Financial Planning - How we work
It's all about you
The main reason to seek financial advice or invest in a financial plan is not about having more money, but rather about enabling your finances to help you facilitate the life you want, now and into the future.
A good financial plan, therefore, always comes back to how it achieves this ultimate goal, without any surprises along the way.
This is why we spend a lot of time understanding our clients' goals, and how these evolve over time, to ensure our advice is directly in line with what you want out of your life, now and into the future.
Put yourself in the driver's seat
When it comes to your money, it's crucial that you're in control. It sounds straightforward, but for a lot of doctors this is not the case.
It doesn't need to be complicated, but you need to be on top of the basics knowing what you have coming in, what's going out, and then what you're left with.
Without this knowledge, it's very hard to make any sort of financial plans with confidence, and it's impossible to create financial independence if you consistently spend everything you earn.
Protect what you create
Insurance underwrites the risk of something going wrong while you're building your assets.
You are, and will continue to be, your most valuable financial asset, so we ensure all of our clients have comprehensive cover in place before embarking on creating wealth.
Investing in a comprehensive protection strategy is a positive step, as it ensures there are no surprises, and as your wealth builds and you become more financially secure, you can reduce your cover.
Own your lifestyle, don't borrow it
When money starts coming in, it's easy to get carried away living a lifestyle that's financially unsustainable, supported by borrowing.
It's never been easier for doctors to over-spend, as a result of a combination of low interest rates and over-generous lending by banks.
Just because you can borrow money, doesn't mean you should - having lots of debt will cause stress, restrict your choices, and limit your ability to invest and build funds for financial independence.
Having some debt is a part of life, but it's important to understand the opportunity cost of this and make decisions in the context of your overall situation and objectives.
Make informed financial decisions so that you can enjoy your money
Our strategy is to financially model your position, including all the lifestyle assumptions you wish to make, which means we can therefore predict, with reasonable accuracy, how your financial future will look.
Our advice, combined with all big financial decisions, are entered into the model so the implications of changes and decisions are known before you make them.
This process will allow you to have confidence in your finances so that you can enjoy the money you've worked so hard for.
Services tailored to your stage of life
Your career stage and your goals will determine the kind of services we suggest for you - there's no one-size-fits all approach.
Foundation advice is suitable for newly qualified doctors and those in the first years of training. You'll benefit from initial set-up services from one of our experienced financial planners, then ongoing management from one of our client managers.
Annual advice is for those further through training but not yet fully qualified. You'll benefit from initial set-up of your plan and ongoing annual meetings with one of our financial planners.
Private client advice is for medical professionals who've finished training and/or have more complex needs. You'll benefit from initial set-up and ongoing regular contact with one of our financial planning partners. Our partners accept only a limited number of private clients to ensure they can provide dedicated service.
- Because we are paid for the services we provide to our clients on a flat-fee-service basis, we do not take any fees from super, investment or associated margin loans.
- As the majority of our clients implement financial protection as part of their plans, we factor the commission we receive from these products into our fees. This makes our fees lower than if we did not receive this commission. If financial protection will not form part of your plan, or you would prefer to work on a nil-commission basis for your insurances, just let us know and we will adjust our fees accordingly.
Medical Financial Pty Limited trading as Medical Financial Planning, ABN 31 131 051 333, AFSL number 506557. Sean O'Kane and Neal Durling are Directors of Medical Financial Pty Ltd.