Most physicians assume their first contract is a “standard agreement” that everyone signs without question. But as Kyle Claussen, CEO of Resolve, reveals in this episode, there’s no such thing as a truly standard physician contract.

From compensation structures to non-compete clauses and tail coverage, every detail can significantly impact your financial future and career flexibility. Yet, many doctors accept these contracts at face value, unknowingly leaving money on the table or committing to restrictive terms that could hinder them down the road.

By the time a physician realizes a contract term is unfair, it’s often too late. That’s why Kyle emphasizes the importance of negotiation—even for new attendings who feel they have little leverage.

With insights into compensation benchmarks, legal loopholes, and real-life examples of contract pitfalls, this episode equips physicians with the knowledge they need to advocate for themselves. Whether you’re reviewing your first contract or renegotiating your current one, this conversation is a must-listen for any doctor who wants to be treated—and paid—fairly.

Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our "Best of the Best" sponsors page to find a list of the professionals Chad & Tyler team up with for their clients.

• (0:00) Why ‘Standard Contracts’ are anything but standard
• (2:30) Do residents need an attorney for training contracts?
• (4:00) Your first attending contract: Why "standard" is a myth
• (7:10) Compensation pitfalls & the long-term impact of a low starting salary
• (9:10) The hidden dangers of tail coverage
• (16:00) The biggest red flags in physician contracts
• (24:50) Side gigs, burnout, and financial freedom

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.

• Resolve
• Bain & Company Report
• CMS Compensation Guidelines

• Resolve’s website
• Kyle Claussen on LinkedIn

• WealthKeel LLC
• Olson Consulting LLC
• Tyler Olson on Twitter
• Chad Chubb, CFP®, CSLP® on Twitter

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Lots of physicians wonder: If I can manage my own investments, why pay an advisor? It’s a fair question. If you're comfortable picking index funds and setting up automated contributions, what’s left for an advisor to do?

This conversation unpacks the real value of financial planning beyond investments. From student loans and tax decisions to asset protection and estate planning, there's much more to consider than just growing a portfolio. Many assume an advisor’s worth is tied to investment management alone, but the real benefits show up in unexpected areas—especially as life and finances become more complex.

We break down when it makes sense to hire an advisor, how to recognize a good one, and whether paying for professional help actually leads to better financial outcomes. Whether you're just getting started or re-evaluating your financial team, this discussion helps bring clarity to an often misunderstood topic.

Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our "Best of the Best" sponsors page to find a list of the professionals Chad & Tyler team up with for their clients.

• (0:00) Why Pay an Advisor at all?
• (1:20) When to hire a financial advisor
• (3:29) Flat fee vs. AUM: Key differences
• (7:41) What to look for in an advisor
• (14:20) Misconceptions about financial advice
• (25:10) Spotting red flag advisors
• (34:40) Finding the right long-term fit

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.

• Certified Financial Planner (CFP) Board
• Tyler Olson’s Personal Finance Resources List
• National Association of Personal Financial Advisors (NAPFA)

• WealthKeel LLC
• Olson Consulting LLC
• Tyler Olson on Twitter
• Chad Chubb, CFP®, CSLP® on Twitter

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Managing your own investments can feel empowering—especially when you've done the research and built a solid plan. But when does the complexity of financial planning cross the line from DIY-friendly to requiring professional help?

That’s exactly what Dr. W is wondering. As a resident who's been diligently managing an all-equity portfolio, he’s now questioning when and if a financial advisor would be worth the cost. What’s the real value of professional advice, and how does it stack up against a well-educated, self-managed approach?

We unpack the tangible and intangible benefits of working with a financial planner, from tax management and asset allocation to the critical role of behavioral coaching. The answers may surprise even the most financially savvy physicians.

Looking for help with Disability Insurance, Physician Banking, Student Loan Refinancing, Physician Mortgages, Contract Reviews, and more? Check out our "Best of the Best" sponsors page to find a list of the professionals Chad & Tyler team up with for their clients.

• (4:50) The financial industry’s value problem
• (7:10) The gap between advisor cost and value
• (9:10) How to tell if an advisor adds value
• (13:30) The hidden cost of bad advice
• (18:00) Why behavior & tax strategy matter
• (22:40) What to ask when hiring an advisor
• (27:30) Tax planning: the advisor’s edge
• (36:20) Final thoughts on advisor selection

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.

• Vanguard Advisor’s Alpha
• Michael Kitces
• Bogleheads Community

• WealthKeel LLC
• Olson Consulting LLC
• Tyler Olson on Twitter
• Chad Chubb, CFP®, CSLP® on Twitter

Subscribe to Physician Cents

Apple Podcasts

Audio Production and Show Notes by - PODCAST FAST TRACK