Dr. Scott Powell grew up in Florida, starting in Valrico and then moving to Jacksonville. He started his education at the University of Florida where his obsession with the Florida Gators began. After graduation, he moved back to the Tampa Bay area for medical school at the University of South Florida College of Medicine where he also obtained his Masters of Business Administration. He stayed at USF for his residency in the Department of Otolaryngology-Head and Neck Surgery. Following his training, he joined Tampa Bay E.N.T. In addition, he also joined the USF faculty as a clinical faculty member at the James A Haley VA Hospital where he continues to help train residents. He is a member of the American Academy of Otolaryngology-HNS, American Academy of Otolaryngic Allergy, American Academy of Facial Plastics Surgery, FMA, FSO, and HCMA.
How long have you lived in the Tampa Bay area?
I’m originally from Valrico, then we moved to Jacksonville and returned to the Tampa Bay in 1997 after graduating at the University of Florida.
What is your favorite Tampa Bay restaurant?
Council Oaks. Best steak in town!
Where is your favorite place in Tampa Bay to relax?
Anna Maria Island
How important is it for physicians to be involved with their communities and how important is it to you personally?
Physicians should stay involved whether that is with their children’s extra curricular sports/activities or general community activity. It is very important for us as physicians to be visible in the community. Despite some of the negative press toward the medical field, we need maintain positivity and community enrichment. I find great satisfaction in staying involved and doing whatever I can to improve my community.
Was finding a financial advisor/ consultant important to you when you first came out of residency and if so why?
During my Residency training I had little knowledge of how the process of financial planners worked. Although I obtained my MBA while getting my MD degree, there was so much more I didn’t know. I think that finding someone to work with during the last phase of one’s Residency is important and even more so once someone graduates. There is so much happening once a physician in trying to start a practice. There are so many financial decisions to make and having someone looking over your shoulder and “watching the hen house” is very advantageous.
How did you first learn about Jarred Bunch Consulting?
Scott Jarred and his team came and gave a talk during my residency to have an open discussion about all things financial. I know from our conversation that you met with several firms but ultimately decided to work with Scott and his team at Jarred Bunch Consulting. What was the deciding factor? As I mentioned, he came and talked to the residents in my program here at USF. When I graduated, I asked all of my partners and those I trusted who they used as their financial planner and I went around and met with all of them. They were all polite, but some told me to come back and talk to them once I was making a certain level of income. I immediately realized that I needed someone that was willing to grow with me. I reached back out to Scott Jarred to continue our dialogue. I had also asked others in the financial business how best to choose someone as a financial planner. The best advice I could find was to trust my gut. Scott was willing to work with me when I was still a resident with nearly no income, so that meant something to me. His philosophy really hit home with me.
How was their approach or methods any different than other financial firms you met with?
I really like their comprehensive approach. They really emphasize starting with getting protection from all things that are out of one’s control. No one likes to talk about life insurance or disability insurance, but until you are secure it is difficult to move on to the investment/ wealth building conversation. Once my base was secure, they focus on making your money make money. It is a very efficient and successful strategy for wealth building. In addition, he helps set up additional professional contacts to round out the team. Whether a CPA that understands physician’s issues or an asset protection attorney to set up a trust, he has the system to cover all the bases.
Do you believe the methods and strategies that Scott and his team use could be a benefit to other physicians and why?
As physicians we always have to be aware of the potential of litigation. Asset protection is key to any physician’s plan. Scott and his team emphasize the asset protection side while simultaneously setting up the insurance protection. For example, by using whole life policies vs. term life, I am able to use the life insurance as not only asset protection and security, but also as an investment vehicle. This is not necessarily considered “mainstream” but he took the time to show the benefits and once it sank in, it made complete sense.
Once all the above is in place, they pivot to help to use one’s money to make money. Scott is active in the business and investment community to opens investment doors that would otherwise not be open.
As physicians we spend countless hours at our craft and have little to no time to focus on these very important issues. I find great comfort in knowing they are constantly keeping watch on my financial goals and also provide robust support when called upon.