Many of our clients have had some previous experience with financial planners. Most of the time it wasn’t a great experience.
Typically, they have been sold some super and insurance, or an investment, but they have been left wanting when it comes to receiving strategic financial advice.
The problem with this type of ‘product advice’ is that it does not consider your entire financial position, your goals and aspirations.
It’s as if you would treat a patient for one of their symptoms but ignore the other symptoms and the actual cause of their illness.
The only valuable way to receive financial advice for doctors and dentists is to ensure all the following areas are covered:
– Financial modelling to understand the financial path you are on and what needs to change to ensure you end up where you want to
– Cash flow management – how can we capture more income and where is it most efficiently applied?
– Tax planning – how can me maximise your after-tax income and ensure your investments generate tax-efficient income?
– Debt management and finance – how can we accelerate the repayment of non-deductible debt and how do we structure investment debt?
– Investment and wealth creation – which strategies and investments may be suitable, and how do we fund them?
– Superannuation – how can we optimise your benefits in terms of fees, performance and contributions?
– Protection – what risk management and asset protection strategies can we put in place?
You will notice that all these different areas interact with each other, and thus need to be viewed as part of the bigger picture as well as on a micro level.
So, if you are ever looking for financial advice again, make sure you get the full picture.
If you want to learn more about how to select the right adviser, please click HERE to download my ebook on this topic.