When Should New Doctors Hire a Financial Advisor?
By Jared Andreoli, CFP®, CSLP®
The first five years after a physician’s residency are often the most financially rewarding. But new, higher income usually arrives with a crushing wave of complexity, including student loan debt, lifestyle creep, and expensive insurance. That’s why it’s so important for new doctors to hire a financial advisor at the beginning of their career.
While it may feel premature to hire a financial advisor during the first few years of practice, the truth is that working with a professional early on is a powerful form of financial self-care that allows you to focus on your demanding job.
The Case for Early Guidance
The financial challenges facing physicians are truly unique. You have a convergence of high income, incredibly high debt, and high taxes. Unlike peers in other high-earning professions, doctors experience a serious delay in peak earning years, which means you have fewer compounding years to catch up.
Why does early guidance matter? Because early mistakes compound over time, a year lost to indecision on retirement savings is a year of missed tax-deferred growth. A tax planning misstep can cost you tens of thousands of dollars. The insidious habit of lifestyle creep can silently erode your wealth, making it impossible to pay down loans and invest efficiently.
This is where the specialized knowledge of financial advisors for new doctors comes into play. They act as a triage specialist, accountability partner, and long-term strategist. They provide a cohesive financial plan that goes far beyond what a DIY approach or a simple robo-advisor can offer.
Signs That a New Doctor Should Hire a Financial Advisor
If you find yourself nodding along to any of the following, the time to hire an advisor is now.
You’re Overwhelmed by Student Loans
The path you choose for your massive debt is one of the most critical financial decisions of your life.
The student loan landscape is extremely volatile right now, with the recent pause of the SAVE plan for future borrowers and the pending rollout of the new Repayment Assistance Plan (RAP) in 2026.
An advisor experienced with physician debt can run detailed scenario analyses to optimize your repayment strategy under the current and forthcoming programs.
You Just Got Married or Started a Family
A new family brings new financial and legal complexity. Suddenly, you have critical insurance needs (high-cost life and disability coverage), education savings decisions, and a major tax question: should you file separately or jointly?
An advisor can model the impact of each filing status on your tax liability and, critically, on your IDR student loan payments. They verify that your growing family is shielded and your debt repayment strategy remains efficient.
You’re Struggling With Lifestyle Creep
A six-figure salary can feel like unlimited wealth, leading to the dreaded “doctor debt” or overspending.
If you’re struggling to balance debt repayment, lifestyle choices (like a new car or bigger home), and investing, an advisor can create a realistic cash flow strategy. They provide the discipline needed to help your newfound income build wealth rather than just feed consumption.
You’re Confused About Retirement Accounts
Knowing which employer-sponsored plan to fund and in what order can be confusing.
Do you max out your 401(k), 403(b), or 457(b)? Should you prioritize a Roth or a traditional account? How and when is a health savings account (HSA) a powerful investment tool?
For new doctors, hiring a financial advisor is the smartest way to get help answering questions like these about tax-advantaged accounts.
You Don’t Have a Proactive Tax Strategy
For high-income professionals, taxes are often the single largest expense. Simply handing your documents to an accountant once a year isn’t a strategy.
The right financial advisor works proactively with your tax professional on comprehensive financial planning, reviewing tax withholdings, deductions, and credits to help you keep as much of your hard-earned money as legally possible.
What to Look for in a Financial Advisor
When searching for the right professional, look for financial advisors who meet the following three critical criteria:
Experience with physicians: They must understand the nuances of physician employment contracts, loan repayment programs, specialized disability insurance, and high-income tax planning.
Fiduciary status: This is non-negotiable. A fiduciary is legally required to put your priorities first, at all times.
Fee-only structure: This means they are paid directly by you (via a flat fee, hourly rate, or a percentage of assets under management) and do not earn commissions from selling you products like whole life insurance or annuities.
Integrated tax expertise: Your financial advisor should offer more than just investment guidance; they should understand how taxes impact your overall financial picture. Advisors who prepare and file tax returns can provide year-round strategies to help minimize tax liability and keep more of your hard-earned income.
When vetting candidates, be sure to ask the right questions about their experience and fee structure.
Be Smart, Start Early
New doctors who hire a financial advisor during the first five years of their career are often better off. They’re poised to trade future financial stress for the immediate gain of having a specialist guide their long-term wealth-building journey.
Better yet, working with a fee-only, fiduciary advisor at Simplicity Financial LLC provides the highest standard of trust, transparency, and objective advice.
Ready to get started? Schedule a free consultation today, or reach out to us by emailing jared.andreoli@simplicityfinancialllc.com or calling 414-207-6473.
About Jared
Jared Andreoli, CFP®, CSLP®, is president and financial planner at Simplicity Financial, a fee-only RIA dedicated to helping early-career physicians conceptualize their financial picture and achieve their financial goals. Jared specializes in devising individualized financial road maps for clients, and he loves nothing more than a full day meeting with clients who value his partnership to solve problems—big and small.
After college, Jared spent six years working as a mutual fund administrator for a large company. While he learned an immense amount about the financial world, he was missing the personal connection of working with individual clients. Combining his passion for finance and personal connection, he established Simplicity Financial in 2017.
Jared has a degree in finance with a concentration in financial planning from Western Kentucky University, along with the CERTIFIED FINANCIAL PLANNER®, CFP® and a Certified Student Loan Planner (CSLP®) certifications. Outside of work Jared enjoys cooking and traveling. He played baseball in college and still coaches occasionally. He and his wife recently welcomed a daughter, who occupies most of their time. To learn more about Jared, connect with him on LinkedIn.