At Scholar Financial Advising, we specialize in providing hourly, fee-only financial planning services designed exclusively for DIY physicians. We understand the unique financial pressures you face—from tax efficiency and investment strategy to student loans and planning for a secure retirement—and we’re here to help.
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Expertise One of the potential benefits of working with a financial advisor is having access to professional expertise and guidance. Financial advisors have a deep understanding of financial planning, investment strategies, and tax laws, and can help you make informed decisions about your money. They can also help you create a customized financial plan that aligns with your unique goals and circumstances. This is why you should search for advisors who have credentials that are not easily attainable. The minimum requirement for investment advisors is the Series 65 exam and, in our opinion, is way too low of a bar to be giving advice on something as important as someone’s finances. We prioritize hiring team members with extensive experience and difficult credentialing.
Avoiding Mistakes Another benefit of working with a financial advisor is avoiding common financial mistakes that physicians often make. Good financial planning is just as much avoiding bad decisions as it is making good ones. For example, many physicians struggle with managing student loan debt and finding the best way to pay it off. A financial advisor can help you understand your options and create a plan to pay off your loans in the most efficient and cost-effective manner. Additionally, physicians may not have the time or expertise to properly diversify their investments, which can leave them exposed to unnecessary risk. A financial advisor can help you create a balanced portfolio that meets your risk tolerance and long-term financial goals. Physicians are regularly pitched investment opportunities like real estate syndication and private equity. They are sold whole life insurance policies and annuities. These are complex financial products and investments that warrant the review of someone with knowledge in these areas.
Continuing to Learn Financial literacy is another important factor to consider when working with a financial advisor. As a physician, you may not have the time or inclination to stay up to date on financial news and trends. A financial advisor can (and should) provide you with the latest information and insights, helping you make informed decisions about your money. They can also help you understand complex financial concepts and provide you with the knowledge and skills you need to make sound financial decisions on your own. This is why our mission here at Scholar Financial Advising is simply to EDUCATE. EMPOWER. ENCOURAGE.
In case you missed the news…
We are listed as a Recommended Financial Advisor for White Coat Investor and Physician on Fire.
Fee Structures
When it comes to choosing a financial advisor, you have two main options: flat fee advisors or those who charge an assets under management (AUM) fee. Hourly advisors charge for their time and expertise on an hourly basis, which can be beneficial for those who only need occasional financial advice or have a limited budget. We’ve found that this model works great for physicians looking to get their footing as income and situations change, but don’t need much guidance throughout the year.
Working with a financial advisor can be extremely beneficial for physicians. A financial advisor can provide you with professional expertise and guidance, help you avoid common financial mistakes, and increase your financial literacy. Whether you choose an hourly or retainer based advisor will depend on your specific needs and circumstances. Ultimately, the goal is to find a financial advisor who can help you achieve your financial goals and provide you with peace of mind.