Q&A with Kelli Hueler: - Napfa

Practice Profile
Continued from page 22
dentists, and other medically related
professionals comprise about 50 percent of
Wealth Care’s client base.
At some point, Podnos was able to
turn his dual careers to his advantage
by leveraging his innate knowledge of
physician-related financial problems. “I
think I often have a shared understanding
of many of the problems and issues that
many of my client families encounter
at different stages of life,” he says.
“Having that firsthand knowledge helped
immensely.”
Physicians get a “bad rap” about
being poor investors and being easy
targets for financial manipulation,
Podnos says. But he understands its
roots. He believes that the nature of what
physicians do can leave them vulnerable.
“The medical world is one in which very
important decisions are made quickly,”
he says. “Also, there is the free exchange
of both important and confidential
information on a regular basis in the
process of taking care of patients.”
Podnos adds that many physicians
do not understand that the business
(especially financial business) world often
is focused on extracting maximum profits
from them. It can take a while to educate
them that it’s not a worldview that is
necessarily acting in their interest.
Asset protection is another key
concern for physicians because they tend
to have high incomes but exposure to
malpractice lawsuits. “There are some
natural holes in their asset protection
situations,” he explains. “Sometimes,
focusing on estate planning leaves assets
open to creditors.”
However, Podnos also works with
many non-medical families. “Non-medical
families have many of the same issues,
and I really enjoy the diversity of working
with people in many stages of life and
with different careers,” he adds. For
example, he looks closely at the liability
risks of non-medical clients who rent
properties or operate businesses.
When facing a challenging client
issue, one of the places that Podnos can
turn is NAPFA. As a member of a NAPFA
MIX group, he meets twice a year with
nine other planners (collectively known
as “The Bar”) to share insights, practice
Wealth Care LLC, at a Glance
Location: Merritt Island, FL
Website: www.WealthCareLLC.com
Year founded: 2002
Number of staff: None
Number of clients: 85
Amount of money under advisement: $130 million
Description of typical clients: 50 percent physicians and dentists; the
remainder are a mix of business owners and retirees.
Typical client needs: Simplification of their financial lives and investment
assistance.
Favorite financial planning website: Google Reader for financial news
(www.google.com/reader)
Favorite non-financial planning website: Belmont Club and
Instapundit blogs, Drudge report
Piece of advice to fellow NAPFA members: “Be very available to your
clients. All of my clients call me directly on my cell, and I get almost no abuse. Nothing
builds referrals like availability and having a strong service mentality. Also, offer night or
weekend service to busy clients. I do this and compensate by taking time off during the
week. It is much appreciated.”
management strategies, best practices, and
more. Group members also talk regularly
via phone and communicate by e-mail.
“It’s like being in a large, supportive
group, but without the formal business
ties,” says Podnos, “and it all germinated
from NAPFA.”
A Calculated Approach
Today, Podnos manages about $130
million for 85 families. While that seems
like a relatively large load for a solo
practitioner, he’s reluctant to hire an
employee. Credit the fact that he and his
medical partners oversaw more than 15
employees over a period of years as one
reason for his cautious approach. “I would
probably only have one or two employees,
which would be a disaster if they left or
didn’t work out,” he says.
He relies on mobile communications
and software like Morningstar Office (for
portfolio management and reports), Redtail
(for CRM), Laser App (for applications),
and SugarSync and Mozy (for backup and
syncing) to serve as his virtual assistants.
“Technology has made it easier than ever to
not have employees,” he says.
Pleased with the progress that he’s
made building his practice over the last
10 years, Podnos says he’ll be happy if
Wealth Care stays at its current size. “I
have enough business, I keep busy, and I
make a good living—what more can I ask
for?” he asks.
But then, he admits he does have
one possible change in mind, perhaps in
the next five years: a business partner.
“That would really just be to make my life
easier and balance the workload and client
management pieces out a bit. Otherwise,
things are great,” he says.
Author Bridget McCrea can be
reached at bridgetmc@earthlink.net.
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Napfa Advisor October 2012