April 2021 marked MD Financial's 10 year anniversary of working with doctors!

In that time we've learned so much about what makes doctors resilient, compassionate, and have also learned about where they need our help the most.

1. Doctors need more help on their finances than other job professions, a lot more. You’re so busy, and have a high stress job. Your time is valuable and limited.

2. Doctors don’t have the margin for error in their finances that other job professions have.

a. Shorter work life (less time to make money)

b. Higher taxes

c. Higher student debt

d. Work longer hours—more tired, and more likely to make financial mistakes

3. Doctors really appreciate our advice; they understand that we are professionals in our own right, and really put their trust in our hands. We’re glad to give you peace of mind about your finances!

4. Doctors can make great decisions when they have good data and resources. They can make not-so-great decisions when relying on the advice of their colleagues. Trusted coworkers do not necessarily make for trusted advisors.

5. Doctors are not making as much as they think they are. “Do you want to be rich, or do you want to look rich?” This translates to seeking financial security versus material goods/personal image.

6. Doctors need a more tax-efficient investment strategy because they are always in the crosshairs of the IRS; saving on taxes is much more important than other professions. The doctors’ tax bracket is hit very hard with taxes. Some proposed tax changes out there currently: increased capital gains taxes, wealth tax, mark to market taxes; if passed, these could dramatically impact doctors.

7. Doctors need a clear understanding of taxes and how to reduce taxes now and in the future. This is why we always go over the Tax Triangle with every one of our clients.

8. Doctors need to practice more introspection and give more thought/attention to living their best, happiest, and most productive life. Your career is defined by helping others, so reflecting on your own wellness is so very important.

9. Doctors typically have unrealistic expectations of:

a. Their abilities to choose investments

b. How much they can/should save

c. Paying for their kids college

d. How much house they can afford

e. How much in taxes they are really paying

f. The quality of investment options is the same across the board

g. What it takes to live on in retirement

10. Doctors are not giving themselves margins; they are stressed out and not living their best life.

Hang in there! We appreciate and respect you all, and the work you do. Like you’re there for your patients, we can be there for you. Building up doctors will continue to be MD Financial’s focus over the next 10 years.

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Remember that you can send us any questions at: Info@MDFinancialAdvisors.com

Katherine Vessenes, JD, CFP®, is the founder and CEO of MD Financial Advisors who serve 500 doctors from Hawaii to Cape Cod. An award-winning Financial Advisor, Attorney, Certified Financial Planner®, author and speaker, she is devoted to bringing ethical advice to physicians and dentists. She can be reached at Katherine@mdfinancialadvisors.com.