I was fortunate enough to speak with Hugh Walsh of Walshs in Brisbane about how to maximise your wealth.
Walshs specialises in offering financial guidance to medical professionals. Over the course of three decades, the Walshs team has been instrumental in assisting doctors in growing, managing, and safeguarding their wealth. Leveraging their extensive experience and a well-established strategy, their success is attributed to a proven and reliable approach that revolves around their clients’ individual journey to help each person reach their financial goals.
Here are some tips that Hugh would like to share.
Tip 1. Make sure you have appropriate insurance cover and asset protection.
You have worked hard to achieve your wealth and success. But have you considered how to best protect your assets and income in the event of an unexpected mishap? You should speak to a professional that assist you in choosing the right insurance cover and asset protection strategies to suit your unique circumstances. Whether you need income protection, death, and disablement cover, or insurance options specific to medical professionals, such as bloodborne illness or needlestick cover, we can ensure you are properly protected.
Tip 2. Diversify your investments to help manage your wealth.
Diversifying your investments is one way to help safeguard your wealth across the long term. When you diversify your investments, you spread your money across different asset classes, industries, and geographic regions. This helps to protect you from market volatility and specific risks associated with any one investment. For example, if the stock market declines, bonds may hold their value or even increase in value.
In this current climate, we have seen that not all countries have been impacted as greatly as others. It is important to remember that diversification does not guarantee against losses, but it can help to reduce the risk of losing money on any one investment. Wealth management for doctors can be complex, but diversifying your investments is one way to help reduce risk and protect your wealth. I would advise that you seek out specialists who have in-depth experience in portfolio planning.
Tip 3. If you are considering a move into private practice – ensure you have the correct structure set up.
A transition to private practice may begin with just one or two days of work. However, it's vital you take the time to understand what this change will mean to your circumstances, the structure you will operate under, how you will receive income, and the opportunities to take.
It's critical to establish the right business structure from the start. Each structure has its own benefits and limitations, so it is vital to choose one that meets your needs and adheres to ATO guidelines while producing tax benefits. Choosing the wrong structure can make a massive difference to your wealth and financial security.
Tip 4. Consider a home loan for doctors.
Many Doctors don’t realise that that many lenders offer rates and products specifically designed for doctors. The Walshs lending team have worked with thousands of medical professionals throughout their careers to purchase property – from first homes to investment properties. Over the years we’ve built deep relationships with the lenders who offer specialist home loans for doctors, and we can negotiate with them to get the best deal on your behalf. In most cases the banks will also forgo LMI (Lenders Mortgage Insurance) which can save you a significant amount of money over the course of your loan.
Tip 5 – It is easier to deal with experts in your field.
When it comes to managing your finances, there's no substitute for expertise. Dealing with financial experts provides invaluable benefits. They can use their knowledge and experience to navigate complex financial landscapes, maximise investment returns, and mitigate risks. Experts can tailor strategies to your specific needs as a medical professional helping you achieve your financial goals efficiently throughout your career lifecycle. Whether it's tax planning, retirement, or wealth management, trusting experts can lead to smarter financial decisions and long-term prosperity.
If you would like to know more about Walshs services, please reach out to them on 07 3221 5677 or firstname.lastname@example.org.
If you want access to the best locum roles in Australia, please reach out to myself or the team at Charterhouse Medical.