- Your first strategy session will cover three main areas:
Have you been thinking about getting some advice on your finances? Are you worried you’re neglecting something important, or do you just need reassurance that you’re on the right track?
If you want help planning for the future you want, or if you want your existing plan reviewed, consider meeting with an MD Advisor*. All meetings are virtual for the time being, but when restrictions lift, there are 51 offices across Canada to serve you.
Although the financial planning process normally takes more than one meeting, here’s what you can expect from your first strategy session.
TIP: Jot down questions you have as you read through this guide to ask in your first session.
Your MD Advisor will start by getting to know you, understanding what’s important to you, and finding out more about your current situation. To do that, they will generally ask these kinds of questions:
- Tell us about your family
- What financial concerns do you have for your family?
- What financial goals do you and your family have?
- Are you struggling with decisions about renting vs. buying, or debt repayment vs. saving?
- Is leaving a legacy to your family or others important to you?
Every person is unique. Once we know what is important to you and how you see your future, we can help you formulate your goals. Depending on where you are in your career, these might include:
- paying down debt
- buying/renovating a home
- saving/planning to start a family
- paying off your mortgage
- saving for your children’s education
- exploring tax-saving opportunities, including incorporating your medical practice
- establishing/growing your practice
- saving for retirement
- travelling around the world (post-pandemic)
- launching a second career
- investing in real estate
Your MD Advisor will help you articulate your goals, taking into account your personal circumstances and constraints. They will devise a plan to achieve these goals financially, including a time frame for each one to help get you there.
Your MD Advisor will take a detailed look at your finances. They will determine where (if anywhere) you might fall short of your goals. MD Advisors use special software to ensure the solutions they propose are optimized, and the best options for you. In order for them to do this, you’ll need to have the following documents on hand:
- bank account statements
- investment statements, if any
- credit card statements and statements of other debt
- income document
- monthly expenses
- insurance policy info (disability, term life insurance, permanent life insurance)
- last notice of assessment (for contribution limits)
Don’t worry – f you don’t have certain numbers, your MD Advisor can provide rough estimates based on averages for physicians at your same career stage in your province.
TIP: Bring your laptop to your first strategy session to access your information and documents on the fly.
Based on all the info you provided, your MD Advisor will present their recommendations as to how you can achieve your goals. These will include solutions to address the gaps they found during their analysis. Recommendations might include things like:
- setting up a budget and an automatic savings plan
- starting to save in an RRSP or tax-free savings account
- creating a plan to pay down debt
- incorporating your practice and using your corporation to reduce tax and save for retirement
- getting enough insurance to protect your family and practice
- establishing or updating estate documents
You would have a follow-up meeting to put the recommendations in action. It could involve setting up your investment accounts, and other paperwork.
After that, you’ll have regular financial check-ups with your MD Advisor to review your goals, adjust for changes to your situation or any tax rules that have changed, and make adjustments where needed. This keeps your plan current and relevant and keeps you on the path towards financial-peace-of-mind.
NEXT STEP: If you’re feeling inspired to start taking control of your finances, let’s get started! Simply choose one task from this list that's easy for you to do.
Are you ready to meet with an MD Advisor?
As a physician or the family member of a physician, you understand the importance of developing a specialty so you can give expert advice in your field.
We’re Canada’s only financial services firm dedicated to the financial well-being of physicians and their families. That includes not only your spouse but also your children, parents, siblings, in-laws, nieces, nephews, grandchildren and great-grandchildren.
Unlike our competitors, MD Financial Management has more than 50 years of experience developing a specialty in understanding your unique career and financial planning needs.
We’re ready to work with you!
Contact an MD Advisor today.
*MD Advisor refers to an MD Management Limited Financial Consultant or Investment Advisor (in Quebec), or an MD Private Investment Counsel Portfolio Manager.
The above information should not be construed as offering specific financial, investment, foreign or domestic taxation, legal, accounting or similar professional advice nor is it intended to replace the advice of independent tax, accounting or legal professionals.