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3 Surprising Reasons for Doctors to Hire a Financial Advisor


By: Chris J Roe, CPA/PFS

If someone were to say, “it’s time to hire a financial advisor, how would you respond?  Has your answer to this question changed recently in our current environment?

Maybe it doesn’t seem necessary.  Or, maybe you’d feel overwhelmed at the thought of working with someone on your financial life.  If so, you’re not alone. 

But let’s talk about 3 surprising reasons why hiring a financial advisor (aka a financial coach) might be the best thing you ever did for your practice and your personal life.

Reason #1: An advisor makes you “better.”

An advisor helps create realistic expectations based on your situation and external factors.  They act as an insurance policy against your own mistakes by being a sounding board to help you make better, more informed decisions.  Most importantly, good advisors are proactive and can see blind spots in your situation that you cannot possibly see.   However, as a doctor, you should not hire just any financial coach, but one who has a deep understanding of the industry you are in and the challenges it represents.

Reason #2: An advisor forces you out of your comfort zone.

Most of us are great at envisioning our financial goals—but we fall short on acting.  A true financial coach will push you to make real changes in your life.   Here are a few ways we can help physicians:

  • Coaching to create good habits around saving, investing and financial decision making can have great benefits to you over time.
  • Helping to know how to distinguish between wants and needs in your life and how spending decision will impact long term. 
  • Organizing your financial life, evaluating where you currently are and building an action plan to get you where you want to be.
  • Protecting your assets from the risks and dangers the medical profession brings.

Remember, none of us are hardwired to make rational decisions, especially when it comes to money.  But a great financial coach will give you the best recommendations based on your situation and help you get through tough decisions and emotions.

Reason #3: An advisor prevents you from procrastinating. 

Even if you’re willing to take the necessary actions, you are a busy professional and sometimes lack the time to get started.   At Rx Wealth, we get it.  We help you save time by implementing what you need to achieve your clear, attainable outcomes.  And, by freeing time, you can engage more with your family, in your hobbies, or your profession. You can live the life you earned and deserve.

If you have questions about what it’s like to work with a financial advisor, reach out to us.

This content is developed from sources believed to be providing accurate information, and provided by Rx Wealth Advisors, LLC . It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.