What They’re Watching: Jonathan Barrera, WestPac Wealth Partners

Jonathan Barrera is a financial wellness advisor at WestPac Wealth Partners, which focuses on financial planning for medical professionals. He joins us in this episode of “What They’re Watching” to discuss provider costs and retirement.

The health care community is really trying to grasp their hands around costs. Reform is an initiative to try to save costs and is really wrapped around what’s happening inside of the practice. What we’re hearing from physicians is they’re looking for an answer to a cost-effective way to understand an exit-planning strategy, how health care is going to be a significant component to their retirement, how their taxes are going to not only impact them today but also impact them when they exit the medical industry in itself, giving them a peace of mind knowing that they’ve planned going forward into the future.

And most of our physicians are really focusing on “How do I make the proper steps and planning in order to facilitate towards that mindset of peace of mind?” It’s an interesting characteristic because there’s so many changes within the medical industry that are getting physicians the opportunity to either join larger institutions or be able to take advantage of being in private practice. And so, what we find is we can cater to both individuals by enabling them to retire when they choose that is in their best fashion.

The beautiful thing about the medical industry in general is it’s about caring about what you do and many individuals go above and beyond what a normal individual would do because they love doing what they do. So we do find a lot of physicians that say “Even though I would retire, I would most likely keep on working.” So we want to find that equal balance that enables them to still take advantage of being able to do some work, but feel good knowing they don’t have to work the heavy hours that they were used to before, and creating exhaustion and things of that nature.