If you are a doctor setting up a new practice, you should devote time to starting the practice and it should start before you finish your previous employment (if your current employer allows this) if any so that you have a steady source of income. You can partner with a finance expert to
understand the financing aspect of the business. You need to calculate how much capital you will need for setting up a practice and consider things like space required, where to set up the practice, cost of space, services offered, etc. List the revenue and expenses to find out what will be the status of cash flow. You should constantly upgrade your skills and offer innovative and honest services to customers so that they will be satisfied with the treatment that they are receiving.

At times, they are so positive about their stable income and thus don’t even care about financial management, and sellers take advantage of this behavior. Many times, doctors also behave like their patients, when they ask for investment products from bankers, Insurance agents, or Mutual funds distributors, without giving a thought to the actual requirement or in medical terms, without a proper diagnosis. The main reason for this is the busiest profession they are in and with no finance background, sometimes they are not aware that there are financial professionals in the market who can holistically guide them on their money management.

For doctors, the first financial advisor, generally is the Relationship manager of the bank they have their account with. And thus, the first product that almost all the doctors I met, have is the Insurance policy (ULIP or Endowment). When I ask them the reason for this purchase, the common reply is “as suggested by the Banker”. But did Banker ask your requirements? did the RM try to find your financial goals? did he do the risk profiling to find out what asset allocation may suit you for your long-term investment allocation? How often does the RM follow up on this product to figure out if that is still suitable for you?

All this is because he/she is not supposed to do this. The main job of that person is to sell, by building a “good relationship” with you i.e. bank account holder. He does not have your wellness in mind, but only concerned about job targets. Moreover, sometimes it’s not the banker’s fault. Have you ever asked such a question to the product seller? Did you ever ask your Financial advisor his/her qualification? What is the basis of your selecting a Financial advisor for Doctors in India? How would you ensure that your financial advisor should work for you and advise in your best interest, the way your patients expect from you? If not a banker then it could be some relative or your insurance agent or even mutual funds agent, who has sold you some investment products. And these days people are not being mis-sold, but are mis-buying the investments, by doing their “so-called research” online, and investing in different products themselves.

Financial wellness is equally important as Physical and Mental wellness. The doctor knows the value of a good Professional in any kind of long- term relationship. Just like having the wrong medicine could spoil your health, same way wrong investments could also damage your financial health. It could be the wrong financial habits too which needs to be corrected, so you need an advisor who can coach you and work on your behavior. Having a Registered, and Professional Financial advisor by your side makes the life Journey smooth. He/she works as a family doctor and keeps guiding you on every financial decision you make, so you reach your financial and life goals comfortably. And yes, nowadays, it’s not difficult to find a good financial advisor in India. You just have to do some effort at the beginning, which is worth, looking at the benefits it gives you for a lifetime.