Frequently Asked Questions
Below are answers to questions physicians frequently ask us about the financial planning process and how we work as a firm. If you don’t see your question here, we’re always happy to connect and talk through your situation.
Getting Started with Financial Planning
Physicians often experience unique financial patterns, including delayed earnings, high student debt, complex benefit packages, and rapid income growth after training. Career paths can also vary widely across practice settings. Financial planning for physicians often involves coordinating loan strategy, tax planning, retirement savings, insurance decisions, and lifestyle goals in a way that reflects these dynamics.
Many physicians consider financial planning during periods of transition or when financial decisions begin to feel more complex. This may include finishing training, starting a new role, experiencing a significant increase in income, growing a family, or preparing for major decisions such as buying a home. We do not believe you need to reach a certain income level or asset threshold to benefit from guidance. Starting earlier can help you build a strong financial foundation and make more confident, intentional decisions.
Financial planning during residency can help you build a strong financial foundation while navigating student loans, limited cash flow, and major career transitions. Early guidance can provide clarity around priorities and help you prepare for the shift to attending income. To help make planning more accessible, we often offer reduced fees for physicians in residency or fellowship. In many cases, fees are discounted 50%, depending on household income and planning complexity.
Working Together
We typically start working with physicians in the first ten years of their careers, from residency through the early years of practice. Many are balancing competing priorities such as managing student loans, building savings, planning for children’s education, and making major financial decisions like buying a home. While our focus is on early- and mid-career physicians, we also work with some clients who are further along in their careers and beginning to think about retirement planning and long-term income strategies.
All of our advisors are CERTIFIED FINANCIAL PLANNER™ professionals, which means they have completed extensive financial planning coursework, passed a comprehensive certification exam, and are required to complete continuing education each reporting period. CFP® professionals must also adhere to the CFP Board’s Code of Ethics and Standards of Conduct. Some advisors hold additional niche designations such as the CSLP® (Certified Student Loan Professional)—a credential focused specifically on federal and private student loan repayment strategies—and the CDFA® (Certified Divorce Financial Analyst), which focuses on the financial aspects of divorce. Each designation requires ongoing continuing education and adherence to professional ethics to remain in good standing.
Yes. We provide virtual financial planning for physicians nationwide using secure online tools and video meetings.
Yes. We act as your fiduciary at all times when providing financial advice. This means we are legally and ethically required to act in your best interest, avoid or disclose conflicts of interest, and provide advice based solely on what best aligns with your goals. As a fee‑only firm, we do not receive commissions, revenue‑sharing, or other incentives for recommending specific investments, products, or insurance solutions, helping to ensure our advice remains objective and aligned with your needs.
The introductory meeting is a conversation about your goals, priorities, and current financial situation. We explain how our planning process works and help you determine whether working together is the right fit. There is no obligation to move forward.
No. Clients may end their relationship with us at any time with 30-day notice.
We work with spouses jointly so we can understand the full household financial picture. However, both spouses do not need to attend every meeting.
No. We focus on ongoing financial planning, because financial decisions evolve over time. Our role is to help you implement your plan and adjust it as your life and career change.
Yes. We help physicians evaluate repayment options, including income-driven repayment plans and Public Service Loan Forgiveness, and consider how loan decisions affect long-term financial goals.
Yes. We model different savings and investment scenarios to help you understand potential timelines and tradeoffs.
Yes. We review retirement plans, health coverage, disability insurance, and other benefits to help you make informed decisions that fit your overall financial plan. While we are not employee‑benefits specialists or legal/insurance experts, we can help you interpret the information provided by your employer and guide you on how those benefits integrate with your broader financial goals. When needed, we may recommend consulting a benefits, tax, or HR professional for more detailed or technical questions.
We do not source properties, negotiate transactions, or act as real estate brokers, appraisers, or tax/legal professionals. However, we can help you evaluate how a real estate decisions purchase, sale or investment property may impact your overall financial plan, including cash flow, liquidity, risk, and long-term goals. When questions require specialized expertise—such as property valuation, market analysis, legal issues, or tax implications—we will recommend consulting a qualified real estate agent, attorney, CPA, or other subject matter specialist.
We do not provide legal advice, prepare tax returns, or sell insurance or investment products. We also do not act as real‑estate brokers, lenders, or property appraisers; we do not provide specialized business consulting; and we do not offer services that require licensing outside the financial‑advisory field (such as law, accounting, or insurance underwriting). We can help you understand how these areas may affect your overall financial plan, but when a situation requires technical, legal, or tax‑specific expertise, we will recommend consulting an attorney, CPA, insurance professional, real‑estate specialist, or other qualified expert.
Fees
We charge a one-time onboarding fee followed by a monthly, flat planning fee. Fees are based on the complexity of your financial situation. Prospective clients can use our pricing calculator to estimate their planning fee before scheduling a meeting. Fees are included in your contract with
us.
No. Student loan analysis and repayment strategy are included in your financial planning fee.
Yes. At our discretion, physicians in residency or fellowship may qualify for a 50% reduction in both the one-time setup fee and monthly planning fee, based on total household income. Physicians in residency or fellowship may qualify for a 50% reduction in both the one-time setup fee and monthly planning fee, based on total household income.
No. We do not charge a percentage-based investment management fee. Fees are included in your contract with us.
No. As a fee-only financial planning firm, we are compensated directly by our clients and do not receive commissions, referral fees, revenue‑sharing, or any other compensation from third parties for recommending financial products, services, or professionals. This helps ensure our advice remains objective and solely focused on your best interests.
Investment Management
Our investment approach emphasizes long-term planning, diversification, and low-cost investing. Portfolios are typically constructed using a mix of low-cost index funds and ETFs, aligned with each client’s goals, time horizon, and risk tolerance.
Managed accounts are typically held at Charles Schwab & Co. (“Schwab”), an independent, third‑party qualified custodian that provides account safekeeping, trade execution, and client reporting. We do not take custody of your assets—your accounts remain in your name at Schwab, and you retain full control. As your adviser, we can view your accounts and place trades on your behalf with your authorization, but Schwab is responsible for holding and safeguarding your funds and securities, and they send you account statements directly. This structure helps ensure transparency, security, and separation of duties..
Yes. Investment guidance and portfolio management are included in the planning fee.
We usually cannot manage these accounts directly. However, we can help you select investments, determine an appropriate allocation, and review the plan as part of ongoing planning.
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.
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.