Finding the Right Financial Advisor for Surgeons: What Questions Should You Ask?

Your surgical practice is challenging and has complex financial consequences. High incomes, sophisticated compensation structures, and a hectic schedule can make financial planning seem overwhelming. That’s why having a financial advisor sensitive to your individual requirements is an important step for helping secure your financial future. We at Surgeons Capital Management (SCM) are skilled at providing personalized financial planning for professionals such as yourself.

Understanding Your Needs

To successfully fulfill your requirements, we suggest focusing on these important areas:

• Wealth Management for Surgeons: Planning for growing and protecting your assets, securing your financial security in your career and retirement

• Risk Management for Surgeons: Identifying financial weaknesses and taking practical measures to counter them, as well as protecting assets in case of unforeseen events

• Investment Diversification*: Spreading your investments over a range of asset classes to help manage risk and reward for long-term growth

• Estate Planning Strategies for Surgeons: Implementing an appropriate plan to manage your estate, have your wishes fulfilled, and your family taken care of

• Legacy Building Strategies: Planning a continuing legacy for your descendants’ welfare that agrees with your values

When selecting the best strategies for your case, consider your financial aims, your willingness to assume risk, and your timeline.

Key Questions to Ask a Financial Advisor

Utilize the following questions when selecting the right financial advisor for your needs and evaluate responses against ours:

Qualifications and Credentials

• What certifications have you earned (CFP®, CFA, etc.)?
• SCM: Our professionals’ relevant qualifications, such as CERTIFIED FINANCIAL PLANNER® professional (CFP®) and Chartered Financial Analyst (CFA), confirm our financial planning and wealth management capabilities.

• What is your background in working with high-net-worth individuals, specifically with surgeons?

• SCM: We have a wealth of experience working with high-net-worth surgeons, and we appreciate your specific financial concerns.

• Are you a fiduciary?

• SCM: Certainly! We’re legally obligated to act in your best interest at all times. 

Investment Philosophy and Strategy

• How do you tailor investment approaches to individual financial goals and risk tolerance?

• SCM: We adapt investment strategies to your specific tolerance for risk and financial objectives, adapting them to your precise goals.

• What is your portfolio diversification strategy?

• SCM: We have a diversified investment approach, spreading assets across numerous classes for enhanced return and risk management.

• Can you make your fee arrangement transparent?
• SCM: We feature a clear and transparent fee arrangement with no hidden fees, so you can see exactly what your payment covers.

Risk Management and Mitigation

• How do you help clients with financial risk mitigation?

• SCM: We assess individual financial risks and help you manage them to safeguard your assets against unanticipated occurrences.

• How do you guard against market fluctuations?
• SCM: We use asset allocation and diversification* strategies to help insulate your portfolio from market fluctuations

• How do you address individual risk factors experienced by surgeons (e.g., practice management, malpractice insurance)?

• SCM: We advise you about managing your specific risks, including practice management and proper insurance coverage.

Financial Planning Process

• What does your overall financial planning process entail?

• SCM: Our service involves a thorough examination of your financial situation, and then planning, formulating, executing, and monitoring your agreed upon plan.

• How often will I see you to review my financial plan?

• SCM: We have a routine review schedule twice a year and are prepared for ad hoc sessions if needed.

• How do you inform and update clients?

• SCM: We continuously communicate through numerous avenues, including face-to-face, voice, and secure web portals, providing up-to-date information about your financial situation.

Estate Planning Strategies and Legacy Building

• What experience do you have with high-net-worth individual estate planning?

• SCM: We have considerable expertise working with high-net-worth physicians with their estate planning strategies, and your assets will be distributed as you choose.

• Can you assist me in creating a charitable giving plan?

• SCM: Absolutely, we can work with you to establish a planned giving arrangement that reflects your values and is designed to optimize your tax savings.

• How can we help you develop a values-based legacy plan?

• SCM: Together, we develop legacy-building strategies that reflect your values and protect your family for years to come.

Client Testimonials and References

• Can you provide client feedback and references?

• SCM: Certainly, we can share feedback from our clients who have gained through our service offerings.

• How can I obtain access to your success stories regarding your clients?

• SCM: We have in-depth case studies and can introduce you to actual clients who are willing to speak about their experiences.

Red Flags to Watch Out For

We recommend you be on the lookout for red flags such as high-pressure sales approaches, lack of transparency in fee structures, and overpromising guaranteed investment performance. Beware of financial advisors who will not answer your questions in detail or have little experience in working with surgeons and high-net-worth professionals.

Surgeons Capital Management Has the Right Answers 

Selecting the right financial advisor is key to addressing your individual financial concerns as a surgeon. By asking the correct questions, you can select a financial advisor whose values and aims best align with yours. 

At Surgeons Capital Management, we work to provide individualized financial planning relevant to your needs. Contact us today for a free consultation!