Welcome to the May 2024 Edition of the Andwise Newsletter!

Hello everyone,

I’m thrilled to connect with you again and share some exciting updates from Andwise! Your feedback has been instrumental in driving our progress, and I can't wait to hear more from you as we continue to grow together.

First, I’m delighted to announce our new Google-based account creation and login feature. No more passwords—simply use your Google account for seamless and secure access.

Thanks to your invaluable feedback, we’ve successfully launched the Contract Analyzer. In just our first week, we reviewed over 15 contracts! Now, we need your help to prioritize our next AI-powered features:

Top Feature Ideas:

• Financial Health Score: Assess your overall financial well-being with personalized insights. Add Your Vote and Comments

• Investment Advice for 401k/403b: Get tailored advice to maximize your retirement savings. Add Your Vote and Comments

Consultation Services:

• Salary Negotiation Tools: Equip yourself with strategies and tools to negotiate better salaries. Add Your Vote and Comments

Educational Resources:

• Webinars: Access live and recorded sessions on financial planning, contract negotiation, and more. Add Your Vote and Comments

Additionally, soon it’ll be even easier to set up or log back into your financial planning portal, powered by RightCapital—a benefit for all Andwise users.

Don't miss our Physician Career Transitions Workshop, taking place tonight at 7pm! This workshop is designed to help you navigate the complexities of changing specialties or roles within the medical field, offering practical advice and support.

We’ve also been focusing on wellness and financial literacy. Check out my latest posts on real wellness for physicians and empowering physicians through financial literacy. These articles delve into meaningful changes needed for physician wellness and the importance of financial literacy in navigating your career.

Your feedback is invaluable. Thank you for being part of our community and for your continued support.

Warm Regards,
Kanav Jain
Co-founder and CEO, Andwise

P.S. We've just launched a Help Center you can access any time if you get stuck somewhere.

📚️ What We’re Reading

Compiled by Tanya Frias, CFP®, Director of Financial Empowerment and Education at Andwise.

1. Why a 30-Something Who Paid Off $100,000 of Debt Has 7 Bank Accounts by Jennifer Streaks, Business Insider: Saving money is even more important now as economic challenges like inflation make life more expensive. Melissa Jean-Baptiste says her seven bank accounts help her save and track her spending. The easiest way for saving to become a habit is to automate your saving and then increase it over time.

2.  5 Things to Do with Your Money When You're 5 Years Away from Retirement by Hanna Horvath, Business Insider: In the midst of all this economic uncertainty, planning for retirement requires a lot of care. The way you save and invest money should change as you get close to retirement. This article is part of Business Insider's "The Finish Line," a series offering advice and answering burning questions about retirement planning.

3. Here's The Best Time To Convert Your 401k To A Roth IRA by David Rae, Forbes: What's the optimal timing for converting your 401k to a Roth IRA? Learn key factors to consider and make informed decisions about maximizing your retirement savings.

4. Widowed Before 40 and Coping With the Financial Consequences by Caitlin Kelly, The New York Times: The article discusses the overwhelming financial challenges young widows and widowers face, such as managing mortgages, loans, and funeral costs, often without prior planning, like wills or adequate insurance. It highlights the importance of financial preparation and support for those who lose a spouse unexpectedly, noting that many struggle with the emotional and financial burdens of sudden loss.

5. What is Supplemental Life Insurance? by Cheryl Lock, Lina Roby, and Alani Asis, Business Insider: Supplemental life insurance is coverage you can purchase in addition to primary life insurance. Employers may offer free or low-cost supplemental life insurance for full-time employees. It may cover things such as burial costs or accidental death and dismemberment.

🗓️ Workshop Series: Join Us Tonight at 7PM

🔍 What You'll Learn:

• Planning Financially for a Break: Tips on preparing for a sabbatical.

• Comparing Compensation: Insights into full-time vs. locum tenens roles.

• Contract Essentials for Locum Tenens: What to negotiate in locum tenens agreements.

• Exploring Non-Clinical Careers: Transitioning to roles in pharmaceuticals and health tech.

🔍 What You'll Learn:

Demystifying Audits: Gain a comprehensive understanding of audits, their significance, and how they impact both personal and professional finances.

Mastering Financial Documentation: Learn which critical financial documents to review and prepare to ensure a smooth audit process and financial transparency.

Navigating Legal Compliance: Understand the regulatory requirements relevant to financial and legal audits, empowering you to maintain compliance and mitigate risks.

Identifying and Avoiding Pitfalls: Acquire insights from industry experts on common pitfalls encountered during audits and strategies to avoid them, safeguarding your financial and legal standing.

⚖️ Chuck’s Legal Corner

Dear Andwise Community,

As discussions around the proposed ban on non-compete agreements by the Federal Trade Commission (FTC) intensify, it's crucial to delve into the legal challenges that such a ban might face. Here's an overview of the existing legal hurdles and considerations surrounding this contentious issue:

Constitutional Concerns:

One of the primary legal challenges to the proposed non-compete ban revolves around constitutional principles, particularly the protection of contracts. Non-compete agreements are contractual obligations between employers and employees, and any attempt to ban them outright could be seen as infringing upon the freedom to enter into contracts. This raises questions about the constitutionality of federal intervention in the regulation of non-compete agreements, especially given the traditionally strong deference to states in matters of contract law.

Preemption Issues:

Another legal challenge stems from the doctrine of preemption, which holds that federal law supersedes conflicting state laws. Since many states already have laws governing the enforceability of non-compete agreements, a federal ban could potentially conflict with existing state regulations. Resolving these conflicts and ensuring consistency across jurisdictions would be a complex legal endeavor and could lead to protracted legal battles.

Enforceability and Scope:

Even if a federal ban on non-compete agreements were to be implemented, questions would arise regarding its enforceability and scope. Non-compete agreements vary widely in their terms and conditions, and determining which agreements would be affected by the ban and how it would be enforced presents significant legal challenges. Additionally, the effectiveness of any ban would depend on clear definitions and exemptions, which would require careful drafting and consideration.

Litigation Risk:

Any attempt to impose a nationwide ban on non-compete agreements is likely to face legal challenges from employers, industry groups, and other stakeholders. Indeed, litigation has already been filed in Texas.  Litigation over the constitutionality, preemption, and enforceability of such a ban could prolong the process and result in uncertainty for businesses and employees alike.

Balancing Interests:

Ultimately, the legal challenges to the proposed non-compete ban highlight the need to strike a balance between competing interests—protecting workers' rights, fostering competition, and respecting contractual freedoms. Crafting effective regulations that address these concerns while navigating the complexities of constitutional law and federalism will be a formidable task for policymakers and lawmakers.

As discussions on this issue evolve, it's essential for health care practitioners to consider the legal landscape and the potential ramifications of any regulatory changes on their personal situations.  It is not clear, at this point, whether the FTC ban will have the intended effect on health care contracts.

Next time, I will dig into the issues surrounding the FTC ban and impact on non-profit and for profit businesses.

Best,
Chuck Kable, Esq.
Legal Advisor, Andwise

🤝 Join the Andwise Physician Community Directory Today!

In our latest initiative, we're thrilled to introduce the Andwise Physician Community Directory, an exclusive platform designed for physicians like you to connect, share experiences, and foster professional growth. By joining, you'll have the opportunity to network with peers, seek mentorship, and contribute to a supportive community dedicated to your success. Complete your profile today and become an integral part of our dynamic community!

🗞️ New Andwise Member Resources