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Sam Rouman on Financial Best Practices for Physicians and Educators

On this episode of The Big Plan on Campus, Thomas talks with Sam Rouman, Chief Planning Officer and Senior Wealth Advisor at BerganKDV. Sam has a strong background in financial advising for medical doctors who are also business owners. On the weeks show, Thomas and Sam discuss financial planning strategies for medical doctors, combing their expertise of those who are business owners and those who are employed by universities.

To start their conversation, Sam shares a bit about his back story and how he earned his bachelor’s degree in liberal arts from the University of Michigan. From there, Thomas and Sam dive into the main discussion topic of the episode. Sam talks about the various challenges that specialized physicians who own their own clinics may have when it comes to financial planning and how he works with them to meet their financial goals. To Sam, it’s all about achieving a balance of developing a solid plan that accounts for the future, while allowing clients to enjoy the fruits of their labor.

Sam then goes on to talk about the importance of cash flow planning and the specific tools, measures, objections that he has found are successful in building a plan for physicians.  Thomas and Sam then go on to talk about retirement plans and Sam outlines plan options that physicians may consider to achieve their desired retirement lifestyle.

After discussing retirement planning, Thomas and Sam discuss tax planning practices and what physicians can do to prepare for tax law changes and how they can maximize their tax benefits through tax diversifying.

At the end of their discussion, Sam and Thomas emphasize the importance of partnering with a Certified Financial Planner to work through your financial planning needs, especially for those like physicians who tend to experience more complex financial scenarios. They make the equation of opting to see a physician who is board-certified, over one who is not and how CFPs are equipped with the knowledge and tools to handle most financial situations.

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