A Financial Second Opinion for Physicians and Medical Professionals

By: Michael J. Searcy

Just as a misdiagnosis can occur with your physical health, the same can happen with your financial health. Financial setbacks can be a challenge to overcome, and the longer you travel down the wrong path, the more difficult it becomes to get back on track. By seeking a second opinion on your financial plan, you may be able to catch those misguided turns and make the changes necessary to reach a successful financial future.

If you starting working with an advisor early in your career and haven’t looked at the options available to you today, you may not be aware of the industry changes, competitive standards and technology updates that have helped advisors advance their level of service and care. You may also be facing new life and age situations that weren’t addressed in your original plan. In fact, you may have originally been set up with a “plan” filled with insurance and investment products that didn’t take into account other aspects of your life.

A solid financial plan considers other aspects of your life and how they are inter-related with your investments. For medical professionals, a financial plan should also address estate planning, asset protection, goal funding, and insurance needs, as well as other goals you may have for owning or selling a practice and succession planning. Your advisor may not be keeping up with these changes and delivering quality advice, but chances are you face the issue many medical professionals face – a lack of time to do anything about your financial situation.

You don’t have to switch advisors or make dramatic moves; there are small steps you can take to get an evaluation of your plan before making changes. One prudent option is utilizing a fee-based advisor for a “second opinion” analysis of your current financial plan. Let the advisor know you are currently working with another advisor, but would like them to determine the strengths and weaknesses of your current financial plan to determine if any changes might be worthy of your consideration. This allows you to check the viability of your plan for reaching your goals and uncover opportunities your current advisor may have missed that could have a significant impact on your financial future. This may also show you the plan you have in place is a solid plan for reaching your goals and changes aren’t necessary. No matter the outcome, you can walk away with a better understanding of your needs and options.

Is it time to get a second opinion on your financial future? Ask yourself these questions: Am I confident my financial plan is leading me toward a successful retirement or other specific goals? Do I feel my assets are properly protected? Will my financial plan help me meet the income needs of my future? If you are unclear on any of these questions or have any concerns about your current advisor, ease your stress and worry by getting a second opinion to know exactly where you stand.

Originally published in MD News

Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this content, will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for you or your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter (article) serves as the receipt of, or as a substitute for, personalized investment advice from Searcy Financial Services, Inc.

The content of this letter does not constitute a tax or legal opinion. Always consult with a competent professional service provider for advice on tax or legal matters specific to your situation. To the extent that a reader has any questions regarding the applicability of any specific issue discussed in this content, he/she is encouraged to consult with the professional advisor of his/her choosing.  

Published for the blog on December 12, 2014 by Searcy Financial Services, your Overland Park, Kansas Fee-Only Financial Planner and Investment Manager.