Financial Preparedness

5 Essential Financial Moves for Residents | Number 4 of 5: Partner with an Experienced Financial Planner

June 08, 2017

Partner_with_financial_planner.pngAbout 25 percent of residents use a professional financial advisor, according to the AMA Insurance report. Not surprisingly, 62 percent say they feel “behind” for retirement, and 70 percent feel only “somewhat” or “not very knowledgeable” about personal finance. Finding an advisor should be a priority during residency.

A financial advisor can help you with things like budgeting, managing debt, securing the right kinds of insurance and establishing savings. You might be surprised—some advisors will charge a very modest fee (e.g., $500/year) to work with residents, and others offer their services free of charge, knowing that there is long-term partnership potential.

What you need to do: Find a financial advisor you can trust

To find the right advisor for you, ask for recommendations from practicing physicians. You’ll also want to think about this checklist of items regarding a potential advisor:

  • Years of experience; history with physicians
  • Official designations, such as Certified Financial Planner (CFP) 
  • Any allegiances they have to specific insurance or other products
  • How they are compensated 

You may also want to look at the AMAI Physicians Financial Partners program for access to a national network of professionals who have been thoroughly vetted by AMA Insurance and have years of experience working with physicians. 

Allan Phillips is a Certified Financial Planner™ with Taylor Wealth Solutions, author of The Guide to Income Protection for Medical Residents, Fellows and New Practicing Physicians and a member of the AMAI Physicians Financial Partners program.

Read financial move No. 5

Taylor Wealth Solutions is not affiliated with the AMA. Taylor Wealth Solutions offers insurance products through Taylor Financial Corp.  Securities offered through Taylor Securities, Inc. (member FINRA/SIPC)  

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, Certified Financial Planner™ and CFP® in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

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