There are countless financial strategies available on the market, but every circumstance is unique, and it is vital that you find a financial advisor that can guide you and help you with setting up a financial plan that is suitable to your needs.
Financial Advising Companies Often Specialize In:
- Assessing your financial plan
- Investing
- Retirement planning
- Insurance planning
- Debt management
Fees Payable
Financial advisors can be paid on a flat-rate basis for providing limited or comprehensive financial planning services similar to attorneys and accountants rendering legal or tax services. However, it can be more cost-effective to find a company that offers a monthly planning fee that provides you with full access services provided by your advisor with no additional costs associated with phone calls, e-mails or meetings.
What Is Financial Planning?
Financial planning serves by directing all components of an individual ’s financial scope and ensuring the strategy is working cohesively and is aligning with the intended objectives. The end goal is to layer varying risk management, asset protection strategies as well as wealth management to achieve financial independence.
Risk Management
Life is full of unforeseen circumstances whether minor or life-changing, therefore it is essential to understand where an individual plan may be exposed and to take prudent measures to guard against any unnecessary risks.
Financial Planning For Physicians
When it comes to financial planning for doctors, it is essential to make use of the services of a competent advisor that understands how the process works.
Many physicians are among the top wage earners, paying high tax rates and find themselves running into challenges with claiming deductions and fully realizing credits. When an individual partner owns a business or partner in a practice, it can become tricky integrating personal and business taxes. Physicians are at a higher risk of lawsuits. Therefore, it is crucial to necessitate the implementation of asset protection strategies that can be applied to their financial plan.
Financial plans can help with the alleviation of these risks. A financial company’s advisors must be extensively trained and have the necessary expertise relating to financial planning to assist a physician with a unique financial plan to thoughtfully align with his objectives giving him the confidence that his financial ambitions are achievable.
Residents And Fellows
During their training years, physicians are often confronted with benefit packages and retirement packages. Informed decision making needs to be made when it comes to taking out any policies. Resident and fellows will have to consider factors such as:
- Loan repayments
- Determining whether public repayment
- Loan forgiveness
- Private consolidation platforms
They will have to choose which consolidation options will be the best match for their career path.
Other Options To Consider:
- Near-term saving goals
- Disability cover
- Life insurance
- IRA
Building a relationship with a financial advisor who understands financial planning specifically for medical residents can be highly advantageous when considering one’s financial objectives for the future and creating a solid foundation for achieving financial success.
A physician’s career is characterized by transitions, challenges, and rewards. For a physician, it is essential to have a financial advisor that can guide them through all stages of their career an provide them with a financial plan that is solid, and that alleviates all the risks associated with their profession and circumstances.