Best Financial Advisor for Physicians in Buffalo NY
Best Financial Advisor for Physicians in Buffalo NY
A financial advisor acts as an expert guide to help you make the most informed decisions to ensure financial health.
You don’t have enough time to become an expert at everything, that’s why you depend on expert guidance from doctors, lawyers, and even mechanics.
The same goes for your financial health.
A financial advisor gives you clarity in what is possible and what adjustments should be made to meet your short and long-term financial goals.
If you want to get your finances in order, working with a financial planner is a great way to start.
Based on our experience, good financial advisors have a lot of the same characteristics as good doctors.
They tell it like it is, they are interested in their clients/patients, and they are constantly looking to improve themselves
How a Financial Advisor can assist Physicians in Buffalo NY
Money management is only the beginning. Your advisor also should be able to assist you with such things as:
- Risk analysis.Physicians want a comprehensive financial advisor. For instance, they’d want someone who understands disability, medical student loan debt and how to assess risks, noting that helpful advisors should be able to evaluate physicians’ finances holistically and address common questions around timing and payments. Questions a physician-friendly financial advisor should anticipate include: “Do I pay my loans off first? How much life insurance do I need? Should I save for my children’s education or for our retirement first? What debt refinancing program should I look at?”
- Personalized macro- and micro-analysis of finances. Physicians need someone to help them think through their options. This is especially true when discussing loan repayment strategies and public loan forgiveness. Make sure you find a planner who can help you critically devise a plan that aligns with all aspects of your long-term personal and career goals—not simply your debt. Physicians are constantly hammered with deals, which is why they need someone who can step back, enter the ‘financial helicopter’ and help them see the whole picture [of their plan].
- How to advise on specific topics that impact physicians, especially disability.While individual finances vary, there are certain wheelhouse topics that financial advisors working with physicians have experience discussing. These include “debt reduction, life insurance programs, efficient savings programs and the best disability policy they can find. A physician needs the Cadillac of disability policies. They need a policy that is portable, guaranteed renewable and protects them in their own medical specialty because their livelihood completely depends on their ability to work.
Should I be Managing My Own Finances?
Many of you reading this may feel you should be able to handle your own finances. After all, you were smart enough to handle medical school, so why can’t you manage your own money?
You should make your own goals regarding your financial future.
But there’s a vast difference between understanding your goals and creating and executing a financial plan.
Before you choose to hire a financial advisor, there are advantages to understanding what’s going on with your wallet before you let anyone else review it.
By having a basic understanding of financial principles – such as budgeting and cash flow – you can begin to identify where your money is going each month.
One way to understand your money is to take a month and write down everything you and your partner are spending money on each month.
And by everything that means every single thing.
This isn’t a time for analytics and judgement of yourself or others. It’s a time to see exactly where your money is being spent and the amount you have coming into your accounts.
Fiduciary Financial Advisor for Physicians in Buffalo NY
What You Need to Know About Fiduciaries
In recent years, knowledge about fiduciary advisors has grown tremendously. But did you know that not all fiduciaries are created equal? Before hiring a financial advisor, be sure you understand the roles and regulations associated with different fiduciaries.
What is a Fiduciary?
A fiduciary is someone who is obligated to put their client’s needs above their own.
They have an ethical and legal duty to recommend investments and strategies that are in their clients’ best interest.
This is in direct contrast to the “suitability standard,” a lower standard for giving financial advice.
The suitability standard states that an advisor or broker must provide investment advice that is “suitable” to the investor’s needs.
This leaves room for an advisor to make recommendations that benefit themselves, even if those suggestions are not in the best interest of their clients.
In your search for a financial advisor, hiring a fiduciary should be non-negotiable.
You want assurance that there are no conflicts of interest and that your financial needs are the top priority.
However, although the primary fiduciary duty is to put clients’ needs first, the standards, obligations, and regulations associated with being a fiduciary vary within each financial industry.
A trusted financial advisor can be essential to help guide you on your financial journey. An advisor is there to help you understand when to stick to the plan and weather the storm and when you’ll need to make adjustments to achieve your goals.
Best Fiduciary Financial Advisor for Physicians in Buffalo NY
Finding the right financial advisor is important, and it’s worth investing your time and effort.
Understanding what you’re looking for and asking pertinent questions is a great start in this process.
By taking the time to understand the various types of advisors, their platforms, and philosophies, you can find the ideal fit the first time.
Remember, when it comes to retirement planning, time is an asset you want on your side; it can be your best friend or your worst enemy.
Ultimately, you’re hiring a financial advisor because you don’t want to worry about having enough money to retire.
You want to feel certain and cared for.
A trustworthy financial advisor should convey this feeling.
If it isn’t there, that doesn’t mean they’re a bad advisor.
They just might not be the best advisor for you.
Mintco Financial Financial Advisor for Physicians in Buffalo NY
We serve clients from all professions and stages of life, but a large majority of our clients are physicians and medical professionals.
Whether you are just starting out and struggling with student loan debt or whether you’re a high earner looking to have your portfolio and financial life managed by a qualified professional, we can help.
Schedule a Call – Call us at 716-565-1300
Email us firstname.lastname@example.org