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ORTHOPAEDIC SURGEON SURVEY
Step
1
of
6
16%
How would you describe your present knowledge of financial/legal/tax topics relevant to your career and personal situation?
*
I am very familiar with the topics I need to know
I know a fair amount, but realize I need to learn more
I am not well-versed in these topics
I am not sure
Where do you get information on legal, financial, tax topics today?
*
Please check all that apply and write in related answers in the fields that appear below.
Select All
General periodicals and media
Physician-specific periodicals and media
Materials from professional advisors (newsletters, books etc)
Education from professional medical societies
General Periodicals & Media Top Answers:
Physician-Specific Media Top Answers:
Professional Advisors Top Answers:
Professional Medical Societies Top Answers:
How interested would you be in lectures/webinars/articles on financial/legal/tax topics to be provided by your professional medical societies?
*
Not interested
Somewhat interested
Very interested
How many years have you been in practice?
*
1-5
6-10
11-20
21-30
30+
Your Orthopaedic Practice
If in private practice, how many physicians are in the group?
1-5
6-15
16-40
41+
Does your employer offer a qualified retirement plan (QRP), such as 401(k), 403(b), profit sharing plan or pension plan?
Yes
No
I don't know
Does your employer offer a non-qualified plan for physicians or partners?
Yes
No
I don't know
Are you familiar with the basics of QRPs?
Yes
No
Not sure
Are you familiar with the basics of non-qualified plans?
Yes
No
Not sure
If you are in private practice, did you know that the practice/its physicians owe a fiduciary duty to the practice employees regarding the QRP and can be legally liable to employees for underperformance, or other QRP failings?
Yes
No
If you are in private practice, has your practice engaged in a third-party audit of the QRP recently to protect itself against potential liability described above?
Yes
No
Not sure
If your employer offered a non-qualified plan that allowed for tax-free growth and tax-free distributions, like a Roth IRA, how much would you consider putting into it annually, in addition to your QRP contributions?
I wouldn’t be interested in such a plan
$5,000-$20,000
$20,000-$50,000
$50,000-$100,000
More than $100,000
Personal Financial Planning
What is your monthly income, on average, from all sources?
$10,000-$30,000
$30,000-$50,000
$50,000-$80,000
$80,000-$150,000
$150,000+
How much does your household spend each month, after taxes?
$0-$10,000
$10,000-$20,000
$20,000-$30,000
$30,000-$60,000
$60,000+
I’m not sure
IN TERMS OF WEALTH PROTECTION, HOW WOULD YOU RANK THE IMPORTANCE OF PLANNING FOR THE FOLLOWING RISKS FOR YOU AND YOUR FAMILY?
(1 to 5, with 1 being most important):
Lawsuits and liability:
Disability :
Premature death:
How much monthly disability insurance coverage do you presently have?
$3,000-$10,000
$10,000-$20,000
$20,000-$30,000
$30,000+
I have no disability coverage
I’m not sure
How important to you is protecting your wealth from potential liability and lawsuits?
Not important
Somewhat important
Very important
Have you engaged in personal asset protection planning before?
Yes
No
I am not familiar with the term “asset protection planning”
How important to you is minimizing current and future taxes?
Not important
Somewhat important
Very important
Where do you get pro-active tax advice (as opposed to backward-looking preparation of tax returns)?
From my CPA or tax advisor
I do my own research
From my financial planner or other advisor
I do not get regular pro-active tax advice
Are you familiar with the concept of “tax diversification”?
Yes, but I have not applied it to my planning
Yes, and I have applied it to my planning
No
I am not sure
What type of investment manager/advisor do you use for most of your portfolio?
I manage it myself
I use an online algorithm-based program
I use a broker-dealer (also may be called “financial advisor”)
I use a registered investment advisor (RIA)
I am not sure what type of advisor I use
If you use a professional investment advisor, does that advisor owe you a fiduciary duty, or is the advisor held to a suitability standard?
Fiduciary Duty: Your advisor must act in your best interest.
Suitability Duty: Your advisor must only make recommendations that are suitable to you.
My advisor is held to the fiduciary standard
My advisor is held to the suitability standard
I am not sure
I do not use any professional advisors
If you use a professional investment advisor, do you have a clear understanding of all the ways the advisor and their firm earn fees on your portfolio and the underlying assets, possibly including in-house funds?
Yes, I understand my advisor earns only a fee on my investments
No, I am not sure of all fees, commissions or in-house incentives
I do not use any professional advisors
Regarding my investment portfolio, my attitude can best be described as follows:
I expect my investments to match the return of the S&P 500 with the same level of risk.
I expect my investments to match the return of the S&P 500 with a lower level of risk.
I expect my investments to be diversified, even if that means performance will typically trail specific indices.
I expect my investment advisor (including myself or an algorithm) to anticipate market changes and move allocations to what will perform the best under current market conditions.
Regarding investments, have you stress-tested your portfolio for its risk profile and compared that to a similar risk tolerance test for you and/or your spouse?
Yes
No
I am not sure
How would you describe your present position relative to retirement on your terms?
(i.e. when you want, with the lifestyle you want)
On track
Ahead of the game
Behind
Don't know
What is your age?
*
30-35
36-40
41-50
50-60
Over 60
Do you currently have a tax deferred retirement plan that you are actively contributing to?
Yes
No
Do you currently own any assets that are compounding?
Please check all that apply
Stocks
Bonds
Real Estate
Savings Account/Money Market Fund
CDs
I don't own any of the above assets
What is your desired rate of return on your assets that are compounding?
I don’t own any assets that are compounding in value
0-2%
2-5%
5-8%
8-11%
Greater than 11%
How much student loan debt are you currently carrying?
$0-100,0000
$100,000-200,000
$200,000-300,000
$300,000-400,000
Greater than $400,000
Do you currently have Disability Insurance?
Yes – through my employer
Yes – through my employer and on my own
No
Compared to today and adjusting for inflation, what do you believe the average income will be for an orthopaedic surgeon in ten years for the same amount of work as today?
Substantially lower
Lower
Same
Higher
Substantially higher
What is your current practice environment?
Private practice – Collections based
Hospital employed – RVU based
Academic – RVU based
Academic – Salaried
Not currently in practice
If you could pick your ideal practice environment, what would it be?
Private practice – Collections based
Hospital employed – RVU based
Academic – RVU based
Academic – Salaried
Do you believe your take home compensation is at or above the MGMA average for your specialty and region?
Yes, at or near the national MGMA average
Yes, above the MGMA national average
I am not sure
No, a little below the MGMA average
No, much lower than the MGMA average
WHAT ATTRIBUTES OF A JOB ARE MOST IMPORTANT TO YOU?
Please rank in order of preference, 1 through 6:
Financial compensation
Location
Ability to have a practice focused in your specialty
Lifestyle/call
Partners/group
Academic opportunities
How do you believe the income potential for orthopaedic surgeons entering the field today compares to what it was 20 years ago?
The same
Substantially lower
Substantially higher
I don’t know
As a millennial surgeon, what do you believe is the biggest threat to your income potential during the course of your career?
Partnership buy-in costs
Rising overhead for orthopaedic practice
Declining reimbursement for procedures you do
Increased consolidation within health care
Fewer investment opportunities in physician owned ancillaries and ASCs
Your health
None of the above
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