Physicians can be reluctant to ask for help when making important financial decisions. Effectively managing potentially complex finances takes skill. Even so, an AMA booklet quotes that only 25% of physicians use a professional advisor to assist them.(13)
During the bull-market years of the dot-com era, it was easy for stockholders to have confidence in their investing abilities when a few lucky stock picks quadrupled overnight. However, many of those same investors were burned in the bear market that followed because they didn’t have the experience or skills to manage their wealth in a declining market.
Long-term investing entails having the skill to achieve returns in bull markets and the discipline to keep what you earn when markets decline. This is when it pays to have a professional financial manager. One of the greatest benefits of professional financial management comes when markets are declining. We educate our clients on the opportunities that market turbulence sends our way and keep them focused on their long-term goals, not on short-term gyrations. As professional financial representatives, it’s our job to stay on top of ever-shifting economic, financial, and legal issues so our clients don’t have to.
Navigating the turbulent investing world of today requires wise management skills, and commitment to a long-term, active investing strategy. For physicians, investing is just one part of their overall financial strategies. Getting good financial guidance may spare you the angst of errors or missed opportunities and may save you money in the long term.
It’s common for physicians to consult with financial representatives, accountants, insurance agents, tax-planning professionals, attorneys, and practice-management specialists. It’s critical to integrate your financial team into your overall goals so that each professional on your team is aware of what the others are doing. If each professional isn’t communicating well with each other or is unaware of your total financial picture, you may get fragmented, inefficient advice that may negate certain strategies and hamper your wealth-creation efforts.
To be most effective, your advisors must be integrated, communicate well with each other, and work toward common, clearly defined objectives. We work with a network of experienced professionals with a wide range of skills and qualifications.