Broker Check

Young Professional

If you’re working hard on your way to big plans—whether that means you’re in medical residency or starting your own business—you know you need financial guidance, but you don’t yet have the complex planning needs that will come later in life. We believe it’s wise to start sooner rather than later, so we created this subscription level for clients who are just starting their financial journey.

We have extensive experience working with physicians, dental practitioners, and other young professionals in Northern California. With our health care clients, we know the time constraints and intense training they undergo before they officially start their careers, and we enjoy offering assistance when they’re just beginning their journey. We work closely with the Committee of Interns and Residents (CIR) to provide education and benefits for resident physicians.

As a member of the Young Professional level subscription, you’ll receive ongoing personal guidance for your unique financial planning needs. We will get to know you and your goals, and offer guidance in areas like establishing sound investment principles, selecting the right disability insurance, and finding a balance between your current expenses and future earning potential.

Who's it for?

  • Medical Residents & Fellows
  • Dental Residents
  • Young Professionals in Early Career Stages

Common Services

  • Income protection analysis (including Disability insurance planning)

  • Cash flow planning and monitoring (including Corestone® WBA Reservoir setup)

  • Basic investments strategy

  • Student debt analysis and debt planning strategy

  • Life-event based consultations

  • Ongoing quarterly progress report and tutorials

Tools You Will Get

  1. 1Wealth Steps Logo
    Wealth Steps® personal web tool (with personal financial scorecard)
  2. 2Cash Flow monitoring at your fingertips with a mobile app
  3. 3Basic brokerage account services (account setup and maintenance)*

*Does not include free trades

What to Look for in the Appropriate Disability Insurance Policy

Not all disability insurance policies are the same. While many of them share similar features, choosing the right one for you can come down to small contract details. Here at Parkes Financial, we work with some of the top disability insurance providers, including:

Guardian Logo
Mass Mutual Logo
Principal Logo
Standard Logo
Ameritas Logo

Ultimately, it comes down to what fits your needs the best. Here are some of the things you should look
for in a disability insurance policy:

  • Strong Financial Ratings
  • Guaranteed renewable policies
  • True own occupation coverage (and specialty-specific contract language)
  • Partial disability and recovery benefits
  • A waived premium while receiving benefits
  • The opportunity to secure optional riders such as:
    • Student loan protection
    • Cost of living adjustment
    • Waived premium while unemployed
    • Future insurability option
    • Graded premiums

If you have questions about your current options, don't hesitate to reach out to us!

Frequently Asked Questions About Disability Insurance

In order to best address your income protection needs as a physician, be sure that you have a clear understanding of these five foundational issues and commonly asked questions. If you have any questions about how your current policy or the one you're considering compares - schedule a meeting with us to review! By reviewing policies against these questions, it's much easier to land on the one that can best protect your, your family and your future.

What happens if I get hurt and can't work, period?

In the unfortunate case when you can't work at all, your policy will include a provision that provides a monthly stipend until you can recuperate, until you reach the max benefit offered by the policy, or until the point when you no longer fit into the policy's definition of "total disability." This provision is called the "definition of total disability." How this provision is written can vary greatly between policies, so it's important to review them carefully - some of them may write the provision in such a way that they can stop providing the stipend if you can return to any occupation - not necessarily your specific specialty. A comprehensive policy will provide you benefits until the time you can begin performing your current specialty again – which, depending on the injury or disability, could be a long time.

What happens if I’m only working with partial income due to an injury or illness?

Be sure to carefully review the policies you’re considering – some of them include a provision that is equivalent to an “all or nothing” style of coverage. What this means is that they won’t pay you if you’re working in a reduced capacity (whether you have evidence of it or not) and therefore suffering a loss of income. The best policies typically contain benefits that provide for you and your family in this situation, and they’re usually identified as “residual disability” or “extended partial.”

What about a scenario where I’ve recuperated, but I’m still suffering a loss of income?

Oftentimes, this kind of scenario is identified when a physician has recuperated, but they’re working to rebuild their practice, they’re in a specialty that provides performance-based compensation, or their compensation is determined based on the number of patients seen. A disability policy that makes sense for this kind of person will typically include a “recovery benefit” that would allow you to continue to receive a stipend until your finances are back to normal.

What can I do to protect my future income and assets?

As you review policies, look for a provision for “guaranteed increase.” This provision will allow you to increase your benefit in alignment with your increase in income, and at prescribed periods in the future. It also allows you to know that you have coverage that will continue to provide for your income and lifestyle as you gain experience. Pay close attention to the frequency of the future increase opportunities (sometimes referred to as “FIO”), and what the requirements are surrounding them.

What should I do to account for inflation in the instance where I have a longer claim?

While the rising costs of goods and services may not have an impact on the benefits of someone with a claim who is also upwards of 45 years old, younger physicians should consider adding an optional provision to protect the purchasing power of their benefits, regardless of the length of the claim.

Schedule your enrollment call to get started

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