Do Doctors Really Need a Financial Advisor—or Just a Better Plan?
As physicians, we spend so much of our lives learning how to take care of patients. But when it comes to managing our money? That part’s completely left out of training. And for most of us, by the time we finish med school, residency, and maybe even fellowship, we’re years behind when it comes to building wealth. So it’s no surprise that one of the most common questions I get from doctors is: “Should I hire a financial advisor?” When I first started learning about personal finance, I wasn’t sure either. In fact, I remember reading a bunch of finance blogs where people were adamant that hiring a financial advisor was a bad idea. The main argument was around fees and how they could cost you hundreds of thousands of dollars over time. That scared me off. But over the years, my perspective has changed to become a bit more balanced. Let me explain why, and share what I believe doctors should know before hiring a financial advisor. Disclaimer : This article is for informational and e...