financial planning for doctors

With technology being so handy and every answer being a Google away everyone has started considering themselves a “Financial Advisor”. However, when it comes to Doctors achieving true financial freedom and investing in the right products Googling the query is not enough. Doctors need someone who is experienced, reliable, and advises what’s best for your interest. The market is full of mis-sellers, agents, and advisors who focus on building their own commission rather than your needs and goals.

Further, in India where every other person considers themself a financial planner finding the right person can be quite overwhelming. Therefore, in this article, we will throw light on the traits one should look for when searching for a Financial Advisor for Doctors in India. In addition, we will reveal our top pick for Financial Planning for Doctors at the end. 

Qualities of a Good Financial Advisor

Finding a reliable Financial Advisor can get really tough. With so many advisory firms claiming themselves to be the best finding the right one can be challenging. Thus, below we have mentioned the key qualities that a Doctor or medical professional should look for in a Financial Planner. 

A True Fiduciary

The first and foremost quality to look for in a Financial Advisor for Doctors in India is whether he upholds a fiduciary standard or not. A Good Financial Planner always works for the best interest of the client. You are not forced to purchase products that meet the advisor’s own sales goals. The financial advisor must have a transparent compensation structure and should not hide anything from the client. 

Professional Qualifications

In India where every second person is a so-called Financial Advisor what differs a professional and a rookie are the educational qualifications and field experience. Therefore, Doctors should always do a little background check before selecting a Financial Advisor. The person must be a Certified Financial Planner (CFP) or a Chartered Financial Analyst (CFA) or he must possess a master’s degree in finance. Further, he/she must possess a significant experience in Financial Planning for Doctors. 

Holistic Approach

Financial Advisory is not just limited to investments. A True Financial Advisor always takes a holistic approach to wealth management. He takes care of everything from Investment Planning, to Debt Management, Estate Planning, and Tax Planning. The Financial Plan is prepared taking into account all aspects of their financial portfolio and the best advice is provided to meet their needs. 

Goal-based Financial Plan

Financial Planning is not just concerned with savings, investments, taxes, etc. A true financial plan is that which helps the client achieve its financial goals. A Doctor can have multiple financial goals like setting up a clinic, buying a house, or going on a vacation. All these short and long-run goals need advanced planning and adequate investments, taking inflation into account. Thus, when looking for a Financial Advisor in India Doctors should always choose a Goal-based Financial Planner. 

No commission-based selling

A reliable Financial Advisor always keeps clients’ best interests at the forefront. He doesn’t try to shove investment products down your throat just to build his own commission. Therefore, when looking for a Financial Advisor always choose a fee-only Financial Planner. Avoid the ones who earn commission over your investment. 

Also Read: Financial Planning for Beginners

SEBI Registered Practitioner

The Securities and Exchange Board of India (SEBI) regulates Investment advisory services across India. A person registered with SEBI must abide by the statutory rules and regulations and act in the best interest of the client. Thus, Doctors should always choose a Financial Advisor registered with SEBI. 

Available when you Need

Lastly, your Financial Advisor should be available whenever you need. He should listen to you and understand your requirements and provide the best advice. 

Our Top Pick for Best Financial Advisor in India

 There are lots of Financial Advisors out there and finding one can be quite exhausting. That’s why we did some research, compared the services and expertise of multiple financial Advisors, and found a reliable, professional, and highly experienced Financial Planners in India – Mr. Manikaran Singhal, the founder, and Chief Financial Planner at https://drgoodmoney.com/

Dr. Good Money is a financial planning website committed to the Financial Planning of Doctors and medical professionals. The key features of Dr. Good Money are described as follows –

  • Mr. Manikaran Singhal is a SEBI Registered Investment Advisor.
  • More than 15 years of Experience in the field of Finance.
  • Managing the financial planning for multiple doctors across India
  • No Commission-based selling. A fee-only financial advisor.
  • A well-defined Financial planning process considering your cash flow and goals.
  • Excellent ratings and reviews by well-renowned Doctors.

Final Words

If you are also looking for a Financial Advisor for Doctors in India then always consider the key qualities mentioned above. It will help you choose the right advisor that meets your needs. Also, you may choose Dr. Good Money as your Financial Advisor. They are experienced, trusted, and reliable and we are sure that you won’t regret your decision. 

By Anurag Rathod

Anurag Rathod, as a blogger he used to spread all about app-based business, startup solution, on-demand business tips and ideas and so on.