Q. Is there any value to hiring a financial adviser?
A. Many emergency physicians wonder if they should spend their hard-earned money on financial advisory fees. The answer to this question, like much in life, is, “It depends.” The key is comparing the value received from the adviser to the price you pay the adviser. When hiring a financial adviser, it is absolutely critical, despite the difficulty of doing so, that you get good advice at a fair price.
Many doctors hire a financial adviser because they are too busy and would rather pay someone else to deal with the hassle. The impression might be that it isn’t worth the doctor’s time and is similar to hiring someone to take care of the lawn and clean the house so you can spend your time making the big bucks practicing medicine. Unfortunately, the truth is that doing financial planning and managing your investments is likely the very best use of your time.