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3 ways Medical Financial Planning can help you

🕑 5 minutes read


Deciding to engage the services of a professional to help with your medical financial planning is an important step in any medical professional’s career and life. Managing your finances can be a daunting task, especially for doctors who have busy jobs and complex financial needs. This is where a medical financial planner can make a significant difference to your personal and professional financial circumstances.  

Firstly, let me explain what a financial planner is.

A financial planner is a professional that creates and implements strategies to help individuals and their families achieve their financial goals.

How does a financial planner differ from a medical financial planner? 

Medical professionals often have very specific and quite complicated financial needs. That is where a DPM medical financial planner comes in. We’re able to provide financial services that are personalised and specialised to your exact situation and needs.  

For more information, read our article on reasons doctors need specialised medical financial advice here

Who could benefit from medical financial planning?

Medical professionals progressing in their careers and wanting to effectively utilise their income and assets to accumulate long-term wealth may find a medical financial planner of great benefit. A medical financial planner can also assist doctors in making key professional and lifestyle decisions (such as starting a private practice, savings goals to buy an investment property, or funding children’s education) by preparing financial modelling that shows the impacts of their decisions on cashflow and net investment assets over the long-term.  

There are a multitude of benefits to engaging the services of a medical financial planner.
However, we have narrowed these down to three key reasons:  

1. Personalised financial advice

We’ve all read about investment success stories online or had a friend recommend a particular financial strategy that has worked well for them. While these strategies may have been successful for them, they may be completely inappropriate for your needs and circumstances as your personal situation and goals have not been considered. A financial planner will initially aim to understand your current position and work out what your financial goals are. These may include cash flow and debt management, wealth accumulation, superannuation, retirement planning and estate planning among others. Based on this information, a medical financial planner will work with you to provide a completely personalised financial advice strategy to help you achieve your financial goals. 

2. Leave the medical financial planning to the experts

Medical professionals tend to have higher income levels compared to most other occupations. As your income and assets increase, you may require sophisticated strategies to optimise tax planning, protect assets and build long-term wealth. Engaging the services of a medical financial planner will allow you to outsource most of this to a trained professional who is a specialist in your field. A medical financial planner will explain the benefits and risks involved for the various options that may be available to you. This will allow you to make more informed decisions to achieve your financial goals.  

In addition, your goals may change and grow in the future due to changes in your personal or professional circumstances (i.e. change from public appointments to private appointments, purchasing or renovating your home, making the decision to have children etc). As a result, previous strategies that were relevant to you may no longer be as relevant. A specialist financial planner will identify this and change your financial strategy and trajectory as your situation and goals change. This enables you to remain on track to meet your financial goals and objectives as your personal and professional circumstances evolve.  

3. Accountability

Medical professionals tend to have busy careers that make it difficult to find the time to thoroughly research and implement strategies that will achieve their desired financial goals. Engaging the services of a medical financial planner will allow you to focus on your career and leave the management of your finances to a specialist who understands your industry and how best to optimise your financial situation.  

On top of this, legislation is constantly changing in the financial planning industry which can make it hard to keep track of the latest updates. Through regular and ongoing reviews and strategy updates, effective financial planning will help to ensure you remain on track to meet your financial goals. 

DPM have a team of experts who specialise in medical financial planning and can help you achieve your financial goals as a medical professional. To learn more, click here to book an obligation-free initial consultation

Disclaimer: * The information contained in this site is general and is not intended to serve as advice, as your personal circumstances, needs and goals have not been considered. DPM Financial Services Group recommends you obtain personal advice concerning specific matters before making a decision. 

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