150 best financial advisers for doctors: Our exclusive list

Need a new economic roadmap for these difficult times? Here are some experts who can help you find your way.

By Leslie Kane
Senior Editor

For many a physician, the roller coaster market and uncertain economy have transformed financial planning from a low priority to an urgent concern. If you're among those seeking expert guidance, our third, updated, list of the best financial advisers for doctors should help you find it.

This year, we began the selection process by asking you, our readers, to recommend financial advisers you've found knowledgeable and insightful. Many of you responded, describing how an adviser had helped you turn around a sticky financial situation or had pointed you toward a sensible path.

We then invited your nominees to take part in our rigorous screening process. Next, we re-evaluated candidates from our last list (published in the Aug. 7, 2000 issue) and sought new recommendations from national and regional financial planning organizations.

Every candidate filled out an extensive questionnaire covering his or her credentials, educational background, experience, percentage of doctor clients, size of the firm, affiliations with medical organizations, and noteworthy professional achievement. To evaluate the depth and type of advice they give clients, we reviewed a sample plan from each individual. We also looked at each adviser's Form ADV, which is filed with the SEC and describes professional background and payment methods.

To whittle the field of qualified candidates, we favored those recommended by our readers, and nominees whose interests were more focused on the health care profession. We eliminated advisers who are paid strictly by commission, since we believe that diminishes your chances of getting unbiased advice. And to allow us to include as many choices as possible in each geographical area, we made the tough decision to include only one adviser per firm, even though many firms listed have several partners who might qualify for inclusion.

Many of the advisers we chose have specialized financial planning credentials. Here's what the initials mean: Certified Financial Planner (CFP) designates comprehensive financial planning expertise. Certified Public Accountant (CPA) indicates expertise in tax issues. Personal Financial Specialist (PFS) is used by CPAs who specialize in financial planning. Chartered Financial Analyst (CFA) designates someone who has passed rigorous exams on investments and portfolio management given by the Association for Investment Management and Research. Chartered Financial Consultant (ChFC) indicates a focus on general financial planning. And CLU (Chartered Life Underwriters) denotes someone who specializes in insurance.

Many advisers require that you invest a minimum amount with their firm if you want them to manage your investments, and we've listed those minimum requirements. However, almost all the advisers on our list will draw up a financial plan or consult with you for an hourly or flat fee. In addition, some of the minimum requirements are flexible, depending on your financial situation.