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Doctors Need for Financial
Advisor
Doctors desire to have a progressive financial status. The first and foremost quality to a
long-term financial success is not making big and frequent mistakes. Making realistic
assumptions about the future is a key attribute of a quality long-term plan. Individually
practicing doctors are in a sense business owner. They struggle a lot in initial period.
Moreover they need to be covered for unique liability arising out of their practice. They
need transparent advice and guidance. Building the solid financial foundation early on
makes sea of difference.
Look for person with specific qualification who can render the services you need. Look
for experience and make sure they are offering customized solutions and not selling any
product around the advisory. The CFP (Certified Financial Planner) is the most regarded
financial planning designation. If they are fiduciary like Registered Investment Advisor
(RiA), best suited to be a financial advisor for doctors. Separating advisory and
executing works in your favor as it eliminates possible conflict of interest.
Who pays for the advisory may impact the advice you receive. Ask them how they make
money directly and indirectly through your business. Commission from manufacturers,
third parties, referral fees, other incentives increases conflict of interest and works
against you most of the time. Ask for their process, transparency levels, cost (Direct +
Indirect), and grievance mechanism. Its clear red flag, if sizable % of product positioned
are of their own (Proprietary) or tied manufacturer. For Example, if a bank positions their
own/sister concerns products and tied insurance company’s products as best solutions
take a back seat.
Lack of time factor is all the more reason, why you should engage a financial advisor
for dentists (Who is obligated to put your interest first). They will help you protect from
major financial Tsunami, increase your net worth by categorically minimizing debts and
increasing productive assets.
Wealth Traits Financial Planners, No. 9, Maven Projects Centre,Dr. Thirumoorthy Nagar
3rd Sreet, Nungambakkam, Chennai - 600 034.
+91 900305599, +91 9445518009
[email protected] / www.wealthtraits.com
