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Welcome to the latest episode of the Physician Cents Podcast, where we explore complex financial topics tailored specifically for physicians. Whether you're a medical student, resident, fellow, or attending physician, you're going to find valuable insights that can help you increase your financial IQ, further your financial journey, and improve your overall well-being. Hosted by Chad Chubb and Tyler Olson, let’s dive in!
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Navigating the maze of financial planning is tough. For women in medicine, it can feel even more chaotic. Balancing an intense career with complex financial demands often means that personal finance takes a backseat. Surprisingly, many women find it challenging to talk about money—but it doesn't have to be that way.
In this episode, Tyler Olsen chats with Meg Bartelt, who brings some invaluable perspective. Meg is the founder of Flow Financial Planning and has a client base filled with early to mid-career women in tech. She carved out this niche after making a career change herself, shifting to financial planning in 2010. Her experience and specialization make her well-equipped to discuss the nuances of financial planning for women in demanding industries—but her advice can be applied equally well to women in medicine.
When it comes to financial planning, women often have a different experience than men. Not only are there the typical societal and workplace pressures—like being the primary caregiver or earning less on average—but these nuances often extend into how women seek financial advice.
Some women may even feel intimidated to reach out for help at all, especially when they've been trained for years to manage everything independently. After years of medical training, residency, or fellowship, it can feel overwhelming to admit, "I need help with this," whether that’s student loans, starting investments, or planning for retirement. Not to mention, the financial advice industry hasn't always done the best job of catering to women's unique needs.
Meg’s take? Things are getting better—but there’s still a long way to go.
Progress is being made in the financial advice industry, but as Meg points out on the podcast, there’s still plenty of room to grow. On the positive side, we’re finally seeing more women as financial planners, which is leading to more diverse perspectives within the industry. With more articles and discussions around how to serve women effectively, the conversation is slowly shifting in the right direction.
But there’s always a catch. Even though this progress is happening, there’s still a tendency to give simplistic advice. Meg discusses how sometimes the advice given to women is patronizing: "When you're working with a heterosexual couple, make sure to ask the wife what she thinks." It’s hard to believe that advisors still need to be reminded of this, but clearly, they do. In fact, these simple oversights may cause women to seek out DIY financial solutions, which could leave them with more questions than answers.
The key takeaway here: Yes, changes are happening, but the quality of advice remains inconsistent, and some women may find they have to dig deeper to find the right planner for them.
So, what turns women away from financial advisors? Meg believes it boils down to one main thing—lack of good communication. More often than not, it’s not that the financial advisor doesn’t know the numbers or the processes. The bigger issue is that some advisors fail to communicate effectively or to respect the client’s individual situation. This is a major red flag that could make anyone, especially women, feel unheard or dismissed.
Respecting individual values and priorities is non-negotiable in financial planning. Whether it’s normal life stages like motherhood or nuances specific to being a woman in medicine, a good advisor won’t talk over you or impose their own viewpoint on what your financial life should look like. Some may unintentionally do this—but the outcome is the same: clients feeling unappreciated or disregarded.
For women seeking proper financial care, finding a financial advisor who respects where you're coming from and what your priorities are is key.
Finding the right financial advisor can feel like hunting for the proverbial needle in a haystack. But Meg breaks down a simple four-step approach that makes the process far more manageable. Here’s her checklist:
This is your first line of defense. Meg emphasizes that "vibes" are real. You’ll likely know in the first five minutes if this person is right for you. If the conversation already feels like a struggle, why move forward? Trust your instincts and walk away if something feels off.
It’s one thing for an advisor to give good vibes, but you also need to ensure they understand your situation. In medicine, there are issues like student loans, complex career transitions, or delayed retirement savings. You need to ask potential advisors, "Do you work with people like me?" Make sure they’ve had clients in similar circumstances.
Once you determine that an advisor has relevant experience, dive deeper. Ask them how they'd approach your specific problems, like student debt or retirement savings. Don’t make them give you all the answers on the spot, but understand if they have a clear process to tackle them.
What’s their actual planning process like? How do they structure meetings—and how do they get things done? What are their fees? Clarity here is critical.
There’s a lot of value in finding a financial advisor who gets your life—because they’ve lived it, too. Shared experiences or demographics can make communication flow easier. For example, women are likely to feel more comfortable with women planners, because they expect that an advisor may intuitively understand some of the struggles they face.
While it’s not necessary to work with someone identical to you, it certainly can make the relationship smoother. Shared experiences often lead to a more intuitive, less forced dynamic that feels like a better match right from the start. However, as Meg notes, even if you don’t have similarities like gender, race, or career, finding someone who resonates with your values and listens to you honestly is more important.
If you’re a woman looking to test whether an advisor will really "get" you, it's important to ask pointed, direct questions. You may want to ask how their advisory services change depending on the gender of their client, as a subtle way to measure their awareness of women-specific considerations. But even more than that, you want to evaluate their general attitude toward complex, multifaceted financial questions.
Here’s a crucial red flag: If the advisor gets defensive or feels awkward with gender-specific questions, that’s a sign. Meg is quick to point out that it’s not always about knowing the exact answer off the bat. It’s about seeing how empathetically and thoughtfully an advisor responds.
When you add a second career or dual-income dynamic into the equation, things get even more convoluted. This situation is particularly common in medicine and tech couples. As Meg explains, if you’re juggling two careers, each with its own complexities (such as stock options in tech and student loans in medicine), it’s unlikely you’ll find one advisor that fully gets both fields inside and out.
What to do? Don’t restrict your search to one be-all, end-all planner. You may need to work with different advisors or collaborate with multiple specialists to get the best outcome for each area of your financial life.
Meg emphasizes how crucial it is to have a career coach who knows the industry-specific challenges that women face. In medicine, career coaching may help not just with climbing the career ladder but also in balancing the long-term demands of the profession with your financial objectives. Having a career coach who either specializes in or fully understands women's experiences can be a game-changer.
At the end of the day, finding the right financial advisor isn’t about ticking off boxes on a checklist—it’s about building a relationship of mutual trust and respect. If you’re left feeling dismissed or not heard, it’s crucial to walk away and find someone else.
Meg’s final thoughts? Go with your gut, but also be thorough. Make sure that the advisor fits with your personal and financial needs. Don’t settle for someone who isn’t truly invested in helping you succeed.
For women in medicine, the path to financial stability doesn’t have to be a lonely one. Meg Bartelt’s insights make it clear that finding the right financial advisor starts with trusting your gut, asking pointed questions, and insisting on clear communication and respect.
The world of medicine is demanding, and financial planning often feels complex and difficult to navigate. But with the right advisor by your side, the process becomes manageable—and even empowering. Remember, don't be afraid to ask questions, walk away from advisors who don’t "get it," and surround yourself with a team that respects and understands you.
For more on Meg Bartelt, including her incredible blog packed with thoughtful financial insights, find her on Twitter at [@Meg_Bartelt].
The best of the best list is a paid sponsorship, but these are professionals/companies that Tyler and Chad collaborate with within their own practices or have been vetted to earn a spot on this list. By supporting our sponsors, it allows Chad & Tyler to dedicate more time to you and the Physician Cents community. If you ever have a question (or not a great experience, which we don’t expect!) about a sponsor, please let us know. We call it the “best of the best” for a reason, and we will maintain that standard for our listeners & viewers.
This information is for general purposes only. This information is not intended to be a substitute for specific professional financial, tax, or legal advice, as individual circumstances vary. Please see a financial professional, CPA, and/or an attorney in regards to your own individual situation.
Wealthkeel’s Advisory Services and Financial Planning offered through Vicus Capital, Inc., a Federally Registered Investment Advisor. WealthKeel LLC, 615 Channelside Drive, Suite 207, Tampa, FL 33602 -- 267.590.9533.
Olson Consulting LLC, Offering Advisory Services and Financial Planning, is a State-Registered Investment Advisor.
A podcast designed specifically for physicians, offering a breakdown of complex financial topics to help you develop your financial IQ, further your financial journey, and improve your well-being. Whether you're a medical student, resident, fellow, or attending physician, you're sure to learn something new that will benefit your journey.
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