A Financial Advisor For Doctors

Platinum Sponsor: Johanna Fox Turner of Fox & Company Wealth Management As part of the Platinum Sponsor package, sponsors get to showcase their stuff in a Q&A format. This way, you, the reader, can get to know them a little more. Johanna was a CPA for many years before she became an FA giving her a unique and complete skill set. She is our financial advisor. Fox & Co Wealth ManagementHow did you decide to become a Financial Advisor? I had been a CPA for about 25 years and got really tired of clients asking me to recommend an advisor. It’s embarrassing to recall, but I usually just said “Go see Edward Jones”. After awhile (about 25 years, I guess!) I got tired of seeing poor results and realized I had been doing our clients a disservice. So, at age 50, I passed the CFP exam, which I still believe was harder than the CPA exam. (Of course, I passed that at age 22!) I had no idea what I was getting into and had never heard of “fee-only” advisors or NAPFA. How did you decide to work with physicians? By answering questions on WCI and “accidentally” acquiring some really nice physician clients as a result. When the WCI forum started in January 2016, I knew it was a great opportunity because I enjoy giving advice (just ask my kids). I also didn’t know of any other FA’s who had the combination of Fee-Only CFP + CPA + experience and hardly anyone else was answering those questions on the forum. Plus, it’s a fun challenge to work with consistently “smart” people and I’ve really grown to love it. What are the areas or action items that you’ve noticed that most clients miss? 1) Focusing on the cost of a financial advisor over the benefits to be gained 2) Not taking advantage of all retirement account opportunities 3) Emphasizing short term investing instead of having a plan for the long term 4) Not getting a LWT (Last Will & Testament) in place when the first baby is born 5) Not paying attention to cash flow – saving is important, but it’s what you spend that makes the most difference. What’s your honest opinion – can folks really DIY? What are some caveats? Of course, you can DIY. Starting out DIY is great because it forces you to learn a lot. The problem is, you don’t know what you don’t know. Sticking with DIY if you are making a high income without ever getting a second opinion or having a financial checkup is scary. If you’re ready to DIY and starting to learn, you should read The One Page Financial Plan by Carl Richards. In fact, reading TOPFP will help you to choose a better financial advisor when you’re ready to. Tell us 3 things you wish your clients knew: 1) For every planning meeting we have one-on-one with you, we’re working 4 – 6 hours behind the scenes 2) I rate listening skills higher than being able to calculate future value or compound returns 3) I make a lot less money than you probably think I do! Anything else you’d like to tell us? I’m a sucker for giving free advice. Give me your bad luck story and I’ll try to get it fixed. I hope to see you all at the WCI conference next year! I hope you enjoyed learning a bit more about Johanna!]]>

Get our guide

Get the bestselling book - Defining Wealth for Women.

Posted in

Recent Posts

Wealthy Mom MD with Bonnie Koo | Money Goals: Get Specific to Get Results

180: Money Goals: Get Specific to Get Results

How do you know when you’ve actually reached your goal? This is why having a concrete number in mind is one of the most useful ways to set goals for your financial freedom. I’m giving you the easiest ways to set yourself up for real success when it comes to identifying and achieving your financial goals.

Wealthy Mom MD with Bonnie Koo | 5 Steps for Auditing Your 2023 Goals

179: 5 Steps for Auditing Your 2023 Goals

Assess your progress so far in 2023 and decide what you can achieve over the remainder of the year. I’m sharing my five-step process for auditing your goals, demonstrating why it’s never too late to start setting goals, and providing you with the advice you need to start deciding exactly what you want to achieve in the closing stages of this year.

Wealthy Mom MD with Bonnie Koo | Insurance: What Physicians and Entrepreneurs Need to Know with Larry Keller

178: Insurance: What Physicians and Entrepreneurs Need to Know with Larry Keller

Even if you’re single, if you intend to have children at some stage in your life, you need life insurance. It’s cheaper now than it ever will be in the future, and if I hadn’t been insured when I was, I’d be paying a whole lot more than I am now. We’re also talking about disability insurance, which is something most people tend to overlook, but it’s definitely worth considering, especially if you’re moving into the world of entrepreneurship.