One of the most important commodities for any health professional is time. Let’s face it, tending to the medical needs of others takes most of the hours in your day.
Good financial planning takes time also – time you don’t have.
That’s why you need a good financial adviser to recommend, set up and monitor an effective financial plan for your personal income.
Here are Six Other Reasons a Health Professional Should Use a Financial Adviser.
Experience and Expertise
It’s true isn’t it, people come to see you in your professional capacity because of what you know. They trust you because they know you have both experience and expertise in your area of medicine. A professional financial adviser brings that same level of experience and expertise in their field and will use that to create a viable financial plan that maximises your income and investments.
Objective thinking and planning
If you are not experienced in the area of financial planning, it is easy to make rash decisions that may have a long-lasting and negative impact on your finances. For instance, it’s estimated investors switched up to $1.2billion from growth to income funds during the February 2020 Covid-19 event. Seeing the investment markets dip caused them to make a rash decision which, when the market bounced back, meant they suffered significant losses.
The solution is a financial adviser with experience and expertise in long-term financial planning. It’s this high quality affordable financial advice that a financial adviser can provide.
Understanding the market and understanding you
A financial adviser understands the financial market. They understand its ups and downs and understand the need to be both proactive and patient in equal measure.
A good financial adviser will also ensure they understand you, their client. They will quickly gauge how risk averse you are, what sort of areas you feel comfortable investing in, and the necessary precautions someone at your stage in life needs to take. In this way, you can be certain your best interests are being looked after.
The previous point brings us to risk management. A financial adviser will help manage your financial risks by balancing investments, overseeing insurances and giving sound investment advice. This holistic view to your financial planning is vital to balanced and future-proofed finances.
A financial adviser will do something you don’t have time to do. They will constantly monitor the financial markets to ensure your financial plan is maximised at all times.
Further to this, they will monitor you, your current requirements and how those requirements can alter with unexpected events and changes in life stages. An example of this is the way a financial adviser will recommend reducing insurances as a person’s assets grow and are able to cover possible losses. This usually corresponds with a time when premium costs are rising and so there is a strong financial benefit to the adviser’s advice.
One independent study within the financial sector found that investors working with a qualified financial adviser will usually accumulate at least twice as much capital as those investing on their own. It makes sense to trust your personal finances to a professional.
The Bottom Line
A qualified financial adviser works for you. Their sole aim is to use their expertise to design and help you implement a financial plan that will maximise your financial future.
The team at MFAS are able to help you with all aspects of your personal finances. Contact us to speak confidentially to a MFAS Medical Financial Adviser – phone 0800 379 325.