How We Helped Three Physicians Find Money They Were Missing

A full financial review may turn up opportunities physicians didn't know to ask about.

Many physicians come to us thinking a financial advisor’s primary job is managing investments. But some of the most valuable work a financial advisor for physicians does has nothing to do with choosing what to buy or sell.

It’s often found in the details: a benefit that isn’t being used, an insurance policy that no longer makes sense, or a financial decision that hasn’t been revisited as income and circumstances have changed. For busy physicians, these areas can be especially easy to overlook when no one is looking at how everything works together.

The following three examples come from our practice, with names and identifying details changed to protect client privacy. In each case, the physician came to us with one concern, but a closer look uncovered something else worth addressing.

An Income Recertification Error Was Costing $1,000 a Month

Ryan and Maya are married physicians with no kids, both working at Milwaukee-area health systems. Ryan had just finished residency, and Maya was a year into practice as an attending. They came to us with the same student loan questions we hear from nearly every new client, made more urgent by the disruption around the SAVE plan.

During our standard onboarding review, Ryan's monthly payment looked higher than we'd expect given his income and repayment plan. Digging into his loan file, we found that his income recertification had been submitted incorrectly.

We went back and recertified it properly. His monthly payment dropped by roughly $1,000, which came to about $12,000 over the first year and continues at the lower amount. Because Ryan is pursuing Public Service Loan Forgiveness, the smaller qualifying payment also means more of his balance is on track to be forgiven at the end of the program.

Two Employers Meant $24,500 a Year in Missed Retirement Savings

Christine is a married physician with no kids and the only earner in her household. She worked two jobs for two separate employers, one of them a large hospital system. That arrangement is common among physicians, and it makes for a confusing benefits picture.

When Christine came to us, she couldn't say which retirement accounts she had access to or how much she could contribute to each one. We requested the benefits documents from both employers and mapped every option available to her: two 457(b) plans, a 401(a), a 403(b), and a pension.

She was contributing $24,500 a year less than her plans allowed. We restructured her contributions across the accounts, which also reduced her tax bill by roughly $8,000 for the year. That shortfall repeated every year it stayed in place, costing Christine both retirement savings and tax savings she could have captured.

A Routine Insurance Review Cut Her Premium and Raised Her Coverage

Laura is a single physician who came to us for help with retirement savings and taxes. Home and auto insurance is part of our standard review, so we asked for her policies. She hadn't looked at them since before residency.

Her auto liability limits were $25,000 per person and $50,000 per accident, low enough to be a real exposure for someone with a physician's income and future earnings to protect. Laura also carried comprehensive and collision coverage with a $250 deductible on a 2010 car with more than 200,000 miles, insuring a vehicle for far more than it was worth.

We pulled new quotes, dropped the comprehensive and collision coverage, and raised her liability limits to $250,000 per person and $500,000 per accident. Laura’s protection improved substantially, and her annual premium went down by $200.

What These Three Physicians Had in Common

None of them came to us with the problem we solved. Ryan asked about student loans, and the recertification error turned up during onboarding. Laura wanted help with retirement savings, and her insurance exposure surfaced during a policy review. In each case, the more expensive problem came to light during our full review, not from anything the client thought to ask about.

Our fee-only structure matters here too. We don't sell insurance or earn commissions, so we had nothing to lose by telling Laura to cancel a policy.

How Can We Help You Save More?

Are you early in your career and unsure if your accounts are set up correctly? It’s reasonable to want a second set of eyes on that. A financial advisor for physicians who understands loan programs, hospital benefits packages, and high-income tax planning can look at what you have and tell you what's being missed.

Get started by scheduling a free consultation, or reach out to us by emailing jared.andreoli@simplicityfinancialllc.com or calling 414-207-6473.

Frequently Asked Questions About Working With a Financial Advisor for Physicians

What does a financial advisor for physicians do?

A professional with this focus reviews the full range of decisions tied to a medical career, including student loan repayment strategy, employer retirement plans, tax planning, and insurance coverage. Investment management is one piece of that work. Much of the rest involves catching errors and unused opportunities in accounts a physician already has. Here's how to decide when it makes sense to hire one.

Can a financial advisor help lower my student loan payment?

A financial advisor can review your repayment plan, income certification, and filing status to confirm your payment is calculated correctly. Income recertification errors are common and can raise a monthly payment by hundreds of dollars. With the SAVE plan being phased out and the Repayment Assistance Plan taking effect, this is a good time for physicians to verify their plan still fits. Our 2026 student loan guide covers the new rules.

What retirement accounts can physicians use if they work for two employers?

Physicians working for two employers may have access to more tax-advantaged space than they realize, potentially including a 401(k) or 403(b) at each job, one or more 457(b) plans, a 401(a), and a pension. Contribution limits work differently across these account types, and some can be funded alongside each other. We compare the major plan types here.

About Jared

Jared Andreoli, CFP®, CSLP®, is the president of Simplicity Financial, a fee-only firm specializing in helping early-career physicians navigate complex student loans and build individualized financial road maps. Since founding the firm in 2017, he has focused on providing a personal, high-touch partnership to help clients solve problems and pursue their long-term goals. 

Individual results vary based on each client's circumstances. The outcomes described above are specific to these clients and are not indicative of results other clients may experience.