Physicians often neglect an important aspect of their practices– retirement planning. Though many try to manage their financial portfolios themselves, often their investments do not return up to expectations.
LONG ISLAND, NY (PRWEB) June 12, 2004 -- Health and wellness are top priority for physicians. However, their own financial health is likely last on their list of priorities within their practice. In fact, many private- and group- practice physicians spend minimal, if any, working hours" on financial planning.
But who has time? With exhausting hours spent between seeing their patients and running their day-to-day business, retirement planning and personal fiscal management are often overlooked.
According to Charles Massimo, senior financial advisor, many physicians may be quite accustomed to covering financial risks that affect their practice on a daily basis, such as malpractice insurance, disability insurance, property-casualty insurance, and the like, but they are often unable to adequately cover financial risks after retirement because they have not managed their personal and business retirement plans.
When I speak to physicians about retirement planning, many reluctantly confess that they dont spend enough time on it," Massimo said. Some say that if they treated their patients the way they treat their investments, theyd have no patients."
Most small business owners hire an accountant and an attorney for certain aspects of their businesses. But, its not uncommon for physicians to try to manage their investments themselves rather than seek professional assistance from a financial planner.
Think about it," said Massimo. All large pension plans have full time managers. Large corporations dedicate entire departments to handle their employees investments. But many small and mid-sized businesses think they can do it on their own, when typically smaller business owners have far less time available to handle administrative aspects of their business."
The lack of time, knowledge and experience when dealing with financial matters may result in poor performance in many physicians financial portfolios.
Massimo is not suggesting that small businesses, such as a physicians practice, hire full-time staff to handle retirement investments. Consider hiring a fee-only financial planner, who, like an accountant or attorney, is paid a flat fee. This type of financial consultant does not work on commission," Massimo said. They work for you. Their livelihood is not based on how much of a specific fund they sell, so there are no hidden agendas."
Massimo, with more than 15 years experience teaching investors age 55+ how to increase their income and reduce income taxes, has managed more than $200 million in portfolio assets. He is one of a select group of financial professionals who offers Dimensional Fund Advisors (DFA), a company which the New York Times recently reported to often beat [Index funds]." DFA, which currently manages over $60 billion for some of the largest companies and wealthiest families worldwide, is considered to be one of the most prudent ways for investors to grow their money.
CJM Financial provides wealth management strategies for and financial education counselling to the 55+ investor. The firm uses innovative research techniques as well as integrity and compassion to provide a dynamic approach to portfolio management. With more than 15 years experience in servicing the senior sector, the company founder Charlie Massimo has a loyal client following nationwide. CJM Financial has offices in both New York City, and Melville, Long Island. Charles Massimo can be reached at 631.465.2073 or 212.551.5624, or visit www.cjmfinancial.net.
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