Medical Professionals
Specialized financial planning for physicians at every stage of their career.
Physicians dedicate years — often more than a decade — to education and training before reaching their full earning potential. When that moment arrives, the financial decisions made in the first few years can shape your financial security for decades.
The challenge is that the financial world doesn't wait for medical training to end. Student loans accrue. Decisions about home ownership, disability insurance, and investments can't be deferred indefinitely. And yet most physicians finish residency without a financial plan — because there was simply no time to build one during training.
At Altenbach Wealth Management, we specialize in financial planning for physicians. We understand the medical career lifecycle — from resident to attending to partner — and we build plans that work within the realities of that path.
Common financial challenges we help physicians navigate
• Building a savings and investment strategy after years of limited income during training
• Understanding why Own-Occupation (Own Occ) disability insurance is critical — and often misunderstood — for physicians
• Making smart decisions about homeownership versus renting with significant student loan balances
• Advocating effectively when negotiating an employment or partnership physician contract
• Navigating tax planning as income rises sharply after training
• Getting holistic, unbiased guidance — rather than piecemeal advice that misses the bigger picture
How We Help Physicians
Income Protection
• Own-Occupation disability insurance analysis and placement
• Group vs. individual policy comparison
• Coverage during training vs. post-training — understanding the difference
• Business overhead expense protection for physician-owned practices
Contract Review Support
• Understanding compensation structures (salary vs. RVU-based)
• Non-compete clause guidance and implications
• Malpractice tail coverage considerations
• Signing bonus repayment risk analysis
• Partnership track timelines and buy-in planning
Wealth Accumulation
• Tax-efficient investment strategy
• Retirement account optimization (401k, 403b, backdoor Roth IRA)
• Real estate decision support (rent vs. buy analysis)
• Student loan repayment planning — PSLF, IDR, and refinancing comparison
Life & Legacy Planning
• Life insurance needs analysis
• Estate planning coordination
• Business succession for physician-owned practices
• Charitable giving strategies
• Beneficiary designation review
Protecting Your Most Important Asset: Your Income
As a physician, your ability to practice medicine is your greatest financial asset. A true Own-Occupation disability policy ensures that if illness or injury prevents you from practicing your specialty — even if you can work in another capacity — you continue to receive your benefit.
This distinction matters enormously. A generic disability policy that pays only if you cannot work at all is a fundamentally different product from one that protects your specific occupation. For physicians, Own-Occ coverage is not optional — it is essential.
What to look for in a physician disability policy
• True Own-Occupation definition of disability — not "any occupation" or "modified own-occ"
• Specialty-specific coverage (a surgeon who loses hand function should receive full benefit, even if they can still see patients)
• Non-cancelable and guaranteed renewable provisions
• Future increase options — to add coverage as income grows, without new medical underwriting
• Residual/partial disability rider — for partial income loss due to reduced hours or duties
• Cost of living adjustment (COLA) rider for long-term inflation protection
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Physicians face a financial situation unlike most professions — a decade of limited income during training, large student loan balances, late wealth accumulation, and a high-earning career that begins all at once. General financial advisors often lack depth in physician-specific areas like Own-Occupation disability insurance, student loan strategy (PSLF, IDR, refinancing), and contract negotiation. A physician-specialized advisor understands the medical career lifecycle and can build a plan that accounts for your specific timeline and risks.
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Own-Occupation (Own-Occ) disability insurance pays benefits if you become unable to perform the duties of your specific medical specialty — even if you can still work in another capacity. For example, a surgeon who loses the use of their hand would receive full benefits under a true Own-Occ policy, even if they could still work as a consultant or administrator. Generic "any occupation" policies only pay if you cannot work at all. For physicians, whose income depends on the ability to practice their specialty, true Own-Occ coverage is essential — not optional.
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The best time to obtain disability insurance is during residency or fellowship, for two reasons: first, you are generally younger and healthier, meaning premiums are lower and medical underwriting is easier to pass. Second, many residency programs participate in Guaranteed Standard Issue (GSI) programs that allow residents to obtain coverage without individual medical underwriting at all. Waiting until you are an attending means higher premiums, potential underwriting challenges, and a window of vulnerability during the transition.
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Physicians carry some of the highest student loan balances of any profession, often $200,000–$400,000 or more. The right strategy depends on your employment situation, income trajectory, and career goals. Public Service Loan Forgiveness (PSLF) can be a powerful tool for physicians at non-profit hospitals or academic medical centers — but requires careful management of payment plans and employment certification. Income-Driven Repayment (IDR) plans, private refinancing, and aggressive repayment each make sense in different situations. The wrong choice can cost tens of thousands of dollars.
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The first year of attending income is a critical window. Physicians moving from a $60,000 resident salary to $250,000+ need to act quickly on several fronts: obtaining or upgrading disability insurance before group coverage ends, maximizing tax-advantaged retirement accounts (401k, backdoor Roth IRA), establishing a student loan strategy, reviewing life insurance needs if supporting a family, and building a cash reserve. Many physicians also face contract decisions — compensation structure, non-competes, tail malpractice coverage, and signing bonuses — that have long-term financial consequences.
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Not directly, but Andrew can help connect to trusted medical attorneys. Also, Andrew helps physicians understand the financial dimensions of their employment contracts, including compensation structures (salary vs. RVU-based), non-compete clauses and their geographic implications, malpractice tail coverage obligations, signing bonus repayment risk, and partnership track timelines and buy-in requirements. Understanding these terms before signing can prevent costly mistakes and significantly affect lifetime earnings.
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Andrew Altenbach, CFP® CExP™ RICP®, is based in Needham, MA, operating through The Bulfinch Group — one of the leading Guardian agencies in New England. He works with physicians throughout the Boston area, broader New England region, and across the U.S.