7 Financial Questions Physicians & Healthcare Professionals Should be Asking… But Rarely Do
Many physicians and healthcare professionals are focused on what they do best: caring for patients, advancing in their careers, and managing demanding schedules. What often goes unaddressed is their own financial health. In fact, many do not even know the right questions to ask, or that they should be asking them at all. As a career develops in this industry, it becomes increasingly important not only to frame the right questions, but also to recognize what to think about in the first place — and to know which professionals to turn to for guidance.
Just as you encourage patients to schedule routine physical exams, a financial checkup can be just as critical. Ignoring health concerns can allow small issues to become bigger problems. Skipping diagnostic tests can leave serious conditions undetected until it is too late. The same is true in your financial life. Early awareness and proactive planning often make the difference between struggling with financial stress and truly enjoying the rewards of your career along the way.
With that in mind, here are some of the financial questions physicians and healthcare professionals should be considering. They are not the only questions, but they highlight areas that too often go overlooked — and starting to think about them now can make all the difference for your future.
- Am I relying too much on my high income?
You have heard it a thousand times, I am sure. But too often we see people who are a slave to their income and job. Without a plan for debt payoff, you risk golden handcuffs, physician burnout, and an underfunded retirement. - Are you capitalizing on all the tax-efficient investments that you can be?
Healthcare workers often have many more options to save money than the rest of us. 401ks, 403b, 457b, Backdoor Roths, HSA plans. All of these and others are available for you. And the planning opportunities can become even more complex and significant for those who own their practice. - Is my disability insurance strong enough to protect my family?
Most people think life insurance comes first. But here’s the truth: being alive and unable to work is often more common. - How can I be ready to make a career shift, i.e., joining a private practice or buying into a surgery center.
Rarely do we meet healthcare professionals who only likes to just work their job and that’s it. Transitions into new opportunities are exciting but also risky. Understanding the implications on capital required, expected return, taxes, and new retirement plan design should all be on your list. - Is my student loan strategy aligned with my income, financial plan, and career track?
Ahh yes, the dreaded word all physicians must face “student loans”. Your plan must evolve based on where you are in life. Buying a house, starting a family, saving for retirement are all wonderful. But those student loans are likely not going anywhere. - What happens to my practice, family, or patients if something happens to me?
Yes, disability might be first on the list, but this is second. Establishing trusts, buy-sell agreements, beneficiary designations, and having the appropriate type and amount of life insurance are essential. These types of problems should not add to the pain your family will go through. - Am I protected from lawsuits beyond my malpractice policy?
Like it or not, that M.D. or D.O. after your name might as well be a bullseye for lawsuits. Asset titling, umbrella policies, or trusts that could add extra layers of protection should be on your bucket list. - What’s my exit strategy and how much do I need to walk away on my own terms?
The best way to enjoy life now is by understanding the path it takes to enjoy life later.
Thank you for your time, and remember: if you don’t want to do this alone, make sure you find someone who is going to act in your best interest.
“Well, what does that mean?”
Reading through these questions is only the beginning. The real value comes when you sit down and work through them in the context of your own career and life. Just as no patient should try to diagnose themselves, no physician should have to navigate these financial questions alone. A conversation can bring clarity, uncover opportunities you may not have considered, and give you confidence about the path ahead.
As you think about your future, ask yourself: what are the five financial concerns weighing most on your mind right now? Those answers are the starting point for a deeper financial checkup — one that looks beyond income protection to wealth accumulation, lifestyle design, and long-term security. And if you choose to seek help, make sure it is from a fee-only advisor, someone paid to serve your best interest, not sell you products.
If you would like more information about the terms and strategies discussed in this guide, or if you’re ready to explore how they apply to your specific situation, contact Waverly Advisors. With experience working with individuals, families, and executives managing significant wealth, we specialize in creating tailored strategies with the goal to help you grow, protect, and transfer your assets effectively.
MEET THE AUTHOR
Wesley Martin CFP®
Associate Wealth Advisor
Wesley Martin joined Waverly Advisors in July of 2024 after River Capital Advisors was acquired by Waverly. As a CFP® professional with a Master’s in Financial Planning from the University of Georgia, Wesley helps clients navigate the complexities of investment management, retirement planning, tax strategies, and risk mitigation.
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