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How medical professionals can benefit from an overall wealth management solution

  • Written by News Feature Team



As a health care professional, you have made it your life's work to focus on the care and health of the general public. While this kind of work can be extremely rewarding and fulfilling it does take up a lot of your time, leaving you minimal time to spend with your family and friends. And if your personal commitments are taking a back seat to your career, we can guarantee your financial plans also get pushed aside.


It can be extremely stressful trying to find the time to fit in seeing an accountant and other financial specialists to try and sort out all of your financial needs. By doing this, you may also find yourself getting conflicting advice and information . It can be far more beneficial to try and find a tax firm that can combine all of these services into one, creating a custom tax, accounting and wealth management solution.


By rolling all of these services into one, you are guaranteed to get custom advice targeted to your profession that will help you move forward in a positive way without the stress of trying to handle everything yourself. Better still, having a single point of contact means you will have an advisor that is familiar with your situation, work and lifestyle.


Things to Consider


  1. Integration
    Look for a wealth advisor that will work with you to help integrate all of your investments into one and help reduce your tax, meaning less stress and work for you. An optimal investment strategy allows you to save money and better run your practise (if applicable).

  2. Personal Asset Protection
    As a medical professional, you unfortunately can become a target for potential litigation. It is vital that you plan to have all of your personal assets protected in case you ever do end up in an undesirable situation.

  3. Personal Investment
    Look for an advisor who will be able to guide you into making smarter personal investment decisions to help grow your personal wealth.

  4. Debts
    A good wealth solution advisor will be able to help you restructure your debts to help manage your business (if you are a business owner) and increase your personal cash flow.

  5. Automation
    If you do run your own business or practise look for a firm that will help advise and implement automated payroll,tax and accounting solutions. This will take a lot of stress off of you and give you more time and energy to put back into your business.

  6. Investment Loans
    Look for a company that will tell you how to better structure your investment loans and save hundreds if not possibly thousands in interest repayments. This should be done for any business, home or investment loans that you may have.


Above and beyond everything, you want to look for a provider who will help make your life easier and more seamless. It is important that your adviser takes the time to walk you through all of your options and make sure that you properly and thoroughly understand what they are proposing. If you feel uncomfortable, always know that you are within your rights to seek another professional opinion.


Overview
When looking for a way to combine all of your tax, accounting and wealth needs into one remember to keep in mind the below points:


  • *  Look for a firm that will help integrate all of your investments, helping you reduce your tax
  • *  Plan for personal asset protection
  • *  Make smarter personal investment choices
  • *  Consolidate debts to help increase personal cash flow
  • *  Automate any payroll, tax and accounting wherever possible
  • *  Restructure your investment loans to save on interest repayments


Over time, your financial strategy should evolve and change as needed. Make sure you take the time to meet with your wealth management advisor at least once a year to re-evaluate your strategy and make any necessary changes.


As a medical professional, what do you find is the hardest thing to do when it comes to managing your tax, accounting and personal wealth?

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