7 Common Financial Needs of Medical Professionals

Medical professionals go through their career in stages – intern to resident to fellowship and, for some, starting a practice. There are many directions for a medical career to take, but no matter where you end up in your field, financial security is always a critical consideration. It’s a relief to have a premier financial services firm support your investment objectives and complex financial needs.

1. Making Transitions

Whether you are in residency, ready to retire, or simply changing employers, there will be transitions for your benefits too when you make a change. Rely on a trusted partner to help you understand the most beneficial ways to carry over multiple benefits from one employer to the next. It’s not always intuitive what you should keep, unload, or shelve and still get the best financial results.

2. Managing Tax Burdens

Taxes. No one loves them, but they’re unavoidable. A meticulous financial advisor is qualified to advise medical professionals and medical groups about the smart ways to contribute to reduce their tax burden.

3. Preventing Loss and Protecting Assets

Loss prevention and asset protection strategies are a preventive measure to preserve the profits of your medical group and protect it from financial strife with unique, targeted strategies.

4. Managing Risk

Working in healthcare is a leap of faith. You are responsible for the well-being and lives of the patients who cross your path, no matter what field you work in. Caring for others is, inherently, a big risk. There are ways to minimize potential crises that develop from unwanted circumstances through risk management and insurance choices.

5. Achieving Savings Goals

Having multiple savings goals at the same time can be daunting and difficult. With financial planning help, you can save for yourself, your children, college, cars, homes, vacations, property, renovations, and more.

6. Handling Debt

The biggest kind of debt that doctors and other medical professionals typically carry is medical school debt. You deserve to live a comfortable, happy lifestyle without being buried under monthly, ongoing loan payments. The ideal investment for your portfolio mix is necessary in a market that is constantly in flux.

7. Coordinating Benefits

Multiple insurance plans require juggling if you’re trying to manage deadlines, payments, and more on your own. Financial advisors help coordinate insurance benefits for your practice but also the personal insurance that is best for your family. Medical, group, disability, and life can all be considered in detail and purchased in the amounts that make you feel safe.

Trusted Financial Partners for Medical Groups

At Hollander Lone Maxbauer in Southfield, MI, we are proud to be trusted financial partners for medical professionals and medical groups. Our active account management of your wealth is a window into your unique investment needs and enables you – now, while working, or in retirement – to save, pursue your goals, and envision a comfortable future.

Contact us to discuss your financial needs with a member of our team of select advisors and specialists. Maximize your investment return for even your most complex financial needs. Contact us today to schedule a consultation.