believe investment diversification using low cost, passive ETFs and mutual funds are key to growing wealth over time.
Our managed accounts are held at Charles Schwab.
The cost to manage your investments is included in your monthly flat fee - we do not charge any additional fees to manage your investment accounts.
No, however we find clients really appreciate the administrative hassle and time savings we provide by managing investment accounts. If you choose to manage your own accounts, we will still provide you with our advice on investment allocation.
In most (but not all) cases, we can’t directly manage employer-sponsored retirement plans. However, we will walk you through your account set up, review your plan’s specific investment options, advise on asset allocation, and periodically help you rebalance these accounts as part of our ongoing support.
Wrenne Financial Planning LLC (“WFP”) is a Registered Investment Adviser. This content is intended to provide general information about WFP. It is not intended to offer or deliver investment advice in any way. Information regarding investment services are provided solely to gain an understanding of our investment philosophy, our strategies and to be able to contact us for further information.
Additional Important Disclosures may be found in the WFP Form ADV Part 2A. For a copy, please click here.