As a financial advisor who’s worked with high-income professionals for over two decades, I’ve seen firsthand the unique financial challenges and opportunities that physicians and medical professionals face. This article is written from my perspective to help guide you — whether you’re a surgeon, general practitioner, specialist, or dentist — through building a customized wealth plan tailored to your career, lifestyle, and long-term goals.

At Manna Wealth Management, we specialize in working with professionals like you who have complex financial situations and limited time. Let’s explore what makes your situation unique, and how to build a plan that works for you.

Why Physicians Need a Tailored Financial Strategy

The typical physician’s career trajectory is very different from most professionals. You spend your 20s and early 30s in medical school and residency, accumulating debt while delaying earning potential. But once that income starts flowing in, the numbers can be significant — and so can the risks.

Unique Factors Physicians Face:

• Delayed Earnings: Most doctors don’t begin earning substantial income until their mid-30s.
• High Student Loan Debt: Often ranging from $150,000 to $400,000.
• Higher Liability: Due to malpractice risks and the need for asset protection.
• Compressed Wealth Accumulation Window: You earn more, but have less time to save.

That’s why a one-size-fits-all financial plan won’t work for you.

Step 1: Build a Solid Foundation with Debt and Risk Management

A. Student Loan Optimization

I often help physicians consolidate or refinance their loans while still preserving cash flow for investment. A surgeon I worked with in Miami, for example, had over $280,000 in student loans. We refinanced at a lower rate and redirected the monthly savings toward a tax-advantaged retirement account.

B. Insurance and Liability Protection

You work in a high-risk profession — and I don’t just mean surgery. You need:

• Disability Insurance: Especially if you’re the primary earner.
• Umbrella Insurance: To add a layer of protection.
• Malpractice Coverage Review: To ensure adequate protection.

We helped a cardiologist in Tampa secure an umbrella policy that seamlessly integrated with her existing coverage, protecting over $2 million in assets.

Step 2: Maximize Tax Efficiency

You’re likely in the top tax bracket, which makes efficient planning essential. At Manna Wealth Management, I work closely with CPAs to build integrated tax strategies.

Key Tactics:

• Backdoor Roth IRA Contributions
• Defined Benefit Plans (Cash Balance Pension Plans) for practice owners
• Tax-Loss Harvesting for your investment portfolio
• Entity Structuring (S-Corp vs LLC) for self-employed professionals

For instance, a dermatologist client with her own practice reduced her annual taxable income by over $80,000 using a custom-designed cash balance plan and S-Corp strategy.

Step 3: Diversify Income Streams and Investment Vehicles

Physicians tend to be overexposed to their primary income source — their practice or hospital employment. A personalized wealth plan should provide diversified income streams.

Investment Mix May Include:

• Low-Cost Index Funds and ETFs
• Real Estate Investment Trusts (REITs)
• Private Equity (for accredited investors)
• Tax-Advantaged Municipal Bonds

One anesthesiologist client in Naples had all his savings in mutual funds offered through his hospital’s retirement plan. We diversified his holdings across tax-efficient ETFs and municipal bonds to lower volatility and increase after-tax returns.

Step 4: Plan for Practice Transition or Retirement

Physicians often either sell their practice, transition to part-time work, or shift to consulting in their later years. I guide my clients through every stage of this transition.

• Practice Valuation
• Succession Planning
• Buy-Sell Agreements
• Exit Strategy Optimization

A 58-year-old orthopedic surgeon I worked with recently sold his practice and moved to part-time telemedicine. By preparing his portfolio for this shift 5 years in advance, we ensured a smooth lifestyle transition with zero dip in income.

Step 5: Protect and Transfer Wealth

High-net-worth physicians need estate and legacy planning:

• Trust Establishment
• Gifting Strategies for Children
• 529 Plans for College Funding
• Philanthropic Planning

I helped one client in Fort Lauderdale establish a family trust that not only reduced his estate tax exposure but also provided financial education for his children through a trust-managed learning grant.

Let’s Customize Your Wealth Strategy

As a physician or medical professional, your time is valuable, your work is demanding, and your financial decisions have long-term implications. Don’t leave your future up to guesswork or generic online calculators.

At Manna Wealth Management, I personally work with clients to create wealth plans that evolve with you — whether you’re finishing residency, scaling your practice, or preparing to retire.

If you’d like to explore how a personalized financial plan could benefit your life and legacy, visit my bio page here or contact me directly through the site.