Stress reduction. For many professionals such as yourself, the primary benefit of financial planning seems to be the reduced level of stress that comes from having their total financial situation clarified and organized. Having a relationship with a financial professional also imparts the confidence that they’re prepared for events that are to come with their ever-evolving financial future.

Confidence for family members. The spouses of many medical and dental practitioners relay to us that they gain a new sense of confidence in having a single go-to professional who can manage their finances should tragedy strike.

Joe Emdy is a 65-year-old doctor. He would need roughly $3 million to achieve financial independence beginning today in order to sustain a net income of $10,000 per month in today’s dollars during retirement. Assuming Joe had achieved an average annual return of 10%, and had started investing 30 years ago, he would have needed to invest approximately $1,300 per month to accumulate the money. However, had he started investing 10 years ago, the amount he would have needed to invest rises to approximately $14,600 per month!

As you can see, the longer one waits to invest, the more difficult it becomes. We have repeatedly seen this lack of understanding leave professionals mistakenly believing that they can delay saving until late in their careers, with the expectation that they can accumulate the required amount then. This problem is often compounded by their belief that money received from the sale of their practice will provide sufficient funds for retirement; unfortunately, this is seldom the case.

To learn more about why doctors in private practice are having a challenging time achieving financial success and our specialized approach for helping these professionals reach their financial goals, we encourage you to contact us to schedule a no cost, no obligation consultation.