Five Factors To Consider When Choosing A Financial Planner

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An article from Medical Economics lists important factors one must consider when choosing a financial adviser. These are:

1. Credentials: A certified financial planner (CFP) will be accredited after taking several courses and passing an exam

2. Services offered: While many CFPs specialize in investment advice, finding a CFP that will help a physician manage their assets may be particularly beneficial

3. Payment: Several different payment models exist (e.g. hourly or based on commission) and it is important to discuss which model is used by the CFP

4. Disciplinary history: Physicians can contact regulatory agencies like the Financial Industry Regulatory Authority (FINRA) or the CFP board to inquire about a CFP’s disciplinary history

5. Experience with physicians: Previous experience advising medical professionals will mean the financial adviser will understand the particular nuances that are unique to a physician’s finances, like maintaining a medical practice or malpractice insurance

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