In that time the complexity involved in financial planning for a successful medical professional has increased almost unimaginably. Much of this relates to the ever-increasing level of tax and complexity involved with even “sensible” financial planning.
The changes to the NHS pension scheme and the taxation of pensions in general is the most obvious example of this – but it’s been wider and deeper than that.
The pressures of the NHS and alongside a rapid evolution in the private practice market has meant medical careers are more varied than ever. There are almost certainly more opportunities out there for medics – both in more “conventional” private practice as well as less usual paths.
Developing and maintaining multiple facets of your career alongside the “day job” is not easy and very often involving multiple sources of income. By its nature this brings complexity and the requirement for good financial planning. A busy medic just does not have the time or expertise do it well - in my opinion.
Ben Holdsworth (Founder)
Ensuring complex clients avoid a large number of potential financial pitfalls requires a genuinely “multi-disciplinary” approach - this is much easier said than done.
For too long financial advisers and accountants/tax advisers worked separately – and sometimes in conflict with each other.
The value that good financial advice can bring to a busy medical professional, and their families, has never been greater – but this needs to be delivered by the right team, with the right approach and with an absolute focus on bringing value!
Please do not hesitate to reach out if we can be of help.