Doctors and nurses help other people all day long. From working irregular hours to working overtime during the COVID-19 pandemic, they deserve the same skilled help that they provide to others to manage their finances. Instead of working with a salesperson to manage your finances, you deserve a fiduciary. What are the key differences, and why are fiduciaries a great choice for doctors and nurse practitioners?
Why a Salesman and Fiduciary Are Different
As a doctor or nurse practitioner, you have probably interacted with numerous financial industry and insurance industry salespeople. While some of them have your best interests at heart, others have motivations that are more self-centered. A fiduciary is required to prioritize the interests of their client above everything else. Even the interests of their employer or firm take a backseat to what matters the most to their doctor or nurse practitioner clients.
If a financial advisor, broker or other financial industry employee acts as a fiduciary, they have strict requirements that must be followed. The 1940 Investment Advisers Act requires all fiduciaries to:
- Act in good faith always
- Give their clients undivided loyalty, even if it goes against their best interests
- Avoid working with clients who are a conflict of interest or engaging in activities that could be a conflict of interest, as well as disclosing when a potential conflict arises to their existing clients immediately
- Provide full disclosure on any advice that they give clients
The standards that fiduciaries are required to uphold are far more rigorous than those given to salespeople.
Why Doctors and Nurse Practitioners Need the Right Financial Partner
Doctors and nurses work tirelessly their entire careers to help others and build wealth. Unfortunately, this also makes them prey to salespeople who are more interested in their bottom line than the long-term financial well-being of their clients. A fiduciary is required to protect and grow your wealth to the best of their ability, whether you are a nurse just starting out or a surgeon preparing for retirement. Financial planning with the help of a fiduciary can eliminate stress and ensure that your money is in safe, skilled hands. It’s what doctors and nurses deserve.
Invest Wisely and Retire Well
Retirement Consultants is dedicated to providing every client with comprehensive wealth management services for a simple, fully transparent fee. From financial planning to investment management, it’s our mission to help you achieve every one of your goals in life. To learn more about our services and get started today, call us at (520) 615-6005 or visit us online by clicking here.