The Passive Income MD Podcast #276 Is a Financial Advisor Worth It? What Doctors Need to Know Before Hiring One
Aug 11, 2025
Dr. Peter Kim delves into a pressing dilemma for physicians: hiring a financial advisor versus managing finances independently. He outlines three crucial questions to assess potential advisors and discusses common pitfalls to avoid. Listeners gain insights into why retaining control over finances is essential. The value of financial advisors can vary based on individual circumstances, emphasizing the importance of ongoing financial education for medical professionals. Tune in for smarter strategies to secure your financial future!
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A Doctor Who Chased Hot Stocks
- A longtime anesthesiologist confessed he didn't think he had enough to retire after chasing hot stocks and trends.
- Peter Kim says an advisor might have prevented those costly mistakes.
Advisors Are Tools, Not Autopilots
- Treat financial advisors as tools for specific needs rather than a permanent autopilot.
- Reassess and change advisors as your knowledge and situation evolve.
When Advisors Are Most Helpful
- Consider hiring an advisor during major life or career transitions to set up long-term plans.
- Advisors can help when starting a practice or approaching retirement.