Key Inquiries for Physicians: Essential Questions to Ask Your Financial Advisor
Hiring a financial advisor can be daunting. It's a big decision to put your financial well-being in someone else's hands. And as a doctor, you have unique financial needs that require a special level of experience. Ask the right questions to find a qualified financial advisor who aligns with your goals.
Do you work with physicians?
The most important question to ask a financial advisor is whether they understand your needs and the value of your time.
As a doctor, you have different financial needs than someone in a different profession. You may have high student loan debt, considerable earning potential, insurance needs, and complex investment decisions.
Do your best to find a financial advisor who specializes in working with doctors. If you can't find a doctor's financial advisor, ensure they grasp the financial difficulties of practicing medicine.
What makes your planning different for physicians?
Physicians have unique financial needs and considerations. They have high debt coming out of school, but also extremely high earning potential. They need to get insurance for disabilities and malpractice, loans for homes and surgery centers, negotiate contracts, and more.
Families with two doctors may have to pay for childcare, save for their children's education, and cover extra household costs. Women physicians also need to be mindful of their goals surrounding their careers, children, and more.
It is essential to find a financial advisor who builds their services to match your unique needs as a physician. They can help you with managing your large debt and high-income potential. They can also create a plan to effectively manage your money towards future success. Additionally, they offer advice on the specific financial challenges that doctors face.
In addition to your career demands, make sure that your advisor tailors your plan towards you and your life experience. You should feel comfortable discussing your past financial experiences and your goals for the future.
Investment Philosophy and Core Values?
Money is personal. It has a significant impact on our lives, both past and present. That's why it is important to choose a financial advisor who you trust to handle your money and future.
Find an advisor whose vision matches yours and whose investment philosophy complements your own. Beyond investing, it is also important to understand the firm's core goals, values, and mission. These three things can tell you a lot about a financial advisor before you ever pick up the phone.
When choosing a financial advisor, it is important to find someone you trust. It is also important to find someone whose values align with yours. Additionally, you should look for a financial advisor who is dedicated to helping you achieve your financial goals.
How do you get paid?
It is important to understand how your financial advisor is paid. This will give you a window into their operations and allow them to be honest and transparent with you.
Choose an advisor who is open about their fees and shows you all the costs of working with them. Be sure to get all their fees in writing so you can reference them later. This will help you to understand their business model and ensure that their fees are fair.
Bottom Line
When choosing a financial advisor, ask questions tailored to your needs as a medical professional. It's important to trust and feel comfortable with your financial advisor, knowing they have your best interests in mind. Be sure to ask all of your questions, regardless of how small they may seem.
After interviewing several financial advisors, you can select one that meets your needs and earns your trust. This advisor will assist you towards achieving your financial goals.
Sources:
https://mdfinancialadvisors.com/money-minutes-for-doctors/10q-advisor
https://www.vestiaadvisors.com/6-questions-doctors-should-ask-before-hiring-an-advisor/
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