Looking for a Financial Advisor for Physicians?

Do doctors have unique financial planning needs? Absolutely. A specialist financial advisor for physicians is just what the doctor ordered.

The US Bureau of Labor Statistics (BLS) reports that the median annual compensation for physicians and surgeons ranks among the highest of all occupations, around $208,000 in 2021. But what the BLS doesn’t mention is that the average medical school graduate owes over $240,000 in total student loan debt.

Beyond these headline numbers, a range of other factors can play a significant role in how a financial plan is personalized for physicians. For example, if you’re a doctor employed by a large hospital, your salary and benefits may look very different from a physician in private practice. And your career decisions and lifestyle aspirations can substantially impact your financial planning needs when it comes to how quickly you can pay off student loans and how soon you may be able to retire.

Rather than tackling this challenge on their own, many doctors turn to financial advisors who understand the unique obstacles faced by physicians so they can spend more time enjoying life and practicing medicine with less money stress.

But where can you find a financial advisor who specializes in financial planning for physicians?

You’ll likely find dozens of nearby financial advisors in your community well-suited to help you reach your money goals with a personalized plan. But it may be more difficult to find a financial advisor with the experience and knowledge of serving professionals in the medical field who knows what it took for you to become a doctor and the opportunities now available to help you achieve your financial goals.

Fortunately, many financial advisors offer virtual services so you can meet online no matter where you (or they) live. This means you can choose to hire a financial advisor who lives hundreds of miles away if you decide their knowledge and experience working with physicians could help you achieve better outcomes.

Financial Advisors for Physicians

We sat down with financial advisors who specialize in serving physicians to ask what advice they would share with doctors seeking professional guidance and oversight of their investments and important money matters. Scroll down to view the Q&As and see what we learned.

Get to Know:
✅ Brett Tushingham

Three Questions with Brett Tushingham

We asked Wilmington, NC, financial advisor Brett Tushingham, a specialist financial advisor serving physicians, to answer three questions to help doctors make smarter money moves to achieve their financial goals.

Q: If you had one piece of financial planning advice you wish all doctors learned before starting medical school, what would it be?

Brett: These can be difficult times for physicians.  Most are earning a fraction of what they will earn after graduation, incurring substantial student loan debt, and working long hours.  The key is to establish a base financial plan that we call “ICU”. 

Income – Protect your income as it’s your greatest asset and obtain the maximum disability coverage available.  If someone relies on you for income then get a term insurance policy.  Forget about permanent insurance products as they can be very expensive and will rarely meet your needs.    

Cash – You need access to cash in the event of an emergency.  Put at least three months’ worth of expenses in an online money market account.  Most pay over 10x the national average rate and have no fees.    

Understand your student loans – Your federal student loans can potentially qualify for forgiveness.  Before you refinance see if you qualify for loan forgiveness and plan accordingly.  We recently worked with one physician who stands to have over $100,000 of debt forgiven.     

Q: How do the services you offer distinguish Tushingham Wealth Strategies from other advisory firms a physician may have been referred to by a peer?

Brett: Most physicians work long hours, are on call, and have stressful jobs.  They don’t have the time, expertise, or interest in proactively managing their financial affairs. Our “Personal CFO” service is ideal for physicians as it takes the financial planning burden off of their shoulders and addresses the challenges unique to their profession.  This includes:

• Student loan planning
• Asset protection
• Minimizing taxes
• Benefits planning for private practice
• College Planning
• Developing a lifetime income strategy 

We have developed expertise in these specific areas of planning that help physicians make more informed decisions and obtain better outcomes. 

Get to Know Brett:

View Brett’s profile page on Wealthtender or visit his website to learn more.

Q: For physicians who are nearing retirement but have managed their finances on their own to this point, what would you suggest they consider to help them decide if they should begin working with a financial advisor at this stage in their lives?

Brett: If you’re someone who enjoys proactively managing your finances and coordinating planning decisions with other professionals such as CPAs and attorneys, then continue to do it yourself.  

The information is all out there on the internet and in numerous publications.  The challenge is determining what applies to your specific situation, how to implement it, and navigating the ongoing planning so when those inevitable changes occur, you’re ready to act accordingly.      

There’s a lot at risk here when making specific planning decisions:

• At what age should I start Social Security?
• How do I coordinate the liquidation of my investment accounts, so I pay as little tax as possible? 
• What’s the most tax-efficient way to give to charity?

The physicians we work with prefer to delegate these tasks to a financial planner who understands their challenges and can provide the solutions they need. 

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