Do all doctors need a financial advisor? What does a financial advisor even do? That’s a pretty controversial topic in the world of physician finance. In the end, it depends on which of the three groups you fall into. Do you take a Do-it-yourself approach to personal finance? Perhaps, you are in the “Dot the i’s and Cross the t’s” group or the Outsource group.
Which group you belong to will determine how helpful a financial advisor would be for you. That’s what this episode is all about. So, if you are ready to dive in to find out where you belong, and if a financial advisor would add value for you – check out today’s episode.
What You’ll Learn – What Does a Financial Advisor Do?
- The three different financial groups that doctors fall into: the DIY group, the Dot the i’s and cross the t’s group, or the Outsource Group.
- The four characteristics in the Gold Standard of Financial Advising.
- Depending on your financial group, how a financial advisor should add value for you.
- The 7 ways that a Vanguard study found a financial advisor can add value for you.
- Fee-only versus fee-based advising.
- What does a financial advisor do?
- Shiny Object Syndrome. And, what is it and how does it impact your finances?
Resources from the Episode:
- The Physician Philosopher’s list of Recommend Financial Advisors
- What does a financial advisor do? And, four reasons to use one.
- The Financial Fellowship at Financial Residency
- Conflicts of Interest from a Financial Advisor’s Perspective
- Why you shouldn’t trust the financial industry
This Episode’s Sponsor:
This episode’s sponsor is Larry Keller from Physician Financial Services. If you are in the need for life or disability insurance, don’t hesitate to call Larry. Multiple readers and friends have used Larry, and I’ve never heard a single complaint. I’d recommend him to you highly, and without reservation!
You can find Larry at the Physician Financial Services website; call his cell phone at (516) 677-6211. Or, you can reach him by email at [email protected].
Listener Question of the Week:
Each episode, we are going to start including listener questions as they are provided to us. So, if you have a specific question you’d like answered on the podcast reach out to us! Reach out on twitter (@TPP_MD) or email [email protected] For ryan, @physicianwealth or [email protected]
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