PHARMACEUTICAL REPS

We specialize in working with Pharmaceutical Sales reps. Why?

 

Let me tell you a story. It started with one of my best clients. At the time, she was 55 and had been in the Pharma world her entire career. She randomly called me one day and told me she was just let go in a company reorg and needed to move her 401k. Within 6 months, she had another job in Pharma. However, the drug she was hired to sell hadn’t been approved yet. The PDUFA date was in 6 months. In the meantime, she reconnected with some of her old docs to let them know about the new drug. As you know, during that time, she received a salary and benefits (Just no bonuses). 6 months came and went, and the FDA didn’t approve her new drug.

 

She wasn’t worried as she received a new severance from that company. Within 6 months she found a new job in Pharma again. Same situation. The PDUFA date on this one was in 4 months. Low and behold, the FDA didn’t approve that drug either. Then she started getting frustrated. But she kept at it and she found another Pharma job. This PDUFA date was in 6 months. She said if that one didn’t go through, she was going to leave Pharma.

 

Finally, her new drug was approved.

 

She was mentally exhausted at that point and technically she had enough $$$ to retire. However, she
had only been working with us for 2 years at that point. Her previous advisor structured her retirement using a conventional wisdom approach. Meaning save as much money as possible in tax-qualified accounts and take a tax-deduction now. Because of this, even though she had enough $$$ to retire, we couldn’t get her the income she wanted without paying massive taxes and penalties. As we walked her through the plan that we would have implemented for her over the last 20 years using our non- conventional retirement strategies, she was not happy with her previous advisors.

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At that point I had an epiphany. I decided that I would focus on helping people in the Pharma world.

 

We talk to people in Pharma every day. And the stories are almost all identical. They’ve been in Pharma their entire career. They make great $$$. Their schedules are hectic which makes family life tough. And by the time they hit around 55, they are completely burned out. But because they’ve followed the conventional wisdom approach to retirement planning, 9 times out of 10 they can’t. So, we put together a plan tailored to Pharma reps that:

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1. Allows them to retire before age 60 (If they desire).

2. Provides built-in liquidity to their plans so when the inevitable “Reorg” email shows up in their inbox they don’t stress about paying bills when there is an income loss.

3. Provides a unique approach to investing so they don’t have to panic when the market gets volatile.

4.  Provides proactive tax planning where we show them how to “Legally launder $$$” as we are not fans of the IRS.

5. Utilizes non-traditional strategies to provide funds for any future long-term care need.

6. Provides maximum estate conservation as, again, we are not fans of the IRS.

The client I mentioned above is now on track to retire stress free, on her terms, by age 60. She no longer has any retirement planning related stress and no longer cares if she receives another “Reorg” email.

 

She’s one of our favorite clients and now refers all her colleagues to us.