About 2 months ago I met with an affluent referral who was a busy medical professional and he asked me to review his situation and create a financial plan for him. When we sat down to meet I was stunned by how many advisors he was dealing with and, as a result, what poor advice he had been receiving.
He dealt with 2 insurance advisors, 3 investment advisors and 1 banker. Each was pitching one “idea” at a time and it created a very unfocused final product. No one took the time to look at the big picture with a comprehensive financial plan.
He was bringing in approximately $1,000,000 a year in revenue in his professional corporation for the last several years and because of this must have become a target of “salespeople”. And yes I use the term salespeople and you’ll see why in a second.