• Maureen Decker

Why Hiring a Financial Advisor Can Help Physicians



A recent consumer financial behaviors study found that people with more than $1.2 million in household assets report higher levels of happiness when working with a Financial Advisor compared to those who don’t.


In the study, happiness was measured through four core factors of happiness – fulfillment, intention, impact, and gratefulness. How participants responded to each factor was gauged to create a structured response comparison.


Having a Financial Advisor was found to boost satisfaction in personal relationships as well as relationships with partners. This may be because having a Financial Advisor opens the door to more in-depth discussions about financial goals.


Money may not buy happiness, but an Advisor may help boost feelings of happiness if they help you attain financial success and stability. Furthermore, many people find it psychologically impactful to have someone that knows them, their situation, and their goals and is as invested in their future success as they are.


One reason why hiring a Financial Advisor can be considered an investment is because it may be profitable and useful in the future, not just for one expense. Not only can Physicians feel more satisfied with their finances, but they may also feel secure in their future and supported in their personal relationships, making it a worthwhile investment.


One key benefit of working with a Financial Advisor is being able to separate your assets from your emotions. It’s no secret that emotions can fuel rash decisions, making a big impact on your financial security. Before you can make such decisions, it is an Advisor’s job to remind you of your plan and goals. It’s also worth noting, Physicians generally don’t have the time to manage their financial situation and career while mixing in personal life and other factors. There just isn't enough time in the day!


An Advisor helps with planning all aspects that can impact a Physician’s financial well-being. While you may be thinking about investments and asset protection, you may not be aware of ways to mitigate taxes, retirement planning, estate planning or long-term healthcare. How about the ever-changing tax laws and regulations? Having a Financial Advisor can help Physicians keep track of all financial elements and shifting pieces with confidence.


Working with a Financial Advisor can ensure that you are on track to reach your retirement goals. An Advisor can give guidance on investment adjustments and make sure they’re aligned with your goals and risk tolerance.

As Physician, it makes sense to hire a Financial Advisor to ease your worries and assist your future planning. Having an Advisor gives Physicians one less thing to worry about when it comes to their finances.


Sources:

1. https://finance.yahoo.com/news/much-money-financial-advisor-180121345.html

2. https://www.forbes.com/sites/forbesfinancecouncil/2021/05/25/three-overlooked-benefits-of-working-with-a-financial-advisor/?sh=444ba2225902

3. https://www.cnn.com/cnn-underscored/money/reasons-to-use-financial-advisor



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