Rx for Wealth: How Medical Professionals Can Maximize Financial Health

If you’re a medical professional, you’ve invested immense time and resources into your education and career development. Yet, the demanding nature of building and growing a medical practice often leaves little room for anything else. Despite the capability to generate wealth, many professionals may not be overseeing their financial affairs effectively, leaving potential opportunities untapped.

Managing investments is just the tip of the iceberg. Comprehensive wealth planning is crucial for a stable financial future. From tax savings strategies and cash flow projections to retirement and estate planning, ensuring that every aspect of your financial life is aligned with your goals is crucial.

Investment health check-up
To help medical professionals gauge the effectiveness of their wealth management, Newport developed the Medical Professional Checklist. This resource is designed to assess whether your financial affairs are receiving the level of attention and standard of excellence required to build, protect, and enhance your wealth.

The assessment is focused on four key areas: My Practice; Investments; Tax; Wealth Planning. Examples include:

• I have a plan for managing and investing my corporate assets.
• My portfolio includes access to high-quality investment alternatives such as private real estate, mortgages, and private debt.
• I know if I am optimizing my after-tax income.
• My debt is structured in a tax-efficient manner.

If the responses lean towards “no”, “I don’t know”, or you’re simply not sure, this could signal an opportunity to pinpoint and rectify gaps in your wealth planning strategy. Recognizing these areas allows for progress towards a well-organized and efficient long-term financial plan.

Newport Portfolio Manager Amélie Beauregard emphasizes the importance of this holistic assessment. “Understanding your investment status is fundamental to financial health. If you’re unsure about any of these aspects, it’s an opportunity to identify and address gaps. We can steer you towards a more structured and optimized financial future.”

Doctor, heal thyself
Recognizing the need for a more organized and optimized financial future is the first step to a healthy financial future.

For those looking to explore how to better manage and optimize their financial health, we invite you to download our Medical Professional Checklist to fully assess your financial standing. If you think your financial health requires a remedy, consider arranging a call with our wealth management team and discover how Newport’s dedicated approach can make a significant difference in your financial wellbeing.