Q&A with Kelli Hueler: - Napfa

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Practice Profile By Bridget McCrea Bridging the Gap Between Medicine and Finance Steven Podnos of Wealth Care LLC One look at Steven Podnos, MD’s weekly schedule and you might get the urge to call him the Dr. Oz of the Fee-Only financial planning world. Not only is this principal of Merritt Island, FL-based Wealth Care LLC a practicing physician, but he’s also a member of the U.S. Air Force Reserve—a commitment that finds him spending about six weeks a year on active duty. Much like Dr. Oz does via his books and TV show, Podnos spends a lot of time helping people achieve their goals (on the financial front). Odd as it may seem, Podnos doesn’t consider his schedule to be particularly jammed. He enjoys the time spent working with his 85 planning clients, avoids hiring employees, utilizes technology whenever possible, and cringes when he thinks about the 100-hour workweeks that he used to put in as a full-time pulmonary critical care physician. Podnos pulled those shifts from 1986 until 2003, roughly one year after opening the doors to Wealth Care. Do the math, and you’ll see that Dr. Podnos spent most of 2002 juggling a nascent Fee-Only practice with a pretty demanding job. “My kids were leaving the house right around the time I started my Fee-Only firm, so I had time on my hands,” recalls Podnos. “Compared to Getting Exposure working 100-hour workweeks, my life is actually a whole lot easier now.” Bridging the Gap Podnos began bridging the gap between medicine and business in the late-1990s when he participated in the formation of a Hospitalist program (physicians who do primarily hospital inpatient work). In this effort, Podnos found himself dealing regularly with the hospital on financial matters. Interested in learning more about business, he spent several years earning an MBA. During the same time, he continued to invest assets for friends and family. The experience drove Podnos to explore the financial world even further and to eventually open the doors to his advisory practice. The epiphany came on the day that Podnos was flipping through a trade magazine and came upon an article about Fee-Only planning. “I was instantly intrigued,” he recalls. “I didn’t even know something like that existed.” A quick phone call to NAPFA put Podnos in touch with an established local planner, Dan Moisand, who provided pointers and advice on how to earn the CFP ® designation. Podnos’s first client was his brother-in-law. Friends and family followed, enabling the nascent planner to build his practice via referral. Three years into his financial planning career, he was too busy to do both fulltime medicine and financial planning. “My doctor-partners were gracious enough to let me ease away from medicine over a period of years,” says Podnos. Nonetheless, he has headed up the intensive care unit at a community hospital for the last three years on a part-time basis. That and his role as an Air Force Reserve physician require Podnos to keep his medical skills updated. Overcoming Prospects’ Initial Reluctance Initially, some of his medical colleagues were skeptical about hiring Podnos as their financial advisor. “What do you know that I don’t know about financial planning?” was a common question he received. Citing his credentials was part of the solution, as was satisfaction from his growing client base. “It took a few years to overcome that obstacle and the perception that I was an ‘amateur’ in the planning field,” says Podnos. Eventually, many of the skeptics came around, and today, physicians, Continued on page 24 Dr. Steven Podnos enjoys writing about financial matters. Author of the self-published book Building And Preserving Your Wealth: A Practical Guide To Financial Planning For Affluent Investors, a financial columnist for his local newspaper, and a regular resource for national newspapers and magazines, Podnos’s knack for helping people make smart financial planning decisions radiates well outside of the boundaries of his firm’s client base. Working together with two other NAPFA members and an estate planning attorney, Podnos has been writing roughly 12 to 14 articles per year for his local newspaper for the last seven years. He also writes periodically for Medical Economics magazine. He shies away from social media outlets like Twitter and Facebook, but he does enjoy the credibility that his books and articles bring. -Bridget McCrea 22 Napfa Advisor October 2012
Advisors toFinancial Advisors ADVISORS ASSET MANAGEMENT For over 30 years, Advisors Asset Management, Inc. (AAM) has been a trusted partner to financial advisors. In essence, we are “advisors to financial advisors.” Our experienced Advisory Consultants provide financial advisors with customized advice and ongoing support, along with a broad range of carefully selected solutions that you can take to your clients with confidence. Fixed Income: Direct access to the fixed income markets. Our Capital Markets Group’s open architecture provides access to 75,000 daily fixed income offerings. Unit Investment Trusts (UITs): A diverse line of proprietary, focused UITs including taxable and tax-exempt fixed income, international bonds, domestic and foreign equity, dividend- focused equity, and sector- and industry-focused equity. Separately Managed Accounts (SMAs): Customized fixed income and equity portfolios selected and managed by professional portfolio managers in conjunction with advisors and their clients. NAPFA referrals available on request For the fourth year in a row, AAM has been named one of the fastest-growing private companies in America. Please contact Christopher Genovese, EVP, Advisory Services access to all of our services including: Advisory Services at 888-455-2663 x1 for • Portfolio review, research, analytics, design and implementation • Advisor education opportunities • Expert opinions from sales, trading, portfolio managers, product specialists and economists • Professional portfolio management Connect with us on: www.aamlive.com Scan this code to watch a video and learn more about AAM. No securities are being offered. Unless otherwise stated, all information and opinions were produced by sources we believe to be accurate and are subject to change. Additional information may be required to make an informed investment decision. AAM may make a market in or have other financial interests in any given security with which this analysis suggests may be benefited from its conclusions. AAM does not offer tax advice. Advisors Asset Management Inc. (AAM) is a SEC registered investment advisor and member FINRA/SIPC. CRN 2011-0816-2714 R Napfa advisor sEpTEMBEr 2012 23
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Q&A with Kelli Hueler: - Napfa

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