Your chosen specialty has a large influence on your pathway to financial independence, with impacts felt from the training years onward.  Career pathway influences include not only income and expense differences, but also factors such as locations during training, fellowship locations, length of training and lifestyle needs. Given our extensive experience with doctors at all career levels and specialties, we understand how and when these differences need to be considered, ensuring we can help you make the right financial decisions for your long-term best interests.

The training years are when most doctors plan to get started on asset acquisition, both in property and shares. Some areas in which we commonly provide advice to doctors in training are laid out below. To get our help in planning a long-term strategy in these areas, get in touch to organise a cost and obligation free first meeting.

The most common area of concern we see with clients in the training years are:

  • Managing the ongoing costs and training obligations alongside lifestyle and investment decisions
  • Understanding what options are available to build wealth over time in a flexible manner
  • Making informed property purchase decisions including long term tax and asset structuring
  • Knowing what tailored insurance policies are necessary throughout training years
  • Taking advantage of employer entitlements such as vocational training subsidy, superannuation co-contributions and salary packaging benefits

Structuring debt to maximise long-term benefits

Buying your first home or investment property is an important long-term wealth building strategy. However the incorrect loan structure can have significant implications for taxation and flexibility. We understand the future is uncertain, therefore we provide specialist debt structuring advice to ensure that you maintain flexibility and access to your capital to ensure that you can comfortably move to various training locations, fund fellowships and upgrade property in future.

Moreover, Walshs is a fully integrated financial services firm therefore our advice considers long term tax planning strategies to ensure your debt is structured in the most tax effective manner – in the long run this will save you thousands on tax.

Finally, we have common sense approach to helping you pay down debt as quickly as possible. This is an area in which we commonly see doctors make poor long-term decisions based on ‘advice’ from other parties. .

Adequate personal insurances

As a doctor, your most valuable asset is your ability to earn. Without this, your ability to achieve financial independence is severely impaired. Personal risk insurances are something we hope to never need, but the reality is that things happen. Your personal risk insurance portfolio needs to be set up based on your individual needs, circumstances, desires and budget, and have consideration for what is in your long-term best interest.

At Walshs, we work with you to minimise your risk of health impacts on your pathway to becoming financially independent in ways that suit your individual needs and situation with a focus on the long-term. It is crucial to get your insurance portfolio structured in the correct manner. Walshs has access to all the major insurance companies and provide specialist insurance advice for medical professionals.

Planning for the future: fellowship, family & property

A large element of the advice we provide is ensuring that large expected expenses in the future are considered when looking to use cash for purchasing assets now. It is common to start planning for Fellowship years, depending on location, up to two years in advance to ensure adequate funding options are available – cash savings and/or debt.

Watch Peter Hodgson discuss Health Wealth

Watch Peter Hodgson and Kaitlin Brock discuss Walshs’ Health Wealth Package

“Walshs have a family atmosphere that means every client is important to them. The best thing about working with them is that you know you’re working with people who will look after you. While I started saving and investing later in life than some others, Walshs have helped me find my feet and get ahead quickly, all while going the extra mile to ensure any effort on my end is reduced.”

Dr Peter Stickler

Walshs Practice was established in 1991 and has grown to become one of Brisbane’s leading boutique accounting firms. Walshs expanded in 2007 to include Walshs Financial Planning Pty Ltd. By introducing a financial planning arm to the firm, Walshs now encompasses tax and accounting services, business structuring, wealth advice, business services, superannuation and retirement planning, finance, insurance and estate planning.