For physicians in private practice, we created a white paper of financial planning considerations. Download a copy below.

Our advisors help physicians with the specific planning considerations unique to someone practicing medicine, in addition to the general financial planning that applies to all clients:

Even skilled physicians are likely to get sued at least once in their careers. And while the AMA notes that the majority of these claims get struck down in court, you didn’t become a physician to play with risk. Medical lawsuits are a very real concern. You need to prepare yourself accordingly.

As physicians finish residency and start their life in practice, planning for long-term financial success should become a top priority. For most physicians, this is the point where they command a respectable paycheck for the first time and can begin to make progress on their financial goals, but financial topics are not easy to understand from online research alone. There’s plenty of conflicting advice out there, and most of it isn’t tailored to the unique financial needs of physicians.

As a physician just starting your practice or switching jobs, you have a lot of financial considerations to consider. One of the most important to-dos is signing a contract with your employer. How the heck are you going to get through that awful language in the contract offer you’ve been given? The contract language is important. Your physician contract will determine your responsibilities, compensation and legal protections as you advance in your new career. It’s to your benefit to negotiate the best deal possible.

Alex is a surgeon at a large hospital and Sarah is an anesthesiologist for a private medical group. They have 2 children. Alex has just been offered a new contract and a second offer at a private surgical group – he would like help evaluating his offers. Sarah recently was offered the ability to buy into her practice but doesn’t know what questions to ask. Alex has been participating in his 403(b) plan but doesn’t know if he should put money into the other retirement plans offered at his job. 

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