Should I look into financial planning?
As you enter residency, you may find you’ve got money on your mind. In particular, we often are interested in addressing our debt, consolidating loans, investing, and filing taxes correctly. Do I need an accountant? Should I be talking to a financial planner?
We’ll try to address your questions here.
First of all, you’ll soon notice that UBC residents have access to a huge array of informational seminars and services for financial wellness. Here are a few that you may have already come across, in no particular order.
Please note: We do not have any stakes, holdings, and are not promoting the financial incentives and activities of the aforementioned organizations - please continue at your own financial risk.
| Source | Who are they? | What do they offer? |
|---|---|---|
| UBC Transition to Practice | A UBC Program intended to prepare residents for life after residency. They do this by providing educational webinars. | Online webinars |
| MD Financial | Financial advisors who specialize in working with medical professionals. Associated with Scotiabank. | One-on-one financial planning and insurance planning Investment and estate advice Banking solutions (through Scotiabank) Online articles |
| Financial Literacy Counsel | Financial planners originated from UBC and SFU who aim to provide financial literacy to all, starting at university students and residents. | One-on-one financial planning and insurance planning |
| MNP | Large professional services firm that offer several services. | One-on-one financial planning and insurance planning No charge tax returns Corporate finance |
| Financial Pulse | Comprehensive and unbiased online financial literacy program written by residents for residents | Online articles, pearls, and calculators |
Residency is very busy. You certainly do not need to sign up for all the seminars and services offered. Which services you choose will depend on how hands-on you want to be with your finances. We believe financial wellness requires being informed about your finances, at least somewhat. However, financial wellness does not necessarily need to be completely hands-on.
Here’s an approach
Do you want to be mostly hands-on? Attend webinars through UBC TIP and read up on Financial Pulse.
Do you want to be mostly hands-off? Get in touch with a financial advisor through MNP, MD Financial, Financial Literacy Counsel, or other private firms.
Insider Tip
Financial advisors and accountants will often offer free services for medical residents.What’s the catch? Why are they working for free? Well, it’s actually a strategic business decision.
Offering complimentary services to medical residents allows them to get in there early and foster working relationships with future high-income earners. They may not ask for a service fee while you’re in residency, but they’re hoping you continue working with them after you start practicing (and earning more money). That’s when they see their return on investment.
My opinion? We’re busy learning about medicine so I would leave financial planning and handling with the financial professionals. I would, however, stay informed so that I’m not blindly following recommendations.
