Physicians Working with Financial Advisors Get Better Results than Do-It-Yourself-ers

By Dr. Vicki Rackner

Did you know

Employed physicians who use a professional financial advisor

  • Feel better prepared for retirement
  • Have more in emergency savings
  • Have more diverse financial investments and
  • Feel more confident about their personal financial decisions

than physician financial do-it-yourself-er?

Did you also know

  • 57% of employed physicians use a professional financial advisor; 43% do not.
  • The biggest unanswered question that keeps more physicians from working with an advisor is, “How do I find an advisor whom I can trust?”

Key survey findings

These numbers come from the 2014 AMA Insurance Agency Report on Employed Physicians’ Retirement Preparedness.  Here are some other key findings:

  • 60% of practicing physicians are employed by hospitals, groups and medical schools
  • 42% of of employed physicians are behind where they would like to be in retirement planning
  • Employed physicians” #1  financial goal is to provide a comfortable retirement.  Other top concerns include funding long-term care, minimizing estate shrinkage and ensuring an inheritance for children/ grandchildren.
  • Half of employed physicians believe they have unique or more complex financial needs than other professionals.

Anyone looking for an advisor can contact: Bob Greben, Senior Investment Advisor – BMO Nesbitt Burns

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