Call in the specialist: The benefits of working with a financial advisor

TLDR

• A financial advisor can help you manage your money, establish financial goals, and build a plan to help you meet them.
• Studies indicate that individuals who work with a financial advisor can save more, achieve greater net worth, and enjoy a more positive sense of well-being than those who don’t.
• Meeting with a financial advisor before, during or after a major life event can help you navigate changes with confidence.
• Asking pointed questions about a financial advisor’s credentials, experience and expertise can help you choose an advisor who is best equipped to meet your needs and help you reach your goals.

As a physician or dentist, you know the value of having the right experts around you — people you can turn to when a situation calls for added expertise or a more specialized approach. The same goes for your finances. A good financial advisor can be a key part of your team, helping you make informed decisions, plan for what’s ahead, and provide expert guidance to address your specific needs. With the right support, you can feel more confident in your financial direction — and spend more time enjoying what matters most to you, whether that’s more time with family, taking care of patients, or even taking time for continuing education.

Here we’ll explore the key benefits of a financial advisor — and what to consider when choosing an advisor that’s the right fit for you.

How a financial advisor can help

Physicians and dentists can face a unique set of financial demands. You’re balancing personal goals, and some may also have business responsibilities, managing cash flow, planning for taxes, and thinking ahead to retirement. A financial advisor can help you make sense of it all.

From structuring your income efficiently to reducing debt, managing and growing your practice, or building long-term wealth, an advisor provides practical strategies aligned with your goals. Studies show that households who work with advisors tend to build more savings and feel more confident in their financial direction. In fact, 76% of investors with an advisor report a stronger sense of financial wellbeing.

What does a financial advisor do?

Think of a financial advisor as your go-to resource for the money side of life — helping you build healthy habits, reduce uncertainty, and make well-informed decisions to support your personal and professional goals.

Financial institutions and investment firms may have different names for their financial advisor roles, but the following are the most common types of advisors at RBC. Keep in mind that an RBC financial advisor is able to collaborate with other specialists and subject matter experts available when needed. Note that while we reference branch advisors and financial planners below, we will group advisor types together and refer to them as “financial advisors” throughout this article.

Branch Advisors
RBC branch advisors provide proactive, professional advice to help clients with their goals and key life events. With expertise across everyday banking, investments and credit, they are also equipped to offer robust advice to address both personal and business needs.

Financial Planners
Financial planners offer guidance beyond investments, addressing every aspect of a client’s financial well-being. From retirement and estate planning to tax and investment strategies, they provide personalized plans that adapt as needs evolve. Their goal is to help clients prepare for today and plan for a secure tomorrow.

When should you talk to a financial advisor?

Meeting with a financial advisor can be valuable at any stage of life. Whether you’re navigating a major transition or simply trying to stay on top of everyday financial decisions, having expert guidance can help you clarify your goals, reduce stress, and build a personalized financial strategy that fits your life. For physicians and dentists, these moments often come with added complexity — especially when personal finances overlap with the demands of running a practice.

Here are some key moments where expert advice can make a real difference:

Major life changes

• Transitioning to residency
• Getting married
• Having children
• Starting or joining a practice
• Buying a home or investment property
• Funding a child’s education
• Going through a divorce or separation
• Caring for aging parents
• Changing careers or shifting your clinical focus
• Selling, acquiring, or winding down a practice
• Preparing for retirement or semi-retirement
• Navigating disability or an unexpected health event

Ongoing financial priorities

• Paying down student or professional debt
• Managing cash flow and budgeting
• Managing personal and professional finances
• Tax planning
• Saving for short- or long-term goals
• Receiving an inheritance or financial windfall
• Estate and legacy planning

What to look for in a financial advisor?

Choosing the right financial advisor starts with understanding what they offer, what they’re qualified to advise on, and how they’re compensated. Taking the time to meet with potential advisors and ask the right questions can go a long way in finding someone who fits your needs and works the way you do.

Here are a few key things to consider:

What services does a financial advisor offer?

Financial advisors often specialize in certain areas, so it’s important to find one whose expertise aligns with your needs. As a medical or dental professional, you may benefit from working with an advisor who understands the unique financial and operational demands of running a practice — and who can support both your personal and professional goals.

Financial advisor qualifications: What to look for

Look into an advisor’s experience, qualifications and education. Accredited advisors should have their Certified Financial Planner (CFP) or Personal Financial Planning (PFP) certification. In Quebec, the equivalent is the Autorité des marchés financiers (AMF) designation. These credentials tell you that the professional has undertaken key courses, which qualify them to provide financial advice in Canada.

Financial advisor fees: what are the costs?

Advisors may be paid through commissions, salaries or flat fees. What matters most is transparency about their compensation, the costs you’ll incur and the value you’ll receive in return.

Does your financial advisor’s personality align with yours?

Your financial advisor can be a long-term partner, so their style and personality matter. Look for someone who takes the time to understand you and your family, makes you feel comfortable discussing personal and professional needs as a healthcare provider and offers judgement-free advice. Whether you prefer an empathetic, understanding approach or a more straightforward style, finding an advisor you connect with is key to a successful partnership.

Choosing the right advisor

Your first meeting is a chance to get to know your financial advisor and see if they’re the right fit for you. To make the most of it, come prepared with some basic financial information and a list of questions you’d like to ask. Think of it as a two-way conversation — an opportunity to learn about their approach, experience, and how they work with clients like you. If something doesn’t sit right or the fit isn’t there, you’re under no obligation to move forward.

Information a financial advisor may ask for

• Your goals — Think about what is important to you — now, in the next few years, over the long term. The more your advisor understands your priorities, the better they can help create a plan to achieve your goals.
• Your financial documents —To get a clear picture of your situation, your advisor will likely ask about your savings, investments, income, insurance and any outstanding debt. It’s helpful to bring along:
  • Account statements — such as from a TFSA, RRSP or First Home Savings Account (FHSA)
  • Mutual fund statements
  • Any employee/group retirement savings plans you belong to
  • Insurance policies
  • Mortgage statement
  • Practice financial statements — such as accounts receivable or expense records
  • Any other financial assets
• Other financial information — Your advisor will also want to understand:
  • The amount and types of debt you carry (e.g., credit cards, loans, lines of credit)
  • Your major monthly expenses (e.g., mortgage or rent payments, car payments, property taxes)

Questions to ask a financial advisor

• What is your financial experience and education? Licensed advisors must have certain education requirements, but keep in mind that fewer years in their role may not translate to less expertise. Many people become advisors as a second career and bring specific knowledge to the role.
• How are you compensated?
• What kind of products, services and advice can you provide? 
• What kind of clients do you serve? Ask if they specialize in a particular client group, such as medical and dental professionals.
• How will you help me reach my goals? Ask about their investment process, how they build a financial plan and how they manage it going forward.
• What kind of service will I receive? Find out how often you will meet to review your progress, how the advisor will update you on the performance of your investments and what kind of contact you can expect from them.

A trusted partner for your financial health

A financial advisor can be a valuable partner as you juggle the demands of your profession and plan for what’s next. With the right guidance, you can make more confident decisions, reduce financial stress, and build a plan that supports both your career and your personal goals. Just like your patients rely on your expertise, it helps to have a trusted professional you can count on for your financial wellbeing.

We’re Here to Help

If you want to learn more about how a financial advisor can assist you on your financial journey, speak to an RBC Healthcare Specialist near you.