What Physicians Should Look For in a Financial Planner

Quinn McCracken CFP®

February 26, 2025

As a physician, your financial situation is unique—your career path involves years of training, high student loan debt, and a delayed entry into peak earning years. Finding the right financial planner can make a significant difference in your ability to build wealth, manage taxes, and plan for retirement. But how do you choose the right advisor? Here are some key questions to ask before making your decision.

1. Are You a Fiduciary?

One of the most important questions you can ask any financial planner is whether they are a fiduciary. A fiduciary is legally required to act in your best interest, rather than prioritizing commissions or recommending financial products that benefit them financially. This ensures that their advice is objective and aligned with your financial well-being.

2. What Makes You Unique in Working with Physicians?

Physicians face specific financial challenges that require specialized knowledge. Your financial planner should have experience working with clients like you and understand the nuances of:

  • Student Loan Management: Whether you’re pursuing Public Service Loan Forgiveness (PSLF) or considering refinancing, an advisor should help you optimize your repayment strategy.
  • Tax Planning for High Earners: Physicians move into higher tax brackets quickly. Strategic tax planning—including maximizing tax-advantaged accounts, asset location, Roth conversions, deductions, and tax-loss harvesting—is essential.
  • Contract Review and Negotiation: Small differences in your contract can have a significant long-term impact. An advisor should understand RVUs, productivity targets, bonus structures, and employee benefits.
  • Managing a Sudden Income Jump: Going from a resident’s salary to six figures can lead to lifestyle inflation. A good advisor helps you balance spending with long-term financial security, ensuring that increased income translates into wealth accumulation.

3. How Are You Compensated?

Transparency in compensation is crucial when selecting a financial planner. Advisors operate under different compensation models, each with their own strengths and weaknesses. It’s important to choose a model that aligns with your financial needs while limiting conflicts of interest.

Fee-only advisors are generally the best choice because they do not earn commissions from product sales, ensuring that their advice is objective and in your best interest, not theirs. 

Common Compensation Models:

  • Assets Under Management (AUM): The advisor charges a percentage of your investment assetsthat they directly manage. 
  • Flat Fee: A fixed annual or monthly fee for ongoing financial planning services. 
  • Hourly: You pay only for the time spent working with your advisor. 

Regardless of the model, ensure the advisor provides clear, upfront pricing so you understand exactly what you’re paying for.

4. Do You Educate Clients and Have Relevant Credentials?

A strong financial planner should not only be knowledgeable but also committed to educating their clients. Some physicians prefer to be actively involved in financial decisions, while others want a trusted advisor to handle their financial plan with minimal oversight. Regardless of your preference, a good advisor should be able to explain financial concepts in a way that helps you feel informed and confident in your decisions.

Beyond experience, look for professional designations that demonstrate a commitment to education, ethical standards, and specialized expertise:

  • Certified Financial Planner (CFP®)
  • Chartered Financial Consultant (ChFC®)
  • Retirement Income Certified Professional (RICP®)
  • Chartered Financial Analyst (CFA®)
  • Certified Student Loan Professional (CSLP®)

5. What Is Your Investment Philosophy and What Services Do You Provide?

A good financial planner should have a clear, evidence-based investment philosophy focused on long-term success rather than speculation and emotion. They should help you control what you can—your savings rate, fees, tax efficiency, and behavior—rather than trying to time the market or pick individual stocks.

A well-rounded financial planner should also provide comprehensive services beyond just investment management, such as:

  • Retirement planning
  • Student loan repayment strategies
  • Tax planning and tax-efficient investing
  • Insurance advice
  • Cash flow and budgeting strategies

Categories

Student Loans

Tax Planning

Financial Planning

Investments

Quarterly Insights

Ask a Question

Quinn McCracken CFP®

Quinn began his career as a wealth advisor in 2020, bringing an enthusiasm for financial advising and a deep commitment to understanding each client's unique situation. As a CERTIFIED FINANCIAL PLANNER™, his expertise is grounded in a solid foundation of education and industry accreditation. He holds his Series 65 license, earned an Executive Certificate in Financial Planning from Duquesne University, and graduated with honors from Geneva College with a degree in Finance, where he was recognized with the “Excellence in Business” award. Quinn's dedication to financial education is evident in his passion for conducting financial literacy lectures for medical Residency and Fellowship programs. He thrives on helping clients navigate meaningful financial decisions, building trust, and aligning their resources, talents, and finances with their values. He works to cut through complexity, helping clients simplify their financial lives, gain clarity, and establish repeatable, values-driven behaviors for long-term success. Outside of his work at River’s Edge, Quinn and his wife, Grace, reside in Beaver Falls, Pennsylvania, enjoying time with family and friends and actively serving in their church. A self-proclaimed jack of many trades (though master of none!), his hobbies include volleyball, golf, snow and water skiing, traveling, and perhaps a bit too much attention to his lawn.