3 Questions to Ask a Medical Financial Advisor Before Hiring Them

These days, it’s impossible to know everything about money. With so many options for loans, savings accounts and investment vehicles out there, it can be hard to keep track of them all—even if you’re an expert in personal finance. That’s why hiring a medical financial advisor can be so helpful; they have the knowledge and experience that can help you make sense of all these choices. If you’re considering such an investment but aren’t sure how to choose one wisely, here are three questions that will help guide your decision-making process.

Before hiring a medical financial advisor, make sure to ask these questions.

Do they have experience with medical professionals?

If so, how long? How many physicians are in their practice and do they consult with each other on all of your issues or just some of them? What kinds of complications has the advisor run into while working with physicians and other medical professionals. Have they handled any situations like yours before? Is there anything about your situation that he/she doesn’t understand?

What is their process?

Medical Financial Advisor

A good medical financial advisor will have a process in place for determining how much money you need and how much of your savings should be used to pay for other important bills. 

They should know how to understand your personal, professional and financial goals and aspirations. The first step is to learn about your financial position and current assets. They should know how to answer any questions you may have. After a careful assessment of your financial situation, a good Medical Financial Advisor will do their research and develop a comprehensive strategic financial plan starting with your current financial position and recommend effective ways to move forward. This financial plan becomes the working document for ongoing strategy implementation.

Finally, your financial advisor should roll up their sleeves and get to work. The financial plan is put into action and we continue to monitor results against the desired outcomes and goals.

Are they licensed and insured?

Medical financial advisors should be licensed by the state where they work; this ensures that they’re qualified to provide personalized financial planning services. To protect both parties’ interests, make sure that any advisor under consideration carries professional liability insurance coverage (which protects against legal damages incurred during working relationships).

Choosing a Financial Advisor isn’t easy

Needless to say, choosing a financial advisor isn’t a decision you should make lightly or quickly. We’ve covered some of the most common questions that people ask when deciding whether to hire a financial advisor. But, at the end of the day, it’s important to remember that there are no easy answers when it comes to money. Asking these three questions may help you determine if hiring an advisor is right for your situation—but ultimately, only you can decide. 

BloomWealth’s Medical Financial Advisors can help you decide and plan your finances. You’ll go to them to make sure you’re saving enough for your children’s college education, or to even buy your dream car. You may seek their advice on the best ways to build long-term wealth and save for your retirement.

We’re all human, and your financial advisor won’t be flawless when it comes to financial decisions. But certainly, BloomWealth will help guide you through some of your life’s biggest decisions. Connect with us now.

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