Photo of Shane O'Hara, CFP® Shane O'Hara, CFP® Jul 13, 2020

When someone is suffering from a serious injury or illness, nobody expects that person to take care of themselves. They should go see a doctor for help. As a physician, you understand the need for your expertise and skills when it comes to treating the human body. Similarly, when it comes to managing your wealth, you need the help and guidance of a professional with years of training and experience.

A CERTIFIED FINANCIAL PLANNER™ professional can act as your guide and source of wisdom when it comes to managing your finances as a physician. The approach to managing your finances should be personal and based off of your unique needs, but in general, you should expect a financial planner for physicians to help with:

Long-term investments

Saving money for a big purchase or to bolster your retirement portfolio when you are a physician is not so easy. You may have massive student loans to pay off as well as malpractice insurance and the general living expenses you need to cover. 

A financial planner can help physicians at any stage of their careers make decisions to help pay off loans from the past, prepare for retirement in the future and live more comfortably now. For example, when it comes to retirement, the general advice is to contribute anywhere between 10 to 20% of your annual gross income to your 401(k). However, you need a more concrete plan, especially if you are tight on finances or your circumstances have recently changed. 

A financial planner can analyze your current circumstances and review your goals to help you make retirement and other long-term investment decisions that work for you.

Malpractice readiness

The good news about malpractice claims is that the number of paid malpractice claims has been on a steady decline since the early 2000s. The bad news is that a malpractice lawsuit is still a major risk for any physician and can end up being an expensive endeavor without the appropriate insurance and asset protection plan. There are a variety of malpractice insurance options. It is a good idea to talk with your attorney and your property and causalty insurance agent about what type of coverage is right for you. Be sure to check up on your plan at least once every six months to make sure you are still appropriately covered as you advance in your career.

Managing your own practice

Owning a practice is a rewarding experience, but it comes with its own unique risks. You have much greater responsibility for the operation of your facility, as well as the responsibility of paying debts and investing in the practice to help it grow and succeed.

Practice owners usually do not have the time, inclination or knowledge to deal with managing their personal finances on top of managing a practice. In situations like these, you can turn to the ProVise Personal Financial Officer™ (PFO) program for help.

The PFO™ program is designed for the practice owner and other key employees. Our team can concentrate on your personal finances so that you can concentrate on the success of the practice. 

Talk to a ProVise CFP® professional about wealth management for physicians

Your patients come to you trusting that you have done the studying and hard work you needed to do to become the right person to take care of their health. When it comes to your finances, you need to have someone you can count on in a similar way. This is who we strive to be at ProVise Management Group.

Our CERTIFIED FINANCIAL PLANNER™ professionals have years of education, training, and real experience in helping physicians and other professionals build and maintain long-term financial plans. We get to know you and understand your financial circumstances, long-term goals and personal values to create a financial plan that works for you. 

We also create a written plan for you at a fiduciary standard of care. All of our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.

Are you ready to talk to a professional about wealth management services for physicians? Contact ProVise today to schedule a complimentary consultation.