Expert and impartial financial advice for doctors is highly recommended as they are subjected to financial challenges which individuals in less other careers simply aren’t. There are a number of professionals out there providing specific financial advice for doctors, and these individuals should at least be consulted by doctors to discuss exactly what services they can offer and how these will benefit doctors when compared to more conventional, off the shelf advice.
Many providers of financial advice for doctors have worked for the NHS for many years and as such have an intricate understanding and knowledge of NHS remuneration and benefits packages. This enables them to create specifically tailored plans which optimise a medical professional’s wealth as they progress through their career.
If you are considering a number of providers of financial advice for doctors then to help you decide which you should opt for it is important to ensure they offer a full breadth of services.
Financial advice for doctors should include the following services:
· Income protection- this element of financial service ensures that if you suffer an illness or injury which makes it impossible to work for a significant period of time, you will still receive an income.
· Professional indemnity- this ensures that when mistakes do occurs doctors are covered for a claim from a patient which could potentially run into millions of pounds.
· Life assurance- the object of life assurance is to provide protection against death or critical illness, so that if the worst should happen dependents are provided for until a mortgage or long-term loan is paid off.
· Pensions – irrespective of the stage of your career, it is essential a tailored pension plan is created early on to ensure you can enjoy your retirement to the full. An intricate understanding of the NHS pension payments will help providers of financial advice for doctors to maximise the sum.
· Investments- with so many different investment opportunities out there it is essential you choose those which will maximise your return. Such factors are dependent on the age, circumstances, investment goals and the career stage doctors are at.
· Mortgages- the way NHS remuneration packages are set up can create difficulties for doctors when applying for a mortgage. However, there are bespoke mortgages which can be created which negate this issue.
This list is far from exhaustive and exceptional providers of financial advice for doctors should offer a range of services which far outstrips this range.