Whenever we have asked doctors who advise them on financial matters, we get almost the same answers-
- My relative/father/brother/sister manages my finances
- I approach my Chartered Accountant (CA) for all my finance-related needs
- I have a friend who is a financial coach
- I am a Privileged Customer in my Bank and have Relationship Managers
- I get investment and stock tips from my colleagues or my patients
As you can see above, anyone with some knowledge of finance is assumed to be a Financial Coach. The truth is that doctors are so busy in their professions that they barely get time to look into their finances and when they do, they consult whoever is the easiest to approach and take their financial advice.
Consulting a Financial Coach is akin to seeking medical help from a Doctor. If you were seeking medical help, would you go to a Doctor or to a Chemist? Obviously, a Doctor, for his expertise and domain knowledge, right? Similarly, Financial Coaching is a field that requires specialized qualifications and expertise. A CA may be a tax wizard, but he is NOT a Financial Coach. Similarly, Financial Distributors and Bankers are also NOT Financial Coaches.
So, how should you choose your Financial Coach - one who will understand all your financial needs and goals and create a plan to ensure that you achieve those goals?
Thus, as you can see above, choosing a Financial Coach is a very important decision that will not only help you secure your future but also help avoid making financial mistakes that doctors are prone to making. With almost everyone using similar designations in the Finance industry, differentiating between the noise and the real deal is becoming increasingly difficult. Make sure you understand your financial needs and consult only an expert for handling your hard-earned money.
Other than approaching a good Financial Coach, doctors should also focus on setting their financial goals. When you keep in mind the life cycle and unique financial requirements in each phase you can plan your finances better.