7 Reasons why doctors need financial planners

By Matthew Vaughan-Davies

Can you think of 7 reasons why doctors need financial planners? The immediate answer is to help make a lifetime of profitable business decisions. But beyond that?

At Carbon Medical, professionals get more than textbook financial advice. We create tailor-made strategies to meet individual practitioners and their business wealth creation goals. Specifically, we address seven critical areas of financial planning.  

Key points

Seven ways Carbon Medical financial planners create wealth for medical professionals

    1. Budgeting
    2. Investment planning
    3. Brokering loans or finance
    4. Insurance planning
    5. Tax planning
    6. Estate planning
    7. Retirement planning


Good debt versus bad debt is critical to wealth creation. The advantage of being both accountants and financial planners is that we take a holistic approach to your wealth creation. By analysing your accounts and overlaying your financial goals, we identify ways to manage your good and bad debt better.

For example, good debt grows wealth over the long-term. And nothing is safer than houses, right? But we all know markets fluctuate. So we diversify your investments to safeguard your capital growth. That way if one sector falls, others hold steady. Conversely, for bad debts like a car loan, we engineer ways for you pay the loan off faster, thus reducing interest payments.


Investment planning

Plan to take advantage of significant investment opportunities. Outside of purchasing your home, buying into a practice or purchasing a commercial building is the next biggest wealth creation opportunity you’re likely to take. Along with this, investing in shares or index funds might be on your list. As financial planners, we manage property and investment portfolios on your behalf. Plus, we explain how investing works, along with identifying investment options that best suit your budget.


Organise finance or loans

Financial planners as brokers save time. Whether it’s a mortgage for a home or a business loan, financial planners can act as personal brokers. Not only can we take the stress out of finding the best loan, but we also use our working knowledge of your cash-flow to secure the best terms.


Insurance planning

Right insurance for the right price. Strategic wealth creation involves insurance planning. Most financial planners can act as insurance brokers. At Carbon, we know how important protecting your family and assets is to you. But we also assess safeguarding you in the event of illness, injury, disability, lawsuits or death.

Along with securing the best insurance at the right price, we evaluate all the policies and payments in context to your personal circumstances and business goals. Coverage to consider includes:

  • Income protection, trauma, and total disability insurance
  • Life insurance
  • Home and content insurance
  • Car insurance
  • Business insurance
  • Health insurance
  • Indemnity insurance

Tax planning

Reduce taxes and free up cash flow. Financial planners save money by structuring personal and business affairs to reduce tax liabilities. At Carbon Medical, we go one step further because we understand the complex nature of running a healthcare business. Specific areas we target for professionals like you include:

  • Income tax
  • Capital gains tax
  • SMSF tax
  • Company tax
  • Payroll tax
  • Fringe benefit tax
  • Goods and service tax

In addition, we monitor changes to Medicare and tax legislation governing medical practices. Responsive rather than reactive planning keeps our professionals on top of the bell curve.

Estate planning

No one likes talking about death. But in the event of your death, what plans do you have in place? Will your family remain financially secure? Can your practice continue without you? Estate planning involves:

  • Outlining the best strategy to deal with your assets
  • Writing a will that outlines asset distribution after your death
  • Appointing an executor for administering your deceased estate
  • Formalising a testamentary trust to ensure beneficiaries receive the ongoing income generated by your assets
  • Maintaining accurate capital gains tax (CGT) records on assets given CGT applies to a deceased estate
  • Formalising nominees so that your estate beneficiaries receive your superannuation and death benefits.

Retirement planning

Retire financially free. The last thing any professional wants after retiring is money worries. So, how much money does it take to retire financially free? The answer; it depends on the lifestyle you desire in retirement. All of which hangs on your superannuation planning and what you do with your money today.

In conclusion

More time for work and play. Astute financial planners are your monetary eyes and ears. At Carbon Medical, we conduct routine portfolio reviews to keep our clients’ investments responsive to the market. Set and forget is not our policy. Instead, our financial planners regularly flag new opportunities or revise strategic plans at the slightest hint of a market hiccough.

By giving you financial peace of mind, you get more time to grow your business and focus on your family. No one surpasses Carbon Medical for healthcare industry financial planning.

Contact us today. Take financial control, grow your wealth and run a smarter practice.

Tags: Finance, Wealth

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