Wealth management for doctors can be a challenge. You have so much on your plate, that your own financial management may well be the last thing on your mind. It can be easy to let things like your personal finances fall by the wayside when you’re busy looking after patients, but it’s important to remember to look after your financial health also. That’s why we’ve put together this list of our top five wealth management tips for doctors. The team at Walshs have been working with medical professionals for decades, helping to grow, manage and protect their wealth. We draw on our deep experience working with medical professionals and have developed a tried and tested roadmap that will help you achieve your financial goals throughout your career. By following these tips below, you can ensure that you’re on the right track when it comes to your wealth management.
Wealth management for doctors requires experienced advice
Surrounding yourself with professionals, including financial planners and accountants, who understand the unique needs and opportunities of medical professionals can ensure you take the right financial steps at each stage of your career as a doctor. Starting these conversations as early as your internship can ensure you make the right financial decisions throughout your life.
However, it’s never too late to start your wealth management journey and, even if you are well established in your career, booking a consultation to discuss your financial options now can make a big difference to your future. The team at Walshs have been providing expert financial advice to medical professionals for over 30 years and have grown to become a leading accounting and financial planning firm specialising in providing services to doctors and other medical professionals.
From tax and accounting to wealth management advice for doctors, superannuation and retirement planning, estate planning, insurance and lending, Walshs can provide the guidance you need to manage your wealth effectively as a doctor.
Consider your future wealth management through budgeting early
As a medical professional, you are likely to have a significant amount of wealth over the course of your career. While this can be a great thing, it also means that you need to be thoughtful about your wealth management. One of the best ways to do this is to start budgeting now. By carefully tracking your income and expenses, you can get a better sense of where your money is going and how you can best save for the future. This kind of knowledge will be invaluable as you begin to think about retirement planning and other long-term financial goals. So don’t wait – start budgeting today and take control of your future wealth management.
Ensure appropriate insurance cover and asset protection
You have worked hard to achieve your wealth and success. But have you considered how to best protect your assets and income in the event of an unexpected mishap? The insurance team at Walshs can help you choose the right insurance cover and asset protection strategies to suit your unique circumstances. Whether you need income protection, death and disablement cover, or insurance options specific to medical professionals, such as bloodborne illness or needlestick cover, we can ensure you are properly protected. By engaging the experienced insurance advisers in the Walshs team you can rest assured that extensive research has been completed and a full comparison undertaken to ensure you have comprehensive understanding of the different covers available. They will ensure you are fully informed about the cover your policy provides, leaving you free to focus on what you do best.
Diversify your investments to help manage your wealth
Diversifying your investments is one way to help safeguard your wealth across the long term. When you diversify your investments, you spread your money across different asset classes, industries, and geographic regions. This helps to protect you from market volatility and specific risks associated with any one investment. For example, if the stock market declines, bonds may hold their value or even increase in value. Or, if there is a recession in one country, investments in other countries may not be affected. Diversification does not guarantee against losses, but it can help to reduce the risk of losing money on any one investment. Wealth management for doctors can be complex, but diversifying your investments is one way to help reduce risk and protect your wealth. The investment team at Walshs is highly experienced in providing relevant advice about the types of investments that can make up your portfolio.
Buying a home or investment property? Consider a home loan for doctors
Did you know that many lenders offer home loan rates and products specific to doctors? The Walshs Lending Team have worked with thousands of medical professionals throughout their careers to purchase property – from first homes to investment properties. Over the years we’ve built deep relationships with the lenders who offer specialist home loans for doctors and we can negotiate with them to get the best deal on your behalf. In most cases the banks will also forgo LMI (Lenders Mortgage Insurance) which can save you a significant amount of money over the course of your loan. We understand that as a busy medical professional, you don’t have the time or knowledge to navigate the complex world of home lending. That’s why we’re here to help – we can take care of all the paperwork and negotiations and ensure you have all the knowledge and support you need to secure a great home loan deal.
When it comes to wealth management for doctors, the experienced Walshs team are specialists and provide expert and strategic taxation, accounting and financial planning advice to medical professionals through every stage of their career lifecycle. We understand the unique challenges that doctors face when it comes to their finances, and we can help you create a wealth management plan that meets your needs. Contact us today to learn more about how we can help you achieve financial success, both now and into the future.