Make sure you choose the right financial advisor for doctors for professional financial advice. Most advisors are not out to deceive you. They are well-trained to sell products and not just focus on financial advice. 

Let us take a look at some of the most important things to consider when choosing the right financial advisor.

Fee-only

There are two types of financial advisors: fee-only and fee-based. You should separate your advice from the products you buy. The person recommending the product will get a commission from the recommendation if you don’t separate the advice.

A lot of fee-based financial advisors will tell you that the advice they offer is free. What they do not tell you is how much you will be paying them based on the commission for insurance products. Fee-only advisors can only give you quality financial advice.

They do not make a commission from selling insurance products. This reduces the conflict to zero. You take advice from a fee-only financial advisor for physicians and buy insurance products from independent agents recommended to you by the advisor.

Fiduciary

This is a type of advisor that signs a contract with you. The contract states that they are legally and ethically obligated to do what is best for you. The fiduciary standard is something that a lot of certified advisors should agree to. You should find that in your advisor.

Familiar with doctors

Doctors have a unique financial situation that isn’t experienced by most people. Your ideal advisor should be familiar with and have the necessary experience working on doctor-specific financial situations. This includes specific investment vehicles and student loans.

Reasonable free model

You need to pay for services that you are hiring a financial advisor for doctors to provide. Make sure that the fee is reasonable. You should determine what reasonable means and know how much you are paying to determine if you are getting a good ROI.