Louis Holmes, MBA
July 31, 2020
“Is an annual checkup really necessary, Doctor?”

As a physician or dentist, surely, you have been asked this very question by one of your patients. The truth is that many of our physician and dentist clients ask us the same thing. So, what do you tell your patients?

We both know the answer is “yes.” Physical health and financial health can change quickly without warning. Just like an annual physical is recommended, we at LongView Planning Partners believe on at least an annual financial review. Here’s why:

We cannot allow our clients to be unaware of their financial well being. As my mother began to age, I would often ask her if she had scheduled her annual checkup. She would respond with a curt “I don't want to go to the doctor. He may find something wrong.” My mom had taken the strategy of the ostrich with her head stuck in the sand when it came to her health care. Instead of allowing her doctor to possibly recognize a situation that could be addressed early, she preferred to submerge into the abyss of the unknown. This certainly is not advisable medically, nor is it financially. Unlike the body, a financial situation does not work to heal itself. Whether it be addressing cash flow concerns, debt restructuring, funding options for college education, or planning how to live off of your assets in retirement, an annual check is invaluable.

Life can give you lemons. When it does, it’s our job at LongView Planning Partners to help you make lemonade. I was contacted last year by a client’s wife whose friend from medical school had learned her physician husband had Parkinson’s Disease. His wife called her in a panic; what would they do? She told her, “Make sure you have enough disability insurance.”

According to the Social Security Administration, more than one in four of today’s 20-year-olds can expect to be out of work for at least a year because of a disabling condition before they reach the normal retirement age. [1] Life is not always easy and changes are bound to occur that could get your financial plan off track. Are you prepared for a disability? If you have student loans, what happens with them if you become disabled? How would you fund your children’s education or your retirement planning if your disability policy only pays to age 65?

By meeting with your financial advisor annually, you can be sure that your protection plans are in place and up to date to reflect your increasing income. Your advisor may not have all the answers to the lemons that life brings your way, but we can give you assurances that this type of situation can be addressed and planned for.


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