Helping debt-ridden physicians thrive 

Growing up with a father well versed in investment strategy, Tyler Olson was always destined for the financial industry.

Now, as founder of Olson Consulting, he recalls his father’s teachings and how they directly shaped his outlook on the investment scene.

“I was introduced to investing pretty early on because my father is an investment advisor, and when I was a teenager, he would teach me about stocks,” Olson says. “I’d learn all sorts of things from him.”

His professional path initially aligned with traditional structures, working as an employee at a larger firm. However, Olson’s vision for a more client-centric approach led him to establish his own practice, emphasizing a commitment to providing tailored financial planning without directly managing client funds.

Olson’s approach is not merely about offering advice on investments; he strives to craft comprehensive financial plans, ensuring that clients’ decisions are harmonious and well-informed. This philosophy diverges from the typical focus of advisory firms on investment management.

“For me, I just wanted to do planning work,” he says. “To create a scenario where people could come get advice on their investments without turning over control of their investment accounts.”

The turning point in Olson’s career came through his interactions on social media, particularly Twitter. He noticed a significant gap in financial guidance for medical students and physicians early in their careers who were grappling with student debt and complex financial decisions. Recognizing the growing need, Olson began offering free help online to medical professionals, which eventually led him to pivot his practice exclusively toward helping physicians.

“Residents only make around $3,000 to $4,000 a month,” he says. “It’s not like they have a ton of money sitting around to invest or to pay me a fee to do planning work.”

A notable example of Olson’s impact is his work with a pediatrician burdened by debt. Through his guidance, the pediatrician was able to have about $375,000 of her loans forgiven, allowing her to continue her work without the pressure of increasing her patient load.

“I make sure to give them a lot of time – explaining why and asking questions so that I can better understand their thinking and their level of knowledge,” he tells InvestmentNews. “That way I’m able to more effectively teach them, show them how to do what needs to be done – so they have the knowledge, and they have the reason behind it.”