After the year that was 2020, many people, particularly those in the medical profession, are looking for a change of pace. To take some time out, take a step back and reconsider their priorities. Career, spending more time with the family or just taking a break from the rat race. What was important in a normal year may have changed as people start to refocus.
Take the case of Dr. Armstrong, a 38 year-old respiratory consultant. After five years working in public hospitals, he is now re-evaluating his priorities and looking to spend more time with his two young daughters. He is considering setting up his own private practice, as he believes this will give him more improved work-life balance.
But is this assumption correct? What about the additional commercial demands around running a business such as insurance, financials and tax compliance? Not to mention the time and effort involved in setting up and running a business; securing premises, leasing, hiring and managing employees, bookkeeping and administration. Whist Dr. Armstrong has extensive medical experience he has limited knowledge of how to set up and structure a business in the most tax-efficient way.
Last year has also made him reconsider his financial goals and the need to ensure that his daughters are provided for.
When considering major life changes it is critical to get the right advice from professionals who are experienced and skilled in the area of advice required at that particular point in time. While Dr. Armstrong already has an accountant, they may not have the specialist knowledge and appropriate licensing required to help him achieve his personal financial objectives.
Integro Private Wealth has recently partnered with BDO (WA) to launch BDO Private Wealth, offering a complete suite of financial and business advice to clients with sophisticated needs. We work with medical professionals at various stages of their careers and through this experience we recognise the need for additional support from other specialised advice professionals.
BDO Private Wealth has brought together a panel of dedicated advisers who understand the career journey of medical professionals. When required, the members of this team could be introduced where external expertise on tax, general insurance, lending and legal advice is identified. We act as the conduit, knowing who can provide the right advice, for the right purpose and introducing them at the right time.
In the case of Dr. Armstrong, we would work with BDO to set up and future proof the structures required. Ensuring an optimal balance of asset protection, tax-effective ownership and to allow for appropriate succession in the future.
From a personal wealth perspective, we would work with Dr. Armstrong on a wealth creation strategy. This will help him move the proceeds of his professional work into the most appropriate investments to meet his short, medium and long-term goals. If required we can also connect him with specialists to provide credit and legal advice.
We want to make sure our clients are getting access to a team of professional advisers acting with their best interests in mind.
Contact your local adviser for a confidential discussion to see how we can help you manage the financial side of your medical practice and personal finance, leaving you to concentrate on what matters to you.
General advice warning – the information, including tax information and any advice provided in this document has been prepared without taking into account your objectives, financial situation or needs. Because of that, you should, before acting on the advice, consider the appropriateness of the advice, having regard to those things. If the advice relates to a particular financial product: You should obtain the relevant Product Disclosure Statement for any product mentioned and consider its contents before making any decision.