There’s no single perfect time for a physician to begin working with a financial advisor—every situation is unique. However, based on our experience, there are several key factors that indicate when professional financial guidance can be particularly beneficial.
Transitioning from Training to Attending: A Critical Time for Financial Planning
For many physicians, the ideal time to begin working with a financial advisor is as they are finishing training. This transition marks a major shift in financial circumstances, as income increases significantly, and several important financial decisions must be made at once. Some of the key challenges physicians face at this stage include:
- Behavioral Management – Physicians experience a highly unique and rapid increase in income that is uncommon in many other fields. Without the right financial habits, it’s easy to overspend or make too many financial commitments early in your career.
- Tax Planning – Moving from a resident or fellow salary to an attending salary often puts physicians in the highest tax brackets for the first time. Without a strategy, they risk paying more than necessary. [(Insert tax-saving article)]
- Student Loan Strategy – Physicians must decide whether to continue pursuing Public Service Loan Forgiveness (PSLF), select the best income-driven repayment plan, or refinance and aggressively pay off student loans. [(Insert student loan PSLF article)]
- Buying a Home – Many physicians want to purchase a home after years of training, but balancing this with other financial goals requires thoughtful planning. [(Insert home buying article)]
- Saving & Investing – Physicians often feel like they need to “catch up” on saving for retirement and other financial goals. Determining the right order of operations—how much to allocate to student loans, investments, emergency funds, or major purchases—can be overwhelming. [(Insert article on how much to save)]
- Contract Review & Compensation Structure – Understanding employment contracts, compensation models, benefits, retirement plans, and the long-term implications of different offers is crucial before signing a contract as an attending physician.
With all these moving pieces, working with a financial advisor during this transition helps physicians avoid costly mistakes and ensure they correctly prioritize their goals.
Earlier Planning: When It Makes Sense to Get Guidance in Training
While many physicians should potentially wait until they become attendings to seek ongoing financial advice, there are situations where it makes sense to start earlier.
- Dual-Income Households – If a physician in training has a spouse with a strong income, financial planning becomes more complex, and they may already have significant savings and investment opportunities.
- Accumulated Assets – Some physicians may have inherited assets or started investing early. Establishing a strategy before transitioning to an attending salary allows them to take advantage of lower tax brackets during training.
- Earning Substantial Moonlighting Income in Training – Some residents and fellows take on moonlighting opportunities that provide significant extra income. This income can be used strategically for savings, tax optimization, or debt repayment.
- One-Time Consultations – For residents and fellows who don’t yet need ongoing financial planning, a one-time consultation can provide direction on key financial decisions and help establish good habits early on.
Overcoming Barriers to Financial Planning
Many financial advisory firms require asset minimums—$500,000 to $1,000,000—which can make it difficult for early-career physicians to access professional financial planning. Another risk is encountering an “advisor” whose compensation depends on selling a product, meaning their recommendations may be driven by commissions rather than your best interests. [(article on how to pick an advisor)]
At River’s Edge Wealth Management, we recognize that physicians are in a crucial period of transition and want to grow with them. That’s why we offer financial planning services for attending physicians with a minimum annual fee of $4,200, ensuring they get the objective, fiduciary guidance they need when it matters most.