Physicians have achieved some of the highest levels of education available, having undergone hundreds of exams that relied on their individual skills to be successful. But while self-sufficiency was the key to success in medical school, the same principles do not apply when it comes to building your wealth. As a successful physician, you shouldn’t have to worry about wearing all the hats. Working with a financial advisor allows you to manage your practice effectively while simultaneously growing your wealth to meet your lifestyle goals, throughout all of the phases of your career and life.
When starting out as a new physician, chances are you will be in debt. Medical school is extremely expensive, and for most physicians, incurring debt is unavoidable. When it comes to paying off student loans, there is no one-size-fits-all method. There are many credits and repayment plans available to you, and financial advisors have already done the research to help you develop a strong financial plan that is best suited to your individual situation.
Surely not long into your career, you’ll realize that time is one of your most valuable assets. The average physician spends 61.7 hours per week working. There are just not enough hours in the day to do it all, and financial planning is a particularly time-consuming task that requires constant monitoring and adjustment. Financial advisors give you back the time you deserve, so it can be better spent on the things you love.
Even if you do find yourself with some time to spare, chances are you’re not going to be an expert at every aspect of financial planning. Financial literacy is not something that you are born with. Like biology or chemistry, you may have an aptitude for the subject, but it still requires learning. Similar to the rigorous process of becoming a physician, a financial advisor goes through a long and intense training process in order to be considered an expert in their field. Through their earned expertise, advisors are able to offer a wide range of services tailored to your unique needs, from managing investments, to cash flows, to philanthropic planning, to managing family assets across generations. Throughout your career, you’ll achieve many milestones- maybe buying your first home, starting a family, or opening your own practice. All of these achievements are extremely costly but can be offset by the backing of a solid financial plan.
And finally, when the time comes to start thinking about retirement, it all boils down to making sure you are financially secure enough to forego a steady paycheck, while still being able to live a comfortable, fulfilling life. Working with a financial advisor can help you prepare for your retirement well ahead of time, by devising an effective retirement plan based on your long-term goals. With that taken care of, you can eliminate the financial factor from the decision-making process, so you can focus on the timing that feels right for you, without a financial burden in the back of your mind.
In short, financial advisors offer peace of mind to physicians that want to build significant wealth, but don’t have enough time or knowledge to dedicate to the ongoing process. Advisors focus on ensuring that your financial needs are being met, so you can focus on what matters most- providing care to those in need.
Are you a medical professional that needs help finding a financial expert? Contact us here and we’ll answer all your questions!
