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7 Things to Consider when Choosing the Best Financial Planning for Doctors in India

by Steven Brown
5 Things to Consider when Choosing the Best Financial Planning for Doctors in India

Effective investment management is crucial for achieving Financial independence and goals in today’s time. It becomes even more crucial when it comes to Doctors and Medical Professionals. Since most Doctors in India earn a handsome amount of money but the hectic schedule results in no time for taking care of their finances. 

Though Financial Planning for Doctors in India is still the least popular, its importance cannot be neglected. Doctors are often prone to make investment mistakes due to a lack of financial knowledge and the unavailability of a reliable financial advisor. Therefore this article will provide you with a quick overview of the key points to be considered when starting with Financial Planning for Doctors in India.

#1 Fiduciary Standard

The Financial Planner you choose must follow a fiduciary standard. It implies that he should act in the best interest of the clients. But when you look out every other financial planner or advisor will claim to be a fiduciary. So, you need to dig deeper and find a financial planner for doctors in India that best suits your need.

One tip to do that is always check for past experience and the training of the advisor in investment and retirement planning, estate planning, etc.  

#2 SEBI Registered

To ensure that you are making your investments with a reliable financial planning firm always check whether they are SEBI registered or not. SEBI is the investment regulatory body of India and firms registered with them must protect the interest of their clients. Also, such firms must abide by the rules and regulations laid by SEBI. Thus, you are protected from fraudulent activities when you work with an officially registered investment advisor or financial planner.

#3 Professional Qualifications

Doctors looking for Financial Planners in India should also check the qualifications. The person should have a well-recognized degree or certifications such as Certified Financial Planner (CFP) or MBA in Finance or Chartered Financial Analyst (CFA). Though these degrees do not guarantee that the financial planner will act in the best of your interest but it ensures a certain level of expertise in the field. 

#4 Notable Experience with Doctor’s Financial Planning

Financial Planning for Doctors in India requires past experience and training. Doctors have multiple assets and also a high earning potential along with multiple financial goals. Moreover, in the initial stages of their career, most doctors have huge debts. So, managing everything based on income, savings, and goals requires an experienced and expert financial planner. Therefore, you should always check the past experience of your Financial Advisor when selecting one. 

#5 Goal-based Financial Planning

What’s the use of Financial Planning if it does not help you reach your long-term and short-term financial goals. Doctors have multiple financial goals to achieve, it could be establishing their own clinic, further studies, or buying a house. Achieving all these goals at the right time requires appropriate planning and investment. So, doctors should always look for a goal-based financial planner in India.

#6 No Commission based Products

Doctors are highly prone to mis-selling. They buy products from bankers, insurance agents, and real estate agents without considering their future goals, risk appetite, and investment returns. Management of finance requires a lot of skills, experience, and professional qualifications which bankers and agents do not possess. Therefore, Doctors should entrust their financial planning to a qualified, experienced Financial Advisor.

#7 Good Reviews

Lastly, one of the key points to consider when choosing a Financial Planner for Doctors is to look out for the reviews of the Financial Planner. Also, if possible lookout for some referrals. Choose the one with satisfactory reviews and experience with Financial Planning for Doctors. 

Summing Up

Searching for a good financial advisor is not as simple as buying a policy or product from an agent or banker. In India, where every second person considers themselves a financial advisor, finding an expert is difficult. It definitely requires some effort and research to find someone who works in the best of your interest. But in the end, you are able to achieve better financial stability, timely achievement of goals, and greater savings. 

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