4 Discussions Young Medical Professionals should be having with their Advisor

Working with a financial advisor involves more than figuring out the right allocation between stocks and bonds in your portfolio. There are on-going discussions that are vital to the growth and development of your financial future. Below are four discussions that every young medical professional should be having with their advisor.

Goals Clarification Discussion.

For some people, the future is seen in terms of definite goals and concrete plans. They are clear, definite, and definable. They act like a gravitational pull drawing them in an established, well-defined direction. For others the future is more like a heading, a leaning, or a perception that is taking shape. It’s like a loosely held opinion that can be clarified, adjusted, or even abandoned as additional information is gathered. Either way, whether your

goals are clearly defined or taking shape as you move forward, a goals clarification discussion should be a part of your systematic interaction with your advisor. Doing so will help ensure that any shift in direction will be accounted for in the plan.

Tax Evaluation Discussion.

Let’s face it, no one likes to talk taxes, but it is a discussion you should be having regularly with your financial advisor. Creating greater tax efficiency in your portfolio as a young medical professional can be extremely important. Discussions involving the use of pre- and post-tax investments, Roth conversions, tax loss harvesting, distributions and more are essential in establishing the proper strategies as you move toward your financial goals. Being aware of the current tax environment and changes that may be taking place can prove invaluable.

Plan Projection Discussion.

What if you could see the impact on the future of decisions you made today? What if you could do this financially? This is the value of a plan projection discussion. It does three things. A plan projection enables you to see the future results of decisions made today based on current variables. As your variables change so will your results. Running multiple projections over time could allow you to stay on track towards the accomplishment of your financial goals. A plan projection may allow you to see areas of weakness in your current financial decisions. Finally, plan projections may allow you to compare several “what if” scenarios to further fine-tune your financial choices.

Inflation Survival Discussion. According to the Economic Report from Marketwatch.com, inflation has hit its highest levels since the early 1980’s. This is a discussion that should not be avoided. Understanding inflation as a personal experience, focusing on cash management strategies, considering

alternative investments, tax planning, and reviewing long-term projections can all be helpful in handling the current challenges.

At R&R Financial Advisors, we are engaging young medical professionals needs and concerns in an understanding and empathetic manner.

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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.