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Doctors Need for Financial Advisor

Doctors desire to have a progressive financial status. The first and foremost quality to a long-term financial success is not making big and frequent mistakes. Making realistic assumptions about the future is a key attribute of a quality long-term plan. Individually practicing doctors are in a sense business owner. They struggle a lot in initial period. Moreover they need to be covered for unique liability arising out of their practice. They need transparent advice and guidance. Building the solid financial foundation early on makes sea of difference.

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Doctors Need for Financial Advisor

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  1. Doctors Need for Financial Advisor Doctors desire to have a progressive financial status. The first and foremost quality to a long-term financial success is not making big and frequent mistakes. Making realistic assumptions about the future is a key attribute of a quality long-term plan. Individually practicing doctors are in a sense business owner. They struggle a lot in initial period. Moreover they need to be covered for unique liability arising out of their practice. They need transparent advice and guidance. Building the solid financial foundation early on makes sea of difference. Look for person with specific qualification who can render the services you need. Look for experience and make sure they are offering customized solutions and not selling any product around the advisory. The CFP (Certified Financial Planner) is the most regarded financial planning designation. If they are fiduciary like Registered Investment Advisor (RiA), best suited to be a financial advisor for doctors. Separating advisory and executing works in your favor as it eliminates possible conflict of interest. Who pays for the advisory may impact the advice you receive. Ask them how they make money directly and indirectly through your business. Commission from manufacturers, third parties, referral fees, other incentives increases conflict of interest and works against you most of the time. Ask for their process, transparency levels, cost (Direct + Indirect), and grievance mechanism. Its clear red flag, if sizable % of product positioned are of their own (Proprietary) or tied manufacturer. For Example, if a bank positions their own/sister concerns products and tied insurance company’s products as best solutions take a back seat. Lack of time factor is all the more reason, why you should engage a financial advisor for dentists (Who is obligated to put your interest first). They will help you protect from major financial Tsunami, increase your net worth by categorically minimizing debts and increasing productive assets. Wealth Traits Financial Planners, No. 9, Maven Projects Centre,Dr. Thirumoorthy Nagar 3rd Sreet, Nungambakkam, Chennai - 600 034. +91 900305599, +91 9445518009 info@wealthtraits.com / www.wealthtraits.com

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