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Writer's pictureRobert Allamon

4 Reasons a Young Medical Professional Should be Using a Financial Advisor

Updated: Apr 18



A common question people ask is whether they should use a Financial Advisor to assist in the development of a financial plan and the portfolio that supports it. Let’s consider several indicators that can be used in making that determination. You should probably be working with a financial professional if…


You are squeezed for time.


Let’s face it, young medical professionals are squeezed for time. You’re building a career, raising a young family, establishing yourself in the community, and maintaining relationships with family and friends! You’re busy. You don’t have the time to focus on your finances to

the degree you would like to. It’s not that you don’t want to focus on your finances, it’s that there are only so many hours in a day. This is where collaborating with a financial professional can make all the difference. It could provide you with someone who can help keep you focused and free you to do the things you do best while they pay attention to the things they do best.

You sense a lack of direction in your portfolio.

If you look at your investments and think to yourself, “Why do I own this?” or “What is that supposed to do for me?” or “I wonder if I should own one of those?” then you are probably sensing a lack of direction and long-term strategy for what you want your money to do for you. This doesn’t mean that what you are doing is bad, in most cases it means that the pieces have never been properly linked to the bigger picture. Working with a financial professional can bring purpose and direction to your portfolio by clarifying your values, refining your goals, and establishing your priorities creating a context in which the pieces are anchored to the broader picture.

You feel a lack of coordinated communication among the players on your financial team.

Most young medical professionals are creating a personal financial team that may include a CPA, an estate attorney, a tax guy, etc. The benefits gained by having experienced players on the team speaks for itself. The downside, however, is that there is a lack of a single point of contact to coordinate communication among them. Each professional speaks to their own area of expertise, but each tends to exist in their silo. Working with a financial advisor may give you someone who sees the whole picture-a personal CFO.

You find prioritizing your growing cash flow to be confusing. Some young medical professionals that met with us at our office needed help prioritizing their cash flow with their growing list of objectives. Balancing issues like kids’ education, housing improvements, saving for your long-term future, and spending money on valuable experiences now can be very confusing. Working with a financial advisor to model differing scenarios can be an invaluable resource when making these types of decisions. Having a

trusted financial professional who is well acquainted with your specific situation that can give a thumbs up or thumbs down regarding investments and purchases can make all the difference.

At R&R Financial Advisors, we are helping young medical professionals to address these and other significant challenges.

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Investment advisory services offered through Brookstone Wealth Advisors, LLC (BWA), a registered investment advisor.  BWA and Brookstone Capital Management, LLC are affiliated companies. BWA and R&R Financial Advisors, LLC are independent of each other.   Insurance products and services are not offered through BWA but are offered and sold through individually licensed and appointed agents.

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