Think Like a CEO: Financial Tips for Physicians

Navigating Financial Uncertainty: OJM Group Shares Wealth Planning Strategies for Physicians

In a recent interview with Dermatology Times, David Mandell, JD, MBA, a founding partner of OJM Group, offered insights into how physicians—particularly dermatologists—can better manage their finances amid evolving tax laws and ongoing market volatility.

OJM Group, a multidisciplinary wealth management firm focused on serving physicians nationwide, emphasizes strategic financial planning to mitigate risks and maximize long-term value. During the interview, Mandell highlighted a key theme: the importance of proactive, informed decision-making in today’s shifting financial landscape.

Adapting to Market Volatility and Tax Law Changes

Mandell noted that Q2 of the year exemplified extreme market swings, moving from bear market territory to record highs in just a few months. “That volatility,” he said, “we expect to continue.” Such fluctuations, while unsettling, present both risks and opportunities. Mandell advised physicians to resist the urge to make reactive decisions—such as exiting the market prematurely—which can result in missed gains and long-term setbacks. Instead, he encouraged strategies like tax-loss harvesting, gain harvesting, and revisiting portfolio contributions during downturns.

Regarding taxation, while new federal tax laws are still being analyzed, Mandell assured that many tried-and-true strategies remain relevant. He stressed the importance of understanding one’s business structure—whether an S Corp, C Corp, or disregarded entity—and using it to maximize tax treatment. Qualified retirement plans such as 401(k)s, SEP IRAs, and defined benefit plans also continue to offer significant advantages.

Physicians as CEOs of Their Careers

Mandell emphasized the need for physicians to adopt a CEO mindset regarding their careers and practices. This includes knowing when to delegate and when to consult specialists. For those starting a practice or looking to expand, Mandell recommended working with professional consultants and leveraging resources for business planning, real estate decisions, equipment acquisition, and exit strategies such as private equity deals or group mergers.

OJM Group’s resources are designed to empower physicians without expecting them to become financial experts themselves. “Our goal is to open eyes to opportunities,” said Mandell, “not to turn physicians into attorneys or advisors.” To support this, OJM offers a suite of free resources, including a monthly newsletter, educational webinars, their book series, and a podcast—Wealth Planning for the Modern Physician.

Physicians affiliated with Dermatology Times can access OJM’s books for free, complete with interactive QR codes linking to expert discussions on relevant financial strategies. To explore more, visit ojmgroup.com.