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Longstanding advisor to physicians and their practices
As a physician in a successful medical practice, your time is valuable. Northern Trust can work with you to manage intricate compensation packages and personal financial issues, putting a strategic financial plan in place that helps meet your needs today, and well into the future. You may also need assistance for your practice. For example, an asset protection strategy to shield your personal finances from litigation; or assistance with working capital, commercial real estate, equipment and expansion solutions, and more.
Benefit from a financial services provider that understands the risks and rewards of your profession and can provide sophisticated, convenient financial services to help you meet your life's goals.
We are a longstanding, trusted advisor to the medical community. Count on us to help you meet your financial needs, personal and professional.
The Situation
Our client, a busy physician, came to us to discuss his medical practice, which employed 80 professionals including doctors, nurses and administrative staff. While the practice was profitable, he was concerned that it might be at risk due to cash flow challenges.
Customized, integrated solutions
We immediately put in place a working capital line of credit for the practice to create liquidity as needed. We also set up a customized line of credit to cover short-term cash flow gaps. During our discussions, we learned that the medical practice was co-owned with another physician and that no plans were in place to deal with an early death of either partner. Our financial professionals helped with:
- Developing a buy-sell agreement for the practice and selecting the appropriate life insurance funding vehicle.
- Updating the client’s estate plan with his attorney, to provide for his children from a previous marriage and to establish a Delaware Trust for asset protection purposes
Our Services
Investing
We combine expert proactive advice, a broad array of capabilities and advanced technology to tailor a sophisticated strategy to help you achieve your financial goals.
Trust and Estate
Draw support and expertise from a team of highly experienced professionals to help create a dynamic estate plan consistent with your goals and needs.
Banking
The expansive banking services we offer provide an ideal complement to your wealth management strategy.
Financial Planning
Based on your unique objectives and priorities, we develop an integrated financial plan to help you achieve your short- and long-term goals.
Philanthropy
We can help you develop an effective charitable giving strategy that can reinforce your family values and perpetuate your vision for years to come.
Family Office
We are dedicated to providing innovative, flexible financial solutions to families of substantial wealth and the family offices that serve them.