Financial Empowerment Program for Medical Professionals

First Citizens Bank

Financial Empowerment Program for Medical Professionals

2024 Business Partner

Riverside County Medical Association: Founded 1893

Financial Wellness for Medical Professionals: What is it and how can you achieve it?

Perry Bailey: Welcome, everyone.

Today, you're joining us for our webinar, and we're happy that you're here today. Today, we'll be discussing financial wellness for physicians, and we'll talk about what that is, how you can achieve it and when do you know that you really have it.

With that, let me introduce you to my colleague, Nerre Shuriah, our senior director of Wealth Planning. Nerre’s had hundreds of conversations with physicians about their finances, so I look forward to hearing the takeaways from those discussions as part of our conversation today. Thank you for joining us today, Nerre. I know this is going to be be a great conversation. And I'm Perry Bailey, the director of Premier Client Solutions for First Citizens Bank. I lead a team of bankers who serve our clients' personal needs.

As we take a look at the agenda, we're going start off by, Nerre’s going to kick us off by sharing more about financial wellness. That's a term that's thrown around a lot, but what does that actually mean? And then she'll discuss the financial profile of many of our physicians and the foundation of this conversation. Nerre will run through the six life milestones that you can use to guide your financial planning, and we'll wrap up with an overview of our Medical Practices Program, Financial Empowerment for Physicians, which is a program designed to help you navigate the unique financial challenges of your profession, to build a strong foundation for lasting wealth. Alright, I'm going to hand it over to Nerre to talk us through the first three topics here.

What is financial wellness?

Nerre Shuriah: Thank you, Perry. I'm excited to join you on this webinar and to talk about medical professionals. We've focused on medical professionals a lot, and this is a topic that's really important to us. So first, I'm going to talk about what is financial wellness. Financial wellness is a term that's bandied about a lot, so it could mean a number of different things. But on this webinar, we're going to get really prescriptive and focus on four different particular goals or objectives that we mean when we say financial wellness.

The first is, you would have control over your day-to-day finances. So you know what's coming in and out of your household as income and expenses with regard to your finances, and you're the one that controls it.

The second is, you're on track to meet your financial goals. So goals that you set, whether it's short-term goals in the next year or 3 years, or long-term goals in the next 10 to 20 years, you have a path to get there, and you're on track to meet those goals.

The third is, you have the capability to absorb a financial shock. As we all learned during the pandemic, a financial shock can be something that happens to you personally, or it can be an exogenous shock—something that's happening in our economic system, or globally throughout the world, and we need to be prepared to handle that. It could last a few months, or it could last years, as it did in the pandemic. Financially, we need to build a cushion to absorb whatever is happening in our economic system, so that we can weather that storm and still be on the path to meet our goals.

And lastly, we have the financial freedom to enjoy our lives. So as we build our financial wellness—yes—we want to take care of our basics, but we also want to add in that quality of life, so that we're doing things that make us happy, and we're ticking off things on our bucket list so that we can get to the things that really make us leave a lasting legacy, make the people that are our loved ones, make them happy, and leave a mark on the world that we want to as we progress along.

So what's the next slide, please? What is the financial profile of many physicians?

Financial profile of many physicians

Physicians have a financial profile and wealth planning that differs from the average person. There's a lot more complexity. Just because of your career and the schooling that it takes to get there, you're looking at a different situation. For many physicians, the combination of medical school and residency can add anywhere from 7 to 15 years of additional schooling and work to your career that the average person doesn't have. So what does that mean as an impact on your financial planning?

Well, for starters, many of you start out with significant debt in student loans or credit cards just to start living. So even though you could have high income, you're often balancing that with trying to pay off that debt.

You often have a late start to investing, so your peers in their mid to late twenties may start investing. They may have jobs. They may be looking at, you know, different ETFs or mutual funds that they're getting into, or playing games with cryptocurrency. You wouldn't have been able to do that.

Once you do start working, you do tend to have higher income, but you also have higher taxes. And when you do start working, you don't have the ability to offset that higher income. Most of you don't yet have a home or children to offset those higher taxes on that higher income. So you do have higher taxes. You will have high income. And because you started late, the profile or tendency of many physicians is to want to spend. You've worked hard. You've gone through difficult residency and difficult medical school, so you want to spend. You feel like you deserve it. You deserve a luxury car to reward yourself for all the hard work that you've put in to get the degrees and to get you where you've gotten to. But that that comes with difficulty in trying to manage that debt that you've also got, to get to where you've gotten to.

You have high retirement costs. So this may occur later in your career. But if you've gotten used to a high quality of life from that high income, it's difficult to replace that as you start to plan for your retirement. So most people want to replace 75 percent to 80 percent of their income. Your ability to save through qualified plans is capped. So you have to look to other ways to save money in order to replace that income during your retirement years.

You have little time to manage finances. Being a physician or other medical professional is not a job. It's a lifestyle and career. It takes up a lot of your time. And even when you're not on the clock, you're still thinking about it. You're still doing continuing education or other things that take up your time. It's stressful and time-consuming. And while you may love it, it doesn't leave for a lot of free time to manage your finances.

You're often a common target for litigation and fraud. Unfortunately, malpractice can be high. The suits or claims, whether you caused it or not, it may be difficult to fight that off. And so, as I mentioned before, you will have to get insurance prevention, but you'll also have to look at other strategies to protect your personal assets.

Because you're in a stressful career, your job is stressful, you often have little time—it can suck up a lot of your attention. By taking up a lot of your attention, you may not be aware of other things going on in the world. That could lead to stress and costly divorces. And so that puts a lot of strain on your families, and that can strain your financial profile.

As you progress in your medical career, a lot of doctors own their own practice, or they go into business with another doctor, become a partner, or they become part of a big medical practice. And so now you're a business owner, and so you have to become aware of all of the issues and details that being a business owner entails. And there's a lot that comes with that status.

And lastly, you're a target for financial solicitation, whether from family or friends. You've done well. Having that doctor in front of your name is a signal. So maybe your siblings, or cousins, or even parents who need money or they're starting a business, they look to you for help. And so you're going to constantly be a target for handouts. Whether well-intentioned or not, somebody's trying to start a business, and you may have the assets, but you need to be careful about what you pay out for. Next slide, please.

Six life milestones to guide your financial plan

So as we look at building that financial wellness, there are six life milestones that you need to think about when you're planning your financial wealth plan. And these are six main things that we found in the life of a medical professional or doctor that are either triggers for you to start a plan or go back and revise your plan. The six are graduation time, starting a family, marriage or cohabitation, starting a business, retirement and the last is divorce or death of a spouse. And let's really get into each one of them in more detail. Next slide.

Chart: Physician compensation increased for the fourth consecutive year

Primary care physician total compensation

• One-year change 2022 to 2023: 4.44 percent
• Five-year change 2019 to 2023: 14.26 percent

Surgical specialist physician total compensation

• One-year change 2022 to 2023: 4.42 percent
• Five-year change 2019 to 2023: 10.25 percent

Nonsurgical specialist physician total compensation

• One-year change 2022 to 2023: 1.81 percent
• Five-year change 2019 to 2023: 6.08 percent

Advanced practice provider (APP) total compensation

• One-year change 2022 to 2023: 6.47 percent
• Five-year change 2019 to 2023: 16.23 percent

Nerre Shuriah: The first milestone is graduation. So what do you discuss with your financial advisor when you graduate? A time of graduation is celebration, relief. You've had your match. You're going to start your residency. You may not really be thinking about graduation. You may be excited about your new life. This is the time when you start adulting. You've been in school for so long. And maybe it's, to some extent, school keeps you a little bit infantilized because you haven't been able to do some of the things that your peers at your age get to do. But this is a great time to start working with a financial advisor. You can never start too early. The opportunity cost of getting your finances in order is really helpful.

As I mentioned before, most of you have a lot of debt when you leave school. Some of you don't. You have good parents who have planned, or maybe you've gotten an inheritance. But the majority of you do have some debt. And so you want to plan because most of you don't usually just pay off your debt and then start saving. That's not usually a good plan. You want to do all of it simultaneously. You're going to start paying off debt, as well as saving at the same time for some of those big-ticket items, like that luxury car or a new home or starting a family. And so we want to get a plan in place to help you balance and manage all of that at the same time. I'm looking at some loan forgiveness options. 401(k) and other retirement contributions—there are a lot of options there. Traditional 401(k), Roth 401(k). If you're going into self-employment, there are tons of options for you, with SEP IRA, Simple IRA. What are the best things for you, and which one works best—especially given your long-time horizon—and how you should invest? Should you be aggressive at this point in time? So this would be really worth working with a financial advisor.

Tax strategies. Again, you're going to have a huge jump in income because, as you look at that statistic on the slide there, even though the cost of living has only gone up over the past 6 years by 6 1/2 percent, compensation for physicians has jumped up about 16 percent. So while I mentioned debt, your compensation tracks healthily along with that, so you'll have high earnings to manage that debt, but you do want to do it in a smart and strategic way.

Insurance coverage through an employer or otherwise. There's malpractice insurance, but there's also other insurance. For life insurance, disability, long-term care, you want to look at what you get through your employer but also insurance coverage that is portable. Can you take it with you? Is portable insurance enough, though? Sometimes when you take it with you, the premiums increase to the point where it's not really worth it.

And the provisions of disability. Do you want to get disability that covers you should you be unable to work in your profession, or just unable to work in general? Oftentimes, it's important that you get disability that covers you if you're unable to work in your profession. Not just that, you're unable to work in general. Because if you get disability that covers you only if you're unable to work in general, just getting a job is very different from getting a job where you can work as a doctor. And lastly, as I mentioned before with that pandemic, building an emergency fund is key—key for anyone. It may be difficult to replace the job you get, especially if you're the type of physician where you have a specialty that is niche. Maybe you can't always get a job in every single community that you work in, and you may need to apply to a few different places before you get the position that you want. It may not be available in every single market. So building an emergency fund to tide you over for a few months, even up to a year, is really important.

So let's look at milestone number two. Starting a family.

Chart: Only 6 in 10 affluent Americans say they have a will, with even less having an estate plan

• Life insurance: 65 percent
• Will: 63 percent
• Estate plan: 40 percent
• Revocable trust: 21 percent
• Irrevocable trust: 16 percent
• None: 7 percent

Source: First Citizens Wealth's Beyond Wealth survey of 1k individuals with over $500k of investable assets

Nerre Shuriah: What to discuss with your financial advisor? We always say, create a will. Once you have a partner, children, a will is key. You really want them to know what you want to be done with yourself and your assets should something happen to you. Life insurance, also really key. What is that life insurance going to cover? You're a high earner. That life insurance is going to cover all the income that you would have earned up until your child maybe reaches a majority age or maybe even 25. Because in this day and age, most kids really don't get out on their own until about 24, 25—typically not 18. So you want to cover that income for that period of time should you suffer premature passing. You also want to cover any debt that you have. So residual student loans, if you've taken on a mortgage, car payments—that life insurance should cover all those payments so that should something happen to you, your family can pay all that off and just be able to focus on your life and grieving and not have the stress of worrying about finances.

Starting a 529 for your children. Remember all that talk I said about student debt? If you can think about generational wealth and having something set up for your kids now, so maybe when they think about graduate school or college, they don't have a huge student debt issue to worry about. That would be one of the most amazing things you could have done with your degree. Handling of bonuses, maximizing pretax contributions to reduce taxable income. Again, these are all ways that you're setting yourself up now to prepare for the retired years so that you can replace your quality of life. Again, that 75 to 80 percent of your income, you want to think about how you can replace that going forward.

Perry, did you have any comments about milestone number two? I know you see some of these issues on your team as they're helping clients in this profession.

Perry Bailey: We do. And these are really helpful prompts for conversations with financial advisors. The numbers here on the right certainly reflect my team's conversations with clients as well. And only 65 percent of affluent Americans have life insurance, and only 63 percent have a will. That means that over 1/3 of people who would really benefit from life insurance and wills, given their assets, don't have it. And when clients with similar profiles call us, this is definitely one of the things that we talk to them about. Starting a family and having people that you need to leave in the best place possible, in case anything happens to you, is almost always the moment when clients get started on wills and life insurance and estate plans. So it's a great conversation to have.

Nerre Shuriah: Thank you. Let's move on to milestone three: marriage or cohabitating with your partner. What do you discuss with your financial advisor? Prenuptial agreements or separation agreements, separate agreements, separate trust agreements. Those are, I'm sorry, separate property agreements. Those are really key. I know prenuptial agreements have gotten a bad rap from soap operas, like, you know, "Dynasty" or "Dallas" or those old soap operas always had big dramas around prenuptial agreements. They don't necessarily have to be pejorative. They can actually be very generous. The key with a prenuptial agreement is that you and your spouse, or soon-to-be spouse, are going to have a financial discussion about what would happen with your assets should something happen to your partnership, whether that's through potential divorce or death. You want to have that discussion now. And really, you should be able to discuss finances before you get married. You should have full disclosure about your finances, your FICO score, all those things. Get it out in the open before you get married. That would be the best way to start your marriage and your life together. And that way, you also have an agreement when you're on good footing with each other.

Buying a home. There's lots of different tools and options to help you with buying a home, especially if you both come into it either with assets or debt. You want to clarify what's the situation. Or if maybe one of you has a home and the other doesn't, you want to clear up title. Who owns it? And if one person owns the home and the other doesn't, what's the situation going to be if that person moves in? How will their contribution to any monies to the household be considered?

Protecting partners from malpractice claims. This is very important. How will you protect your spouse if you are potentially subject to a malpractice claim? You can do that through a lot of different strategies—whether through trust, contracts or title—but you want to be aware of all your different options.

And lastly, joint charitable giving strategies. If you are both philanthropically minded, you can really plan out how you plan to give and enhance your giving by joining that together. Perry, again, did you have comments that you wanted to make back?

Perry Bailey: These are such key conversations to have, Nerre, and you're right, a lot of it is even before you get married or before you move in with somebody else. I found it to be really interesting that 45 percent of physicians are married to other people in healthcare, 20 percent are married to other physicians and 25 percent to other health professionals. So that really compounds the importance of this conversation. And their financial experience is similar to yours as a physician, so they have similar challenges and want also to be thinking and planning for these six milestones the same way that you are.

Nerre Shuriah: That is so true. We're doubling up some of these issues in the conversation, when both of you are health professionals, in particular those malpractice claims. We really have to talk about asset protection when that's the case.

So let's move on to milestone four. Starting a business.

Chart: Physicians work [redacted] practices make more than their inpatient and nonprofit hospital counterparts

Physicians working in private practice: $301k in 2018 versus $391k in 2024

Physicians working in inpatient hospitals: $278k in 2018 versus $353k in 2024

Source: 2024 Medscape Physician Compensation Report

Nerre Shuriah: So now you're no longer just a health professional. You're an entrepreneur. You're a business owner, and that complexity brings a lot more stakeholders into your situation. You may have partners or co-owners. You have the business itself, employees to think about and what happens in the future—and also your spouse or other family members who have an interest. You have capital needs to think about, legal agreements for the business or partnerships, and you want to build a team around you of trusted advisors: your commercial banker, a CPA, a lawyer.

And those advisors, in particular your CPA and lawyer, need to be people who have the sophistication to move along with you. So many times, when we're advising our clients, they've got a CPA that they've had from the beginning. But as they move up in both wealth and sophistication, we recognize that that CPA often doesn't maintain the level of sophistication that they need, and they need to move on and upwards to a CPA or attorney that has additional sophistication, to match where they're moving forward in their lives and what they need in terms of advice. And so that's something for you to keep in mind, and that ever-present malpractice insurance is now expanded as you own a business. And in particular, for this group, you want to keep your personal assets separate from the business.

So many times with our traditional business owners, they often blur the lines between their personal assets and the business assets. Sometimes the business owns a plane, which is really a personal asset. For healthcare professionals, you need to keep a hard, bright line between what you want personally and what's in the business. Because the more you blur it, the more the courts are likely to blur that line and pull things back and forth over it, and you don't want to have your personal assets at risk. Perry, any thoughts here?

Perry Bailey: Nerre, I agree with all of the bullets that you've explained. One of the conversations that we have regularly, Nerre, you just shared how we shouldn't do this, but sometimes medical professionals and physicians, they do blend their personal finances with their business finances, and it's very difficult to separate the two. So a lot of times, we'll partner with that commercial banker and that CPA who, you know, help manage the business finances for our clients, and make an introduction to someone like our team, who really focuses on the personal components, to help you make those distinctions.

Nerre Shuriah: Absolutely. So, let's move on to milestone five, retirement.

Chart: Maintaining their lifestyle [redacted] primary concern for affluent Americans preparing for retirement

• Maintain my lifestyle through retirement: 44 percent
• Retire with enough money to enhance my lifestyle when retired: 22 percent
• Help my family financially as much as possible before I am gone: 20 percent
• Pass on wealth to help my family when I am gone: 13 percent

Source: First Citizens Wealth's Beyond Wealth survey of 1k individuals with over $500k of investable assets.

Nerre Shuriah: This golden age that we all dream about. What to discuss with your financial advisor to plan for retirement? The first is timing to take Social Security. When should you take it and pull from other savings vehicles? As you know, full retirement age is ever-increasing. If you've been born after 1960, full retirement age is actually age 67 now. And a lot of people are concerned about whether or not Social Security will be around. It will always be around because it's a pay-as-you-go system. As long as we have workers, they'll pay FICA taxes, and that will pay into the system. The concern is the Social Security trust and whether that will have enough money in it to help supplement the payouts. But as we've seen with our government, while they may take a long time to fix issues, in the end, even though it may be at the 11th hour, they usually do fix the situation. And there's a lot that they're doing right now to look at how Social Security can be fixed.

Adjustments to investment portfolio. As you continue with your career—maybe enter your peak earning years—you want to adjust the way you invest, maybe moving from aggressive to moderate. You want to address the balance of stocks to bonds. You want to continuously rebalance, look at tax loss harvesting, look at alternate investments. There are many things that you need to be discussing with your financial advisor as you're progressing in your career—especially as you're reaching your peak earning years. We discussed quite a bit about long-term care insurance.

And the last bullet point I definitely want to touch on, which we've been seeing much more frequently than we had in the past: We're a very mobile society. With the increase in technology, we're able to better keep in touch with grandkids, kids. It's so easy to FaceTime people. We're able to work remotely. So a lot of people don't necessarily just live in one state, especially when we're getting close to retirement or we're working more part-time in our later years. So as you get closer to those later years and you're thinking, “Hey, I'd like to live in North Carolina part of the year and then maybe live in Florida the other part, or Colorado,” you'll need to really work with your financial advisor to decide which one of those states is my state of residence, both for income tax and estate tax, because the definition can differ for each one. And you'll have different impacts.

Some states have income tax, like California could be as high as 13.3 percent. Some states have no income tax, like Florida. Then you want to consider estate tax. Some states have estate tax. Some states have inheritance tax. Some states have both. So you want to take all of that into consideration as you're planning forward. You also want to make sure that you've decided which one governs because that's the state that you put in your estate planning documents. So there's a lot that gets entailed in those in the planning for which state is your state of residence, and it'll impact your both your retirement and your estate planning. So you want some advisors to help you and give some thought into that process. Perry, any thoughts with this milestone?

Perry Bailey: I found it interesting that the primary concern of 44 percent of affluent individuals was maintaining their lifestyle throughout retirement, versus retiring with enough money to enhance their lifestyle or pass on wealth. But that certainly tracks with the conversations my team is having with clients. And for physicians, that requires even more additional planning to save enough to replace their income because they have higher levels of income, which we've talked about today.

Nerre Shuriah: Absolutely. And the statistic that Perry is referring to is from our Beyond Wealth study that we conducted earlier this year, and I really encourage you to take a look at that if you haven't already. It covers both regular planning for high-net-worth individuals as well as business owners.

And I'd like to wrap it up by covering milestone number six: Divorce or death of a spouse.

Chart: The majority of [redacted] plan to pass on wealth to heirs, with many looking to do so during and after their lifetime.¹

• 7 percent do not plan to pass on wealth to heirs
• 16 percent during my lifetime
• 32 percent after my lifetime
• 46 percent both during and after my lifetime

The average age of a widow in the US is 59.²

Source:

¹First Citizens Wealth Beyond Wealth survey of 1k individuals with over $500k of investible assets

²US Census Bureau

Nerre Shuriah: So what do we discuss when we're doing planning for this particular milestone? Dealing with student debt and divorce settlements, because this milestone can occur anywhere along your continuum—your life continuum. Ensuring equitable division of assets and protecting the ownership stake in your medical practice. So if you're a business owner, that could really be at risk if you hadn't created either a prenuptial agreement or dealt with it in your buy-sell agreement or in your governing documents. What would happen in the event that you go through a divorce or even a legal separation? You may want to deal with either status.

Revising your estate plans. You had one life trajectory being married. Now you're on a new life trajectory, so you'll have to revise all of those documents, should you go through a divorce or death of a spouse. And lastly, handling insurance payouts. Hopefully, you would have had both you and your spouse covered. And while oftentimes when we're discussing insurance, and Perry can attest to this, we have people tell us, oh, I don't believe in insurance. But we tell them, listen. Insurance exists whether you believe in it or not. It's not a religion. It's there to supplement your risk and help you. And I've never heard anybody complain when I'm giving them a benefits check as a payout. And it really can smooth over some unfortunate incidents, should somebody die prematurely. So you really want to consider this. Even for a spouse who's a stay-at-home spouse, if they're covering a lot of things like childcare or caring for an elderly parent that would otherwise cost you a lot of money, you definitely want to look at covering their life too, as well as the life of somebody who's the main breadwinner. Perry, I'm going to turn this back over to you.

Perry Bailey: Yeah. And Nerre, before we move on from this slide, take a look at the average age of a widow in the United States is only 59 years old. That is so young, and makes you really think about financial planning differently, doesn't it? I mean, we really need to start having these conversations early and often so that we make sure that what we want to happen actually gets executed, especially when we think about a stat like that. Fifty-nine is very young.

Medical Practices Program

Financial Empowerment for Medical Professionals

If we go to the next slide, I just want to share that the thought leadership Nerre just shared is a great example of the type of financial education and important information we provide as part of our Medical Practice Program. And the conversations that we need to have at each milestone are exactly the kinds of conversations that my team can help with. So as I mentioned earlier, this program was designed to help you specifically, and help you navigate the unique financial challenges of being a physician and building a strong foundation for lasting wealth. And we learned from Nerre that there are a fair number of challenges that you may experience, like student debt, potentially starting your own medical practice and being targeted for litigation. So let's get started in looking at some details of this program.

First Citizens Bank

I want to pause and share a little bit about First Citizens Bank. You may already be aware, for those of you who are familiar, but to help set the stage for the rest of our discussion, I want to share a few pieces of information. So we're a top 20 bank that feels uniquely fit for our clients' ambition at every stage of their personal, business and entrepreneurial journey. Our core pillars as a company that define how we serve clients are long-term thinking, relationship-based, customer-centric and right size for the right fit. We meet your needs today but remain focused on your long-term success and security. And we believe in banking on a first-name basis, building relationships that show a genuine interest in your well-being.

We provide deep understanding, expert guidance and tailored solutions that evolve and drive personal and commercial growth at every stage, which is what Nerre shared a lot about in the beginning of our conversation. And you get the unique combination of personal attention and expertise with the size and scale of a top 20 financial institution to deliver against any need. You'll see other numbers and features here, like the fact that we're $220 billion in assets and operate in 30 states, but the one I'm most proud of is that we are currently named in the Forbes most-trusted companies list. Next slide, please.

We're thrilled to bring you this new Financial Wellness Program designed specifically for physicians, and the program includes a few different pieces. It includes access to financial education and information from the bank's financial experts in the form of webinars, articles, newsletters and more. You also get one-on-one, complimentary, personalized financial advice regarding where you are in your life, led by dedicated bankers. You have flexible banking options for checking, savings, credit solutions that are tailored to you and your specific needs, and you also get preferred pricing on some of our products that fit your needs, like mortgages, home equity lines of credit and auto loans.

As we continue in our presentation, you'll find that our financial guidance sessions come in a variety of formats: on-demand videos and articles that address your financial priorities, planning meetings aligned to your financial plans and review discussions to help you understand how you're tracking against those goals that you have for yourself. And all of these sessions are designed to help you improve your unique financial situation, as well as your overall financial knowledge.

For you, that may include things like reducing debt, increasing savings and investments, building long-term wealth, or increasing your financial independence and confidence. Whatever your challenge, we are here to help you solve it.

Our approach to ensure that we have real experts helping you solve your issues is team-based, which means that financial specialists across our bank are coming together as one team to support you. You have a dedicated banker as part of our Premier Banking team, who will bring in other individuals in our bank, like experts from the Wealth Management division, to address your challenges. For example, you call your dedicated banker to tell them that you need help with investments or estate planning, and they'll bring in those team members to help advise as part of your next conversation.

You're going to experience different financial challenges and have different needs depending on where you are in your career. With that in mind, we've mapped out our offering based on the stage that you're in for the career path.

Residents and early physicians are more focused on paying off student loans and saving for their own children's educations.

Practicing physicians in the middle part of their career may be more focused on investing in tax strategies to decrease their tax burden.

And physicians looking to transition into the next chapter of their lives are looking for business succession planning and navigating Medicare, for example.

Regardless of where you are in this career spectrum, you'll receive preferred pricing that includes special pricing on Premier checking and savings accounts, mortgage solutions and home equity lines of credit, lending solutions such as securities-based lending, auto loans and more, and a Visa® rewards credit card.

So let's talk about what's next. If you have any questions about what you've heard today, if you'd like to discuss your unique situation or if you're ready to explore how we can get on a path to help you achieve financial wellness, let's chat.

You can email us at PremierClientServices@firstcitizens.com or call us at the number that you see on the screen (888-219-1701), or you can schedule an appointment online. And mention that you're part of the Medical Practice Program, and we'll set up some time in the coming weeks to start tackling the challenges that you've been needing to get to for a while.

I want to close out with a big thank you to Nerre Shuriah for sharing her expertise, and for you spending some time with us today. We know your time is valuable, and we appreciate you and hope that you get a chance to work together with us. Have a great day all, and thanks for joining us.

Disclosures

This material is for informational purposes only and is not intended to be an offer, specific investment strategy, recommendation or solicitation to purchase or sell any security or insurance product, and should not be construed as legal, tax or accounting advice. Please consult with your legal or tax advisor regarding the particular facts and circumstances of your situation prior to making any financial decision. While we believe that the information presented is from reliable sources, we do not represent, warrant or guarantee that it is accurate or complete.

Your investments in securities and insurance products and services are not insured by the FDIC or any other federal government agency and may lose value.  They are not deposits or other obligations of, or guaranteed by any bank or bank affiliate and are subject to investment risks, including possible loss of the principal amounts invested.

About the Entities, Brands and Services Offered: First Citizens Wealth™ (FCW) is a marketing brand of First Citizens BancShares, Inc., a bank holding company. The following affiliates of First Citizens BancShares are the entities through which FCW products are offered. Brokerage products and services are offered through First Citizens Investor Services, Inc. ("FCIS"), a registered broker-dealer, Member FINRA, Opens in a new tab and SIPC, Opens in a new tab. Advisory services are offered through FCIS, First Citizens Asset Management, Inc. and SVB Wealth LLC, all SEC-registered investment advisors. Certain brokerage and advisory products and services may not be available from all investment professionals, in all jurisdictions or to all investors. Insurance products and services are offered through FCIS, a licensed insurance agency. Banking, lending, trust products and services, and certain insurance products and services are offered by First-Citizens Bank & Trust Company, Member FDIC, Opens in a new tab, and an Equal Housing Lender, and SVB, a division of First-Citizens Bank & Trust Company.

For more information about FCIS, FCAM or SVBW and its investment professionals, go to:

FirstCitizens.com/Wealth/Disclosures

©2024 First-Citizens Bank & Trust Company. All rights reserved. Silicon Valley Bank, a division of First-Citizens Bank & Trust Company, Member FDIC, Opens in a new tab. First Citizens Wealth is a trademark of First Citizens Bank & Trust Company.