What Factors Should Doctors Consider when Choosing a Financial Planner?

What Factors Should Doctors Consider when Choosing a Financial Planner
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Financial Planning is very crucial for Doctors. Compared to others, doctors start their career late, mainly in the early 30s. Moreover, in the early stages of their careers, they have the burden of repaying education loans, setting up a clinic, and starting a family. All these require an adequate Financial Discipline and holistic Planning. Further, Doctors earn good but due to hectic working schedules and little to no knowledge of Financial Planning they put their money into investment products suggested by bankers or agents or into real estate, ignoring their true Financial Goals. 

Moreover, due to lack of time Doctors are not aware of trusted and reliable Financial Advisors in the market and have no time to conduct research and find one. They fall prey to unnecessary investments. Thus, to assist doctors find a Financial Planner, we have provided a list of what to look for when choosing one in this article. When you consider these steps you may save your precious time and find the advisor who meets your investments to your goals. Moreover to make things easier for you we conducted research of our own and found the Best Financial Planner for Doctors. We will introduce them to you by the end of this article. 

A Financial Planner for Doctors: 10 Factors to Look For

Below we have mentioned the 10 important points Doctors should consider when looking for a Financial Planner. 

Choose a Financial Planner with Past Experience with Doctors

No doubt the Financial needs and goals of each and every individual is different. But the challenges and investment goals of Doctors are very distinct from others. For instance, Indemnity policies are very important for doctors, so that they are protected in the event of a lawsuit alleging negligence or malpractice. To meet these requirements Doctors need an advisor with an exceptional understanding and past experience in Doctors’ Financial Planning. 

A Fiduciary Standard 

When choosing a Financial Planner, Doctors should always look for the one that follows a Fiduciary standard. The Financial Advisor should always put your interests at the forefront. Their work should be for the best interests of their clients, and any conflicts of interest should be disclosed upfront.   

Prudent Investment Advisor

It is not easy to entrust someone with your investments. It is best to be absolutely certain before handing over your portfolio to someone. So, before choosing an investment advisory firm ask them each and every question you have in mind. Understand the investment and financial planning process, and ask whether the investments will be done with your approval or not. Further, any modifications in the portfolio will be done with your permission or not. How often will they monitor your investments? Check for their past experience and credentials. 

Should be SEBI Registered

Always choose a SEBI Registered Investment Advisor. An RIA or Registered Investment Advisor is bound by the rules and regulations of SEBI and must act in the client’s best interest. When you choose an RIA for your Financial Planning and Investment Advisory you need not to worry about the qualifications, experience, and authentication of the person or the firm. 

Goal-Based Financial Planning

Doctors have specific goals to achieve both in short term and long term. It can be either setting up a clinic for practice or the higher education of kids. Thus their Financial Planner must ensure the investments are made for the timely achievement of each Financial Goal. 

Regular Performance Reporting

As a client, you have every right to track the performance of your investments. The performance reports should be clear and easy to understand. Ask your Financial Planner when you can expect the performance report., quarterly, half-yearly, or annually? Also, ask whether you will be provided with Investment monitoring software or not to check the current performance of your funds. 

Keeps your Risk Appetite in mind

The risk-taking capacity of each individual is different and that applies to Doctors too. Your Risk appetite is different from your friend or relative that’s why your investment should also be different. The Financial Planner must undergo your risk profiling and make adequate investments accordingly. 

Avoid Commission-based Investment Planners

Commission-based Investment Advisors ignore the client’s best interest and focus on their own good. Therefore, when choosing a Financial Planner, Doctors should look for a Fee-only Financial Advisor. In this way, you can be sure that the investments are made for your good and not for the incentive and commission of the advisor or the agent. 

Quality of Service

Check for the quality of service your Finacial Planner will provide. Is Financial Planning and Investment Advisory included in one plan? Do they follow a step-by-step Financial planning process? If you contact the Financial Advisor will they be readily available to answer your queries?

Check for Referrals and Reviews

When choosing a Financial Planner for Doctors the last point to consider is the Referrals and Reviews of the firm. Do they have some satisfied and genuine clients, particularly Doctors? Look for the ratings of the Firm and read the reviews provided by their clients.

The Best Financial Planner for Doctors (Fulfilling all the 10 Factors)

In the section above we have discussed with you the 10 key points to consider when choosing a Financial Planner. 

Now, as we told you earlier in this article here we will introduce you to one of the most trusted Financial Planner for Doctors. The Firm that completely fulfills our checklist above and is recognized as one of the Best Financial Planner for Doctors is Dr. Good Money, your Wealthcare Specialist. 

The reasons why they appear on the top of our list are as follows –

  • Experienced and Trusted Chief Financial Planner and Founder Mr. Manikaran Singhal.
  • 17+ years of experience in Financial Planning and Investment Advisory
  • Extensive Experience in Personal Financial Planning of Doctors
  • A SEBI Registered Investment Advisor
  • Fee-only Financial Planning Firm
  • Fiduciary Investment Advice and Goal-Based Financial Planning
  • Holistic Financial Planning includes Investment Planning, Estate Planning, Loan Management, Insurance Planning, etc.
  • Two Financial Planning Service options – Plan Rich and Live Rich
  • Goal-based Planning, timely monitoring, and the best and most reliable advice. 


You can’t trust anyone after all it’s your hard-earned money. The checklist mentioned above will help you choose a reliable Financial Planner for Doctors. Further, with Dr. Good Money you can be completely assured about your Financial Planning and Investments. They are experienced, trusted, and recognized and will always work in your best interest. 

Also Read: A Guide to Hire a Reliable Financial Planner

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