Choosing the Right Financial Advisors: Why you need more than a bank
Senior Vice President- Director of Private Banking
Very few physicians put themselves through med school, complete their residencies, and build a practice because they are passionate about managing their finances. While advancing into a new, more lucrative phase of one’s career can be exciting, it is important to keep in mind that greater levels of financial prosperity bring equally great levels of financial complexity.
Keeping the following things in mind when choosing a team of financial advisors can save you money, time and stress.
Your wealth management plan is not a quilt
Don’t try to patch it together. Too often, physicians and other professionals assemble the components of their financial plans piecemeal, over the course of years. If you take this approach, you’re likely to find your mortgage, insurance, and investments handled by different advisors, each with different plans and different—sometimes competing—interests.
Creating a cohesive financial plan with a tight-knit team of trusted advisors—ideally around one table—will ensure that each component is moving smoothly and in harmony with the others. And when faced with unexpected challenges, being backed by an experienced team that is always on the same page with you can make all the difference.
One plan does not fit all
Don’t try to fit your dreams into a template. Every individual has different aspirations, resources, and priorities. From student loan management to investment strategies to estate planning, your financial situation is as unique as you are.
A good team of advisors will take the time to get to know you, work with you to personalize your financial plan, and help you to adjust it as that plan grows and evolves over the years. Think of wealth management as one continuous discussion you have with trusted advisors throughout your entire career.
Set your expectations high
Your livelihood and your future are too important to take chances on. It is well worth your time to find an institution that will work best with you. A team of advisors with a wealth of experience, a strong reputation, and a clear understanding of your needs will be much more valuable to you than the short-term incentives offered by many financial institutions. Trust and integrity are priceless.
A plan is only as good as its execution
Don’t expect your advisors to do all of the work. No matter how skilled and experienced your team of advisors may be, they can’t bring your plan to fruition without you. However, a strong relationship with the right financial advisors will make executing your plan seamless and transparent. Ultimately, this is your money, your career, and your life. It’s up to you to make the most of it.