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Financial Planning
for Physician
Recently we got a very young dentist as our client who was so energetic and ambitious. Apart from
practicing his profession he was also in to entrepreneurial activities that are related to his profession
and out of his profession. So he actually had three streams of revenue most of which he didn’t
account for. But considering some of the entrepreneurs we have as our clients he is not out of the
place. With proper guidance he could be able to get rid of the clutter and achieve his goals personal
as well as professional.
He could not find time to contemplate on how to manage his finances and achieve his future goals.
He couldn’t even find time to rest properly. This is most common across young professionals. When
they are finding it hard to balance between work and leisure, no one can expect them to manage their
personal finances. But it is the most important time in a professional’s life where he can start building
his wealth. Unless he is guided by proper advice all the wealth he keeps accumulating during the
earlier years won’t be available to him when he needs them the most during his later years. Asset
allocation has to be based on someone’s risk profile and the duration of his financial goals. Without
professional advice the likelihood of meeting financial goals at times can be a hard one.
Young professionals like doctors tend to spend more time in their profession to prove themselves. It
requires constant up gradation in their domain knowledge through specialized courses that costs a
lot. Like our client it is normal for a young doctor to set up their own clinic as earlier as possible. The
core areas one should look in these times are the cash flow management and risk management.
Then they must look in to investing early. Medical professionals’ personal finance is unique in many
fronts. A Financial Planner for Physician can help him conquer it. Since managing personal finance
requires expertise in areas like; investment planning, insurance planning, tax-planning, retirement
planning and estate- plan. Someone who can give advice in all these areas can only be called as a
Financial Planner / Financial Advisor for Physician. A Certified Financial Planner looks in to each
and every aspect of the personal financial scenario of an individual and guides him in achieving his
financial goals long term as well as short term. This holistic approach is what is needed by young
professionals like doctors.
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Wealth Traits Financial Planners, No. 9, Maven Projects Centre,
Dr. Thirumoorthy Nagar 3rd Sreet, Nungambakkam, Chennai - 600 034.
www.wealthtraits.com
