The best financial advice almost always ends with, “And be sure to consult a trusted financial advisor.” You may really like managing your finances, constructing your portfolio, strategizing tax advantages—but as a physician this is not your field of expertise. According to an article by CNBC, finding the right financial advisor is vital to your financial future. Here are some ideas on how to start your search for the perfect advisor:

  • Ask for referrals. Ask your family and friends who they use and try to get their honest opinion of their experience. You can also look at online referrals, but always take these with a grain of salt. Another great source of information is someone who actively networks—members of the chamber of commerce or referral networking groups.
  • Look into credentials. Look into the credentials of potential candidates and get a sense of what certain credentials mean. A Certified Financial Planner (CFP) practitioner has different skills than a Certified Financial Advisor (CFA). There are many designations to consider, but don’t be impressed with letters at the end of a name, unless they reflect a knowledge that can help you with your financial plan.
  • Find a fiduciary. A fiduciary has an ethical obligation to work on behalf of your best interests. This is crucial in selecting a financial advisor because there are so many financial products that can be sold to you that give an advisor a nice commission while passing along high fees to you.
  • Make sure they have experience with medical professionals. Don’t be afraid to ask, “How many other doctors do you work with?” Other career paths don’t carry the same amount of educational debt or require the same level of risk management (i.e., malpractice insurance). A good fit for you will be someone who has experience incorporating your entire financial picture into your planning strategies.
  • Google them. This may sound obvious, but it is worth adding to the list. You can find out if there are any red flags or skeletons in your candidate’s past. Also, you can get a feel for the person, which can be just as important as making sure they are a legitimate practitioner.

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