New and seasoned physicians have different needs, but both can benefit from a comprehensive financial plan that assesses and minimizes their risk of losing financial security. A solid plan includes tax planning, financial planning, investment management, insurance solutions, and a retirement plan. Also key to a successful plan is collaboration between medical and financial professionals. Whether you own your own practice or are part of a hospital-owned practice, Mercer Advisors can help you with your unique financial needs – these may include advanced cash flow planning, financing for building or equipment leases, business insurance, paying off medical debts, and planning for retirement.
Mercer Advisors was established in 1985, so our experience working with medical professionals is extensive. We care about your success and wellbeing. That’s why our clients trust us with billions in assets.
Physicians accumulate a lot of wealth during their careers, but the risks and costs of managing their own wealth can be significant. We provide a holistic plan according to their needs to help ensure financial security for them and their families.
The Average Cost of Medical School
The cost of medical school is significant and represents an investment by the student. Understanding how the costs of medical school change by type of school and residence of the student is an important consideration when choosing where to study.
Source: Association of American Medical Colleges.
Financial Planning for Doctors Helps With Success Now and in Retirement
A solid financial plan looks at the full picture of your career and beyond: having proper life and disability insurance, securing your family’s financial stability, and achieving financial success in retirement. In addition, it may include managing student loans.
The cost of medical school is relatively high compared to other types of education. Today, 84% of medical students graduate with $100,000+ in student loan debt, according to the Association of American Medical Colleges (AAMC). More than a third of doctors with student loans expect the payoff to take at least 10 years.1
Mercer Advisors collaborates to address these key areas in a customized financial plan that effectively manages your unique financial situations and builds lasting wealth. We have experience working with physicians in setting a clear path to help achieve financial success — and providing confidence— so you can focus on what is important to you.
-
A 2021 study found that people who work with a financial advisor are almost three times happier with their life than those that don’t, mainly because managing wealth can weigh on a person’s emotional and mental state.2 Feeling secure financially allows for the time and mental space to focus on passions and long-term fulfillment that can lead to happiness.
Like people who self-diagnose rather than go to a doctor, those who try to handle all the complex strategies involved in financial planning may not be making the right decisions for success and security.
Like you, our wealth advisors are educated, knowledgeable, and experienced in their field. We collaborate with you to get a complete view of your financial landscape. That knowledge will help us provide personalized guidance on how to address your financial needs related to your profession and integrate them with your personal financial needs.
To start, these are some of the questions we ask:
- Do you have disability and life insurance?
- Do you still have student loan debt? If so, how much?
- Do you own a practice or surgery center? Or are you an employee?
- Are you planning for your retirement?
- Do you have an estate plan?
- Do you have children with disabilities?
- Do you want to pay for your children’s college costs?
- What is your projected lifespan based on your health and family history?
If you plan to work beyond the average U.S. retirement age of 63, it should be because you love your work and not because you are worried about you and your family’s financial security.3 We can also guide you through enjoying retirement in the absence of working.
There are many considerations and options when creating a financial plan that is right for you. Our wealth advisors have the experience to help.
Mercer Advisors has been helping individuals and medical professionals manage their wealth for nearly 40 years. Our focus is on your success. We can collaborate with you to build your financial plan.
1“Paying Off Medical School Debt: 5 Strategies for Doctors”, NerdWallet, January 4, 2022.
2Money Can Buy Happiness, If It’s Used to Hire a Financial Advisor, Study Finds | Business Wire
3What Is the Average Retirement Age in the U.S.? | Retirement | U.S. News (usnews.com)
Most Physicians Retire After Age 65
A tailored financial plan needs to consider retirement age. For physicians, this is often after age 65. Your wealth advisor will help create an appropriate plan that considers more years of earning income.
Source: ResearchGate, “When Do Primary Care Physicians Retire? Implications for Workfroce Projections,” 2016
