Personal financial planning
for doctors and dentists
One of the main reasons medical professionals engage our services
is because they want to be more deliberate about saving money
and building wealth, and increase the probability of achieving their financial goals.
In essence our clients want to have greater clarity, confidence and control when it comes to their finances.
Our clients take great comfort in the fact that they have optimised their financial position, and are doing everything they can to build a better financial future; they are making the most of their financial resources. We guide our clients in their financial decision-making, which reduces risk and allows them to take advantage of planning opportunities.
The benefits of financial advice for doctors and dentists
If we had to summarise the main benefits of financial advice:
1. Establish your goals and determine how to work towards achieving them
Very few people have taken the time to establish what is important to them in life, and what they would like to achieve. Engaging a financial adviser will help you discover your personal goals and establish where you are today.
You also need a roadmap to work towards the achievement of your goals. A financial adviser will formulate a customised plan that will give you clarity as to what action is required.
2. Manage change and monitor progress towards your goals
Your financial plan has to be regularly reviewed to ensure you remain on track to achieve your goals. Life is subject to constant changes, whether they are of a personal nature (starting private practice, starting a family, etc.), economic or legislative. Even the smallest of changes may lead to drastic variations having to be made to your personal plan.
A financial adviser will proactively monitor your progress and recommend adjustments where required, so you remain on track and in control.
3. Protect yourself
Life does not always go according to plan. A financial plan can help
you identify risks to which you are exposed and make recommendations
to cover these gaps, for example through insurance.
Other important risk areas that can be addressed are asset protection
and estate planning (to ensure your assets do not end up in the
4. Feel confident and secure about where you are financially
Many medical professionals we meet experience financial stress because they don’t feel in control over their finances. They have no idea how much they are spending/saving, whether they have sufficient insurance, whether
their Wills are out of date, and in general whether they are making the
most of their money.
Getting your financial life in order provides clarity and removes unnecessary stress. Also, a good adviser will educate you on all relevant financial matters along the way, so you can make confident and informed decisions.
5. Avoid expensive mistakes
Many medical professionals make ad hoc financial decisions that are influenced by emotions (fear and greed), driven by pure tax saving purposes or a simple lack of knowledge (e.g. about superannuation legislation). Financial mistakes can be very costly, particularly as you get closer to retirement, as you have less time to recover from any financial losses.
A financial adviser can act as your sounding board for every important financial decision you are faced with, and will look at the issues from an objective and holistic point of view.
6. Manage cash flows
A good financial plan helps you to manage your cash flow in the most efficient manner and funds your most important goals. Our clients become more aware of their cash flow and their spending patterns when they start working with us, which also creates a sense of accountability and discipline.
7. Opportunity cost
Expensive mistakes can occur when you try to manage you own financial affairs, due to a lack of specific knowledge. However, there is a second cost to consider in all of this: the opportunity cost of managing your own affairs. As a medical professional, you will understand the dollar value of your time and why it may be better to outsource certain tasks or projects.
It is no different with your financial affairs: why not delegate this project to a qualified professional who will be more effective in managing this for you, so you can focus on what you do best or would prefer to do instead, such as spending time with your loved ones?
8. Create wealth
The main reason why you would engage an adviser is to make financial progress and build wealth towards the achievement of your goals and ultimately financial freedom. An adviser will identify suitable debt reduction and wealth creation strategies, as well as investments that match your risk profile and time frame. Financial advice is a multi-disciplinary process that will help optimise your financial affairs and should lead to an improved asset position.
If you would like to work with Australia’s leading financial adviser for doctors and dentists, then contact us today.
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“Very informative, a financial ‘nuts-and-bolts’ that every doctor should read.”
~ Dr Green
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