Wealth Management: What Doctors Need To Know

As a high-income earner, it’s critical to seek out professional guidance in managing your assets. A wealth management firm can help you build an investment portfolio that will grow and protect your money over time. If you’re not already working with a financial advisor, consider hiring one who specialises in medical professionals so they can help guide you through this process.

What is wealth management?

Wealth management, or financial planning, is the process of helping you develop a lifelong strategy for managing your assets. It’s important to have this in place because when you don’t have a strategy in place for your finances and investments, it can be hard to make good decisions about what to do with them.

You should hire a wealth management firm if:

  • You are paying too much tax and you need to develop a tax plan strategy
  • You need asset protection and estate planning strategies
  • You want to develop property portfolio
  • You want to review and develop your superannuation investment strategy
  • You need to restructure your personal and investment debt
  • You need help setting up an investment strategy for retirement

It is important to build a financial roadmap that helps keep you on track toward achieving your goals

A financial roadmap is a plan that helps you keep track of your goals, and it should be one of the first things you create when building your personal finance strategy. It’s like a map for your finances—it guides you through the journey toward achieving specific financial goals and milestones.

A financial roadmap includes:

As a doctor, you should be aware of the unique challenges you face in building and growing your assets over time, because they differ from typical wealth management challenges.

Because doctors are high-income earners, they don’t need to take unnecessary risks on investments. Meaning that they should consider investing in blue chip companies and good quality real estate investments. The goal for doctors is not to lose money and be able to accumulate assets throughout their career, thus providing a comfortable retirement.

Avoid making avoidable mistakes such as not having or using a written financial plan or annual review.

Avoid making avoidable mistakes!

Have a written financial plan and annual review. Many doctors struggle with their finances because they don’t put the time into creating or updating a written financial plan, nor have they had an annual review since they graduated from medical school. These two simple steps are crucial to being successful with your finances. Without them coming together in some way, you’re bound to make avoidable mistakes that could cost you money down the road as well as stress out your family and friends with all of your financial woes. With these two things in place though, it’s easy enough to stay on track and get things done right!

Finance Experts to manage your assets

Wealth management is a process that helps you manage your money. Medical Finance Advisors help with financial planning, estate planning, and tax planning.

When you’re a high-income earner it’s critical to seek out professional guidance in managing your assets. Unlike investment management—which simply entails choosing where to invest money—wealth management is the process of putting together the right plans for how to manage it all. Many Medical Financial Advisors will even help doctors with their business decisions, such as which types of insurance are best for them and what type of retirement plan would be beneficial for their career stage.

How do you know if you need to hire a wealth management firm?

  • You are not sure where to start with your finances.
  • You are overwhelmed by the complexity of your finances.
  • You have a lot of money and don’t know how to invest it.
  • You are not sure where to put your money.

Find a firm that specialises in working with medical professionals

finance experts

It’s important to find a firm that specialises in working with doctors and has a defined process for managing your money. A good financial advisor should be able to help you manage your investments, which means they will understand not only the basics of investing but also what makes sense for someone with your specific background and goals.

When providing financial planning for physicians, surgeons, dentists, or any others, there are often financial products available only to medical professionals. Similarly, with high net-worth clients and small businesses, there are financial options open to them that are not typically accessible to others.

BloomWealth are experienced with these specialised personal investment services and can help you access them.

Speak with us now about your financial goals and let us help you meet them.

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