Financial planning is all about preparing for the future, ensuring readiness for any and all contingencies. This is an ambitious undertaking, and errors are common. Among healthcare professionals, certain errors are especially common, and can compromise any doctor’s ability to enjoy a smooth retirement. In a new statement to the press, The Medicus Group highlights some of these pitfalls.
“Surveys show that most doctors place a high priority on personal financial planning,” says Victor Holloway, founder of The Medicus Group. “Yet most doctors give themselves low marks for overall financial acumen. In other words, doctors know they should be doing some financial planning, but they’re not always sure that what they are doing is right.”
One of the most common mistakes that physicians make is neglecting “annual checkups.” Says Holloway, “Just as individuals go in for a yearly physical, physicians should have routine meetings with their financial planners, making sure all their accounts are in order and addressing any problems they see.”
Another common mistake is doing financial planning without the input of a spouse. “If you’re married, you need to get your husband or wife in on the process,” Holloway advises. “Before meeting with your financial advisor, talk candidly with your spouse. Discuss your goals, your vision of the future, and what you hope to achieve through the financial planning process.”
Holloway also recommends being careful when selecting a financial planner. “A common mistake is just going with a financial planner because he or she comes recommended by a friend,” he notes. “However, it’s important to remember that not all financial professionals are well-versed in the unique financial challenges that physicians face. Finding a healthcare-focused financial planner is highly recommended.”
Those who wish to consult with such a planner are invited to reach out to Holloway and his team.
The Medicus Group provides advisory services to healthcare professionals who wish to better manage their own financial trajectory through investment, savings, insurance, and beyond—and to avoid these common pitfalls.
More details can be found by visiting www.mymedicusgroup.com or by calling (980) 235-7885.
Based in Charlotte, North Carolina, and serving clients nationwide, The Medicus Group is a financial planning firm that caters to medical and dental professionals. The firm specializes in assessing existing financial vehicles and products to guarantee proper coverage and offer recommendations where appropriate to drive client financial success. Additionally, the firm can assist with the development of enterprise-level business solutions for medical groups and organizations of all sizes, institute recruitment and retention strategies, create tactics and roadmaps for exit and key-man planning, implement employee benefit plans, and assist in the securing of lending.
For more information about The Medicus Group, visit www.mymedicusgroup.com or call (980) 235-7885.