Financial Preparedness, US Physicians Research

6 Traits Financially Prepared Women Physicians Share

April 28, 2015

Read 6 Traits of Financially Prepared Women Physicians Report

New AMA Insurance national report spotlights sharp differences between ‘financially prepared’ women physicians and those who are not

CHICAGO (April 29, 2015) – You may think that age, specialty or experience are prerequisites to feeling financially prepared, but for women physicians it is more of an attitude and a commitment to taking the necessary steps to secure a healthy financial future.

Ultimately, women physicians who feel financially prepared share six distinct traits, starting with having an ‘on-track’ or ‘ahead of schedule’ retirement portfolio. AMA Insurance premiered these traits in its latest study, Six Traits of Financially Prepared Women Physicians ©, at the April 24 Centennial Meeting of the American Medical Women’s Association in Chicago.

Sharp differences between ‘financially prepared’ and those who are ‘behind’

“We uncovered the six traits when we sifted through the overall research findings in our 2015 Report on U.S. Physicians’ Financial Preparedness: Women Physicians Segment ©,” commented Denise Friday, CLU, Vice President of Sales and Marketing, AMA Insurance during the presentation. “We found financially prepared women physicians of all ages and specialties share these traits. Women who consider themselves ‘behind where they’d like to be’ lack many or all of the traits. We hope the information in this report provides insights and guideposts for gaining a stronger foothold towards personal financial security.”

Traits are building blocks to reaching personal financial goals

The six traits shared by financially prepared women physicians were identified as follows:

#1. Considers her retirement portfolio “on track” or “ahead of schedule” for her age and career stage.

#2. Keeps a liquid emergency fund adequate for her current lifestyle.

#3. Feels adequately protected in the event of a disability.

#4. Uses a professional financial advisor.

#5. Has updated will and medical and end-of-life directives in place.

#6. Feels more knowledgeable and confident about personal finances.

The report offers details for each trait as well as advice from physician peers and from Robin Robertson, CLU, Senior Wealth and Insurance Planning Strategist, MGBI, A Millenium Brokerage Company, who helped develop the report and also presented at the AMWA’s April 24 conference.

Advice shared by wealth and insurance planning expert at meeting

Practical tips offered by Robertson during the meeting included the following:

Develop a complete financial plan early in your career. Having it in place gives you a guide to manage increases in income and meet the challenges of changing work and life situations. Having a full financial plan is the only way to see if you’re on track.

Select a trusted professional advisor early in your career so you can grow together. You want to choose a comprehensive financial advisor. Good planning can be more important to your financial success than any other single thing.

Not having a will/trust or medical directive in place could be devastating. This should be addressed the minute you have assets or a family.

The dollar amount for keeping an adequate liquid emergency fund is different for everyone; your current lifestyle should dictate what is ‘adequate.’ Money can be invested outside of pension plans for emergencies as long as the investment can be liquidated in three days if needed.

More results on AMA Insurance Report available

The Six Traits of Financially Prepared Women Physicians © is an excerpt of the 2015 Report on U.S. Physicians’ Financial Preparedness: Women Physicians Segment. The full reportis available now. 

About AMA Insurance: Established in 1988 as a wholly owned subsidiary of the American Medical Association, AMA Insurance Agency, Inc. specializes in meeting the insurance needs of America’s 1,000,000 physicians, both AMA members and non-members. Authorized to conduct business in all 50 states, AMA Insurance offers a portfolio of physician-exclusive disability, life, and health insurance for individuals, medical group practices and other institutions. AMA Insurance’s national reach enables the agency to provide physicians with unique physician-focused coverage at competitive rates from top carriers. For more information, visit

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