Lighthouse Financial Adice | Making your money work harder

Expert financial advice for doctors

Doctors

Expert financial advice for doctors

Expert financial advice for doctors

You work hard for your money – but is your money working hard for you? Maybe, like many people, you know you should be doing something about your finances but aren’t quite sure where to start. Or perhaps you never have time.

We have been helping medical professionals build, protect and enjoy their wealth for more than ten years. We therefore understand the financial implications of your chosen career path, whether private practice, general practice or hospital based.

In addition, we can work with you to resolve personal and professional financial planning issues such as supplementing your NHS pension, tax-efficient ways of funding premises and equipment and providing employee benefits that are both valued and cost-effective.

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Starting out

You have studied hard to qualify, your earnings potential is significant, but right now money is likely to be tight. You have student debts to repay, yet you may like to buy a house, not to mention have the occasional holiday. A little foundation financial planning can set you on the road to a secure financial future.

Financial health check:

  • Do you have a fund for emergencies?
  • Is your income protected properly?
  • You have good earning potential – does your bank recognise that?
  • How much do you need to save for a deposit on a property?
  • Do you understand your different mortgage options?
  • Are you aware of the difference in the NHS pension schemes, depending on your career structure?

Young family

Work is demanding as you progress in your specialism, while home life is pretty hectic too. Financially things are not much easier, but you will want to make sure that the family’s finances are secure and that you can give your children the best possible start in life.

Financial health check:

  • Have you checked that your family’s income is adequately protected if you were to be off work due to an accident or serious illness? How would they manage should you die?
  • You may be thinking about moving to a bigger home, but how much can you afford?
  • Do you understand the details of the NHS pension schemes? Making additional contributions is a tax-efficient way of boosting your pension fund.
  • How will you fund your children’s education or weddings? Are you making regular investments into a suitable fund?

Children growing up

Your children are becoming independent, you are reaching the peak of your earnings, so you may well have more disposable income. You want to enjoy the fruits of your hard work – now is the time to look ahead rather than simply pay the bills.

Financial health check:

  • Is your investment portfolio living up to your expectations? Is it as tax-efficient as it could be?
  • Do you need to make additional pension provision, outside your NHS scheme? Get an estimate of your NHS pension.
  • If you already have a private pension, are you aware of the latest restrictions on contributions?
  • Are you thinking about buying a holiday home, perhaps abroad? Have you paid off your mortgage?

Approaching retirement

Having reached the peak of your career, you are enjoying increased financial freedom. Wealth preservation is likely to be your priority, together with maximising financial opportunities to ease yourself into retirement.

Financial health check:

  • Can you afford to retire early? What impact would this have on your pension in later life? Get an estimate of your NHS pension.
  • Should you take a tax-free lump sum?
  • Do you need fixed or variable income in retirement?
  • When did you last take stock of your investments? Do the funds reflect your current attitude to risk?
  • If you have inherited money, should you invest it or pay off your mortgage?

Retired

It is time to enjoy what you have achieved over the years. Financially, you will want to be in a position to maintain your lifestyle and have adequate resources to deal with any unexpected major expenditure.

Financial health check:

  • What steps have you taken to protect your family home and other assets?
  • Are your pension fund and investments generating sufficient income? How tax-efficient are they?
  • If you are moving to a smaller property, what should you do with the proceeds? There could be a tax-planning opportunity.
  • If you have dependents, would they continue to receive income should you die?

Professional practices

If you are in general or private practice, commercial financial planning issues are also likely to be high on your agenda. We have the expert knowledge required to explain your options and make informed recommendations on issues including:

  • employee benefits that help you attract, motivate and retain good people and are cost-effective for your practice
  • locum and surgery insurance
  • commercial finance, for instance to buy equipment
  • buying premises – buying premises through your pension scheme can be both a good investment and tax-efficient
  • protecting the finances of the practice and the families of key people through partnership, shareholder and key-man insurance
  • business succession and transition planning.

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About to retire? Our annuity service can help you get a higher level of income income. Are you paying to much for your mortgage? Our independent mortgage specialists may be able to find you a better deal. Download our Guide to Wealth Management Download our Guide to Inheritance Tax Planning

What are your goals?

Here are the most common goals customers who are doctors tell us they would like to achieve. What are yours?

  • Buy a property.
  • Protect the family.
  • Move to a bigger house.
  • Pay university fees.
  • Buy a place abroad.
  • Reduce income tax.
  • Build up pension fund.
  • Retire early.
  • Preserve your wealth.
  • Maintain your lifestyle.
  • Pass on your wealth.

Talk to us – we can help you achieve them.

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Lighthouse Financial Advice Limited is a wholly owned subsidiary of Lighthouse Group plc.

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