Financial planning for physicians

As a physician, no matter what stage of your career, you have spent all your time protecting patients. However, who is protecting you? While it is true that physicians earn some of the highest salaries among professionals, this career path also comes with higher risks. Having a financial plan in place will help navigate areas like student loan repayment, correct asset titling and malpractice lawsuits without losing traction on your retirement planning.

Think of financial planning like taking supplements. You are boosting your immunity to the risks associated with the medical profession. At ProVise Management Group, our team of CERTIFIED FINANCIAL PLANNER™ will help make decisions that will not only protect you today but will also help set you up for a lifetime of financial comfort and stability.

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Financial planning is not one big thing…
it is hundreds of little things™

When you first meet with a new patient, you do not just start treating the patient, you do an in-depth review after gathering lots of information and put together a plan for that specific patient. That is exactly what we do with our new clients as we tailor the treatment plan to each unique individual. Financial planning is not one big thing…it is hundreds of little things™.

Resident physicians are in a position of earning a livable income, but usually with a large debt-to-income ratio due to years of student loans. On top of planning for financial stability for your family today as well as your retirement in the future, you may not have the time to devote to successfully organizing your finances at this stage in your career.

As an attending physician, you’re finally at a point in your career where you earn a higher income. Along with this higher income comes higher taxes, more risks and a greater need for financial organization. At this stage, you can start taking advantage of that higher income to allocate funds to different areas of your financial strategy.

A ProVise CFP® advisor can review your income, expenses, assets and debts and develop a strategy that aligns with your financial goals. This includes exploring opportunities, such as:

Additionally, as a physician, you must consider protecting yourself and your family from the risks of potential lawsuits. Malpractice and personal liability insurance are a start, but there is still more. This comes from titling your assets correctly to keep them out of the hands of creditors, using those assets that are protected by law, and it also means removing your name from items that pose a potential risk to your personal or professional finances.

Financial planning for practice owners

Owning a medical practice comes with equal parts opportunity and risk. As a practice owner, you have the opportunity to pursue your passion for helping patients while earning a high income. However, there is a much greater responsibility and risk associated with paying debts and investing in the practice to ensure its success.

A ProVise CFP® professional can assess your assets and help develop a strategy that aligns with your goals and values to provide greater assurance that your practice is financially stable while providing maximum benefit to you and the other physicians. At the same time, you are planning for your eventual retirement.

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Asset titling for physicians and practice owners

Incorrect asset titling leaves you open to a number of financial risks. Your ProVise CERTIFIED FINANCIAL PLANNER™ , working with your attorney, can review your assets to ensure that you are covering yourself for potential risks in order to protect the financial future of yourself, your family and your medical practice.

Talk to a ProVise CFP® planner about your financial planning

Our team at ProVise Management Group has decades of experience working with physicians in developing successful financial plans. Most of our team members have achieved CFP® professional status and have demonstrated throughout their careers that they can help clients achieve financial success while respecting each client’s personal beliefs, values and philosophies that are just as important, and in some cases even more, to them as their financial planning.

Are you ready to meet our team and find the right CERTIFIED FINANCIAL PLANNER™ to develop your financial plan as a physician at any stage in your career? Contact ProVise today.

The ProVise Planning Experience

A financial plan is a roadmap to your financial success. A ProVise financial planner will follow a process that includes the following steps to creating a customized strategy specific to your current financial situation, lifestyle, and future goals.

1. Understanding Your Personal and Financial Circumstances 2. Identifying and Selecting your goals 3. Analyzing Your Current Course of Action and Potential Alternative Courses of Action 4. Developing the Financial Planning Recommendation(s) 5. Presenting the Financial Planning Recommendation(s) 6. Implementing the Financial Planning Recommendation(s) 7. Monitoring the Progress and Update

1. Understanding Your Personal and Financial Circumstances

Before we can help you reach your goals, we need to understand where you are. We perform a thorough analysis of your current financial situation and upcoming risks before creating a financial plan designed for your increased future success.

2. Identifying and Selecting your goals

Your future financial goals will dictate your current financial choices. We need to understand your goals and then help you prioritize those goals, so we can align your financial strategy with the lifestyle for which you are aiming. We help you balance your goals in a way that is designed to benefit your current lifestyle without neglecting your future financial goals

3. Analyzing Your Current Course of Action and Potential Alternative Courses of Action

It is important for us to first determine what you are currently doing and why. What is your approach to your finances and investments? There is no reason to seek alternatives if what you are doing is working. However, we can only do this in the context of looking at alternatives that may either fine tune what you are doing, or perhaps offer an alternative approach.

4. Developing the Financial Planning Recommendation(s)

Unlike others who just want to sell you something that may not be in your best interest, we do not consider recommendations until we have taken the first three steps of the financial planning process. You do not want a physician to create a treatment plan without a thorough analysis of your current condition and consideration of alternatives. The same is true with your financial health.

5. Presenting the Financial Planning Recommendation(s)

We will provide you with a set of written recommendations sharing our best ideas and thoughts regarding your personal financial situation. For those with a relatively uncomplicated financial life it might be done in a bullet point format, while for others it could be a much longer document. It might even be done with a modular plan focusing on the one aspect that is most concerning to you.

6. Implementing the Financial Planning Recommendation(s)

We help you put the financial planning strategy to work by putting together a checklist of action items for you and us that helps ensure that the plan is implemented in a timely fashion. There is nothing worse than knowing what needs to be done and then not doing it.

7. Monitoring the Progress and Update

Financial planning is not an event that happens one time. It is a continuous process. Life happens and things change. You will not go it alone. We will walk with you through every financial decision, roadblock, obstacle and opportunity to make sure you are staying on track toward your financial goals.

Schedule a Complimentary Consultation

Financial planning is not one big thing…it is hundreds of little things™. We will walk with you every step of the way through investments, debt payoffs and everything in between to help you reach the financial goals that matter most to you.


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