Is This the Year to Hire a Financial Advisor? What Physicians Should Consider

The beginning of the year is often a time when people reflect on many areas of their lives, including their finances. 

Physicians are no different. What is different is that physicians tend to have financial needs that look different from those of their peers who pursued different career paths. With long training periods, delayed earnings, big student loan balances, and complex career paths, financial decisions are anything but straightforward.

If you are a physician debating whether 2026 is the year you decide to work with a financial advisor or financial planner (these terms are often used interchangeably), we’ll highlight a few things to keep in mind as you start having introductory conversations and meeting with potential advisors. We've also designed a Financial Advisor Interview Checklist to help give you concrete questions you can ask and guidance on what to listen for, so that you can find someone who fits what you need now and what you'll need in the future.

Do they work with physicians like you?

Many financial planning and advisory firms will say they work with physicians. That can be a helpful starting point, but on its own it does not tell you much about whether they are well equipped to support your situation. 

What matters is whether the types of physicians they typically work with face financial decisions similar to the ones you are navigating. A physician in their 50s or 60s who is approaching retirement often has very different planning needs than a physician in their 30s or 40s who is making early career decisions, managing student loans, and just starting to invest and build wealth.

It can also be important to think beyond the physician spouse in the context of a marriage or partnership. A non-physician partner may have their own financial complexities, such as equity compensation, variable income, or a different benefit structure. A financial planning or advisory firm should be comfortable taking all of that into account and pulling it together into one cohesive household plan.

Rather than taking “we work with physicians” at face value, ask questions that help you understand who their clients actually are and what types of situations they are most experienced supporting.

Can they support the areas where you actually need help?

Before meeting with a financial advisor, it helps to be clear about where you want guidance right now. For many physicians starting out, that might include a plan to pay off student loans, purchasing a first home, or starting to invest to reach your long-term financial goals.

As you ask about a firm's  financial planning services, focus on whether they can address the questions and tradeoffs you are facing in your current phase of life and career. At the same time, it can be helpful to understand how they support clients as their needs evolve.

Ideally, a financial advisory or planning relationship is not just about solving today’s problems, but about growing with you and your needs over time. 

Ask questions that help you understand whether the advisor has experience supporting clients through multiple career stages, and whether their services are designed to adapt as your financial picture becomes more complex.

Do you understand how they are paid?

Fee structures vary across firms, and there is no single “right” approach. What matters is transparency and understanding how those fees work in practice.

Ask how the advisor is paid and which fee structure they use. Some advisors charge a flat fee, meaning you pay a set dollar amount for planning services. Others charge based on assets under management (AUM), typically calculated as a percentage of the assets they manage for you. In some cases, firms may use a combination of fees or offer different service tiers.

It is also important to ask whether they earn commissions for selling insurance or investment products, and if so, how potential conflicts of interest are handled. Make sure you understand how often fees are charged, whether they could change as your assets grow, and what services are included in those fees.

You should feel confident that you understand how an advisor is compensated before deciding whether to move forward.

Does the relationship feel like a good fit?

Technical knowledge matters, but it is rarely the reason a long-term planning relationship succeeds or fails. Trust, communication, and alignment play an equally important role.

As you reflect on your conversations, think about how the advisor engaged with you. Did they ask thoughtful questions about your goals and concerns, or did the conversation feel one-sided? Were they able to explain concepts in a way that felt clear and approachable, without relying on jargon or talking past you?

Pay attention to whether their communication style, responsiveness, and overall approach feel compatible with how you like to make decisions and process information.

A strong planning relationship depends not just on technical expertise, but on trust, communication, and feeling confident that this is someone you can work with over the long term.

Want a more complete list of questions to ask?

Our free resource, Your Financial Advisor Interview Checklist, includes questions to get at what we discussed in this post and many more. It is designed to help you prepare for planner or advisor interviews, understand what to listen for, and evaluate fit after the conversation.

Download the Financial Advisor Interview Checklist here 

Wrenne Financial Planning is a registered investment adviser. The content of this blog post is intended for informational purposes only and is not intended to be investment advice. The views expressed in this blog post are subject to change based on market and other conditions. Some information has been obtained or provided from third party sources and is believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information, and it should not be relied on as such.