For many physicians, it can be difficult to know the "right" way to approach personal finances
You have the ability to figure it out, but the real question is how it fits into your life, and what you might miss if you’re navigating it on your own. So if you’ve ever found yourself thinking, “I probably should be able to do this… but I’m not totally sure I want to,” you’re not alone.
So how do you decide which path is right for you?
We find that most people tend to fall into three general categories based on how hands-on they want to be with their finances.
Where you fall can also change depending on your stage of career. For example, during training, you may lean toward handling things yourself since your financial life feels simpler and the cost of outsourcing may not feel justified. As your career progresses and you have less time and your finances become more complex, many physicians find themselves shifting toward a more collaborative or outsourced approach.
It’s important to remember these categories aren’t about whether you’re capable of managing your finances. They’re more about how you prefer to spend your time, how involved you want to be, and what gives you peace of mind.
Three approaches to managing your finances
1. The Do-It-Yourselfer
You enjoy managing your finances, or at least feel comfortable doing it. You like having control, you’re willing to research, and you may already have systems in place like spreadsheets, budgeting tools, or investment accounts you manage yourself.
You may fall into this category if you find yourself thinking:
- “I actually like digging into this stuff and figuring it out.”
- “I’d rather do the research myself than rely on someone else.”
- “I have a system in place to track everything.”
2. The Collaborator
You’re comfortable handling some aspects of your finances, but you value having a second opinion, especially when it comes to bigger decisions. You want to understand what’s going on, but you don’t necessarily want to carry the full burden alone.
You may fall into this category if you find yourself thinking:
- “I like being involved, but I want someone to sanity-check big decisions.”
- “I don’t want to miss something important.”
- “I want to understand the strategy, but I don’t need to do everything myself.”
3. The Outsourcer
You prefer to hand things off to an expert. It’s less about capability and more about time, energy, and peace of mind. You’d rather focus on your career, family, and life outside of finances, knowing someone else is helping manage the details.
You may fall into this category if you find yourself thinking:
- “I don’t want to spend my limited time on this.”
- “I’d rather have someone else handle it and just keep me informed.”
- “Peace of mind is more important to me than being hands-on.”
How a financial advisor can fit into each approach
Now that you’ve identified where you may fall, the next question becomes: what role, if any, should a financial advisor play?
The answer doesn’t have to be all or nothing. In fact, the way you work with someone should reflect how hands-on you want to be.
If you’re a Do-It-Yourselfer
Even if you prefer to manage things on your own, there can still be value in bringing in a professional at key moments. This might include getting a second opinion on a major decision, reviewing your plan periodically, or pressure-testing your strategy during big life transitions.
If you’re a Collaborator
If you see yourself in the middle, working with a financial professional can feel more like a partnership. You stay involved, but have someone to guide strategy, sanity check decisions, and help you avoid missing important details.
In some cases, this may also mean sharing responsibilities. For example, you might stay involved in the overall strategy while delegating certain areas, such as investment management.
If you’re an Outsourcer
If you prefer to hand things off, working with a financial professional can help simplify your financial life. This often includes delegating ongoing responsibilities like investment management and portfolio rebalancing, while staying informed and aligned on the bigger picture. In this case, the goal isn’t to be less informed. It’s to free up your time and mental energy while knowing that key aspects of your financial life are being handled thoughtfully and consistently.
If you’re considering help, finding the right fit matters
Even if you’ve realized you’d benefit from help, the next challenge is often figuring out who to trust.
And that hesitation is completely reasonable.
Many physicians have either experienced or heard stories of being sold financial products or given advice that wasn’t truly in their best interest. So even when working with a professional could add value, it can still feel like a big step.
The good news is there are a few simple ways to evaluate whether someone is the right fit for you.
You’ll want to understand things like:
- What credentials do they hold? (for example, are they a CFP® professional or do they have other relevant designations?)
- Will they act as a fiduciary, putting your interests first?
- How are they compensated? (fee-only vs. commissions)
- What does their service actually include?
- How often will you meet and communicate?
These questions can help you quickly separate advisors who are focused on long-term planning from those who may be more sales-oriented.
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
Bottom Line
There’s no single “right” way to manage your finances.
The right approach is the one you’ll actually follow through on consistently and that fits your time, priorities, and stage of life. And it’s okay if that approach changes over time. The most important thing is that you’re being intentional and making progress toward the financial life you want.
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