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How Doctors Can Get the Most Out of Their Financial Planner


Nov 28, 2019


Do you have a financial planner, yet? Are you thinking of getting one?

Either way, it’s important to know that working with a financial planner requires some effort and cooperation on your part. By following these tips, you can get the most out of the time you spend working with your financial planner.

Get informed, but learn to trust.

First up, working with a financial adviser or planner doesn’t mean that you can take the hands off the steering wheel. You should get an understanding of your financial situation and take a strong interest in your livelihood – don’t simply outsource it!

That said, you are paying them for their expertise. So make good use of it by applying the suggestions they give you. Especially do so when your financial planner advises you against doing something that you could regret later. Your adviser is there to help you stay the course and avoid making hasty decisions. Ultimately, you’ll need to trust your adviser if this relationship is to work.

Be honest with your financial planner.

It’s important for your patients to be honest with you. Only when you have all the facts about their case can you recommend the best treatment. Likewise, your financial planner wants you financially healthy. But in order to help you, they need to know all the details of your financial situation.

There’s no advantage in hiding aspects of your finances that you’re ashamed of; your financial adviser isn’t there to judge you for those. Rather, he or she wants to help you improve them so you have to openly share your financial problems.

You also need to be open about your financial goals and your values concerning money and any upcoming life changes that can impact your financial plans. When your adviser has a complete picture of your financial health, they can make the best recommendations for you.

Be prompt in your communication.

Your financial adviser may have some time-sensitive matters to discuss with you. It’s in your best interests to respond to calls and emails quickly even if you are a busy doctor.

Have a balanced view of your financial planner.

Meeting with a financial planner isn’t a sign of weakness or lack of education on your part. Neither is it a luxury that only the ultra-wealthy can afford. Your financial adviser is someone who should be a key part of your financial planning process to help you succeed personally and professionally just as you help your patients to stay healthy and reach their fitness goals.

Rely on your financial planner for accountability.

Your adviser will hold you to task for each step in your plan so make sure you follow their list of recommended actions and stick to your budget. There’s no need to get annoyed with them; they’re working to help you! Your financial planner holds you accountable for your own benefit, not theirs, so take them seriously when they make recommendations.

Bring all your paperwork.

Staying organised and keeping careful records of your finances will make it easier to sort things out with your planner. Keep track of business documents, bank statements, insurance forms, estate planning documents, tax returns, records of past dealings with financial professionals and other such documents in a place where you can easily access them and share them with your adviser.

Avoid panicking.

Don’t overreact to what you may hear in the news about negative economic and market trends. Remain calm and look to planner for advice on what to do next when it appears things are about to go south.

Ask questions.

Your financial adviser isn’t making big decisions for you; they’re simply guiding you and making recommendations for bettering your financial situation. You’re ultimately responsible for the choices you make. To make the right decisions, then, you need to be informed of your options and the expected outcomes of any decision you make before moving forward.

You need to ask questions to make sure you fully understand your situation before you can make a sound decision. You want your patients to make informed decisions so you encourage them to ask questions before agreeing to treatment. Likewise, there’s no such thing as a stupid question when you meet with your financial adviser.

This is your financial future at stake. Your adviser will be happy to explain things over and over again, if necessary, until you feel you have a solid comprehension.

Get advice

It pays to work with experts who understand the unique needs of medical professionals.

Contact Nitschke Nancarrow, specialists in accounting, financial planning, loans and finance, investment and business for medical professionals. We operate in Adelaide, Sydney, Melbourne and throughout Australia. Managing partner Kym Nitschke is available for a free initial discussion about your situation. Call us on (08) 8379 9950 or send me an email.

– Kym Nitschke

The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Taxation, legal and other matters referred to on this website are of a general nature only and are based on Nitschke Nancarrow’s  interpretation of laws existing at the time and should not be relied upon in place of appropriate professional advice. Those laws may change from time to time.

Nitschke Nancarrow specialises in accounting, tax and financial advice for superannuation. Contact us now for a no obligations discussion about your needs.

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