Financial Planning Scenario – Medical Professional

Rob and Nancy are unsure about how to invest and how much to save.  They also are unsure if their insurance coverages are in order.

Their questions are:

  • How should we invest the cash balances we have accumulated and what to do with our free cash flow?
  • How do we develop our goals and what do we need to do to accomplish them?
  • Do we have enough life insurance?
  • What do we do about our student loan debt?

Rob and Nancy have a good start on their savings but need a long-term plan. We would recommend our Financial Freedom service for Rob and Nancy. Some of the steps we would likely recommend are:

  • Develop an investment plan that supports their goals with recommendations on how to accomplish them.
  • Recommend how funds should be invested for an emergency fund.
  • Develop a strategy for eliminating student loan debt.
  • Provide how they should invest between their company retirement plans, Roth IRAs, and taxable brokerage accounts.
  • Evaluate their life insurance policies for any risks they are taking and any additional life insurance they may need.
  • Evaluate their long-term disability coverage, explaining the impacts to their financial situation in the event Rob is no longer able to work as a physician, and whether to purchase additional long-term disability.
  • Recommend an estate plan and the possible risks of not having one, especially with children.
  • Refer them to an estate attorney and provide a list of items to discuss.

By helping Rob and Nancy with their concerns, they would be able to work towards accomplishing their goals and reduce their risk exposure. Their situation would also allow them to be more comfortable spending excess cash flow for enjoyment today, instead of over saving because of the stress of the unknown.


The scenario presented is hypothetical in nature, and not intended to be a testimonial or endorsement of Partners in Financial Planning LLC. This scenario is intended to illustrate the services we offer, but does not represent the results or experience of actual clients. The strategies discussed are not appropriate for everyone and should not be considered investment or tax advice. Clients should review their unique situation and financial needs with a qualified advisor and inquire about the various benefits and risks involved with specific services and strategies.

About Us

Partners in Financial Planning provides tax-focused, comprehensive, fee-only financial planning and investment management services. With locations in Salem, Virginia and Charleston, South Carolina, our team is well-equipped to serve clients both locally and nationally with over 100 years of combined experience and knowledge in financial services.

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