MINNEAPOLIS, MN / ACCESSWIRE / May 15, 2021 / As a physician or dentist in the healthcare industry, last year you spent most of your time and energy finding solutions for your patients.
While the COVID-19 pandemic swept the country and the globe, you were either at the frontlines-fighting a new virus that had no cure-or your office closed, leaving you without the ability to practice your craft.
With all the stresses of nurturing people back to health, worrying about loved ones, and trying to maintain your mental health, your finances may have also taken a hit.
Many physicians and dentists across the country either lost their jobs, saw a reduction in pay, or were furloughed when COVID-19 started.
With all the chaos you were abruptly thrown into during the pandemic, did you receive guidance that helped you weather last year's market volatility?
Because having a level-headed financial professional made all the difference last year.
But physicians and dentists like you didn't need just any financial professional. You needed a specialist-a financial professional that understood your industry and made it their mission to help you maintain your goals through economic uncertainty.
If you didn't have one of those, how do you find that when there are so many options? The answer is simple: you look for the financial professional that specializes in your industry. Then you look out for a few traits that set the good financial professionals apart from the average ones.
If you weren't teamed up with the right financial professional-and aren't sure what to look for-here are 3 traits to keep in mind during your search:
They should think long term
You don't need an advisor who does exactly what you want to do. You need an advisor that knows what is in your best interest.
At the start of the pandemic, financial advisor Marshall W. Gifford wrote The Case for Optimism, a piece inspired by the behaviors he was seeing from investors across the country. He saw that people were selling stocks in a herd mentality-moves he believed to be misguided and more of a risk. His response was to share with his clients reasons to be optimistic in the face of unknown and overwhelming circumstances.
He was confident that just as the economy bounced back after the 2008 financial crisis or after the collapse of technology stocks in 2000, we would bounce back from this economic crisis, too. He advised his clients to focus on the long-term, instead of reacting impulsively to what they were seeing in the stock markets.
In the end, Gifford was right. A year after the pandemic shut down the economy, the S&P 500 saw a 76.1% surge after experiencing a 34% index drop a month after the coronavirus surfaced in the United States.1 The stock market remains in a solid position as economic activity increases and the vaccine rollouts continue.
All this to say, the financial professionals who designed long-term investment portfolios for their clients and had the confidence and ability to keep them focused on the long term vs short term, saw the market bounce back.
The reality is, people often try to manage their finances based on next week or the next quarter. But none of that is relevant to your future goals. If in 18 years you want enough money saved to fund your child's college tuition or you want to retire in 35 years, your focus should be on the long term.
A good financial professional will understand that keeping your eye on the long-term goal is more important than keeping your eye on next week.
Level-headedness is an essential trait to look for in a financial professional.
They should help keep emotions in check
Every good financial professional knows that you should react according to your plans and goals, never to short-term economic uncertainty.
No matter the sudden changes in the market, a good financial professional will always think of your long-term plans and goals first. If your goals don't change and you have a well designed plan, the plan shouldn't change based on short term events. There is always uncertainty in the short run.
It's normal for people's emotions to get in the way when it comes to their finances.
Your financial professional should be able to facilitate a discussion that will help you understand why your proposals may or may not be a good move for your long-term goals.
Put simply: good things take time. Gifford says, "Building wealth requires patience, persistence, and faith in the future." These things require a level of discipline that is sometimes frustrating, but always necessary.
They should hold you accountable to your goals
People are often more likely to achieve a goal when they tell a friend.2 Think of your financial professional as the friend with whom you shared a personal goal.
A financial professional's job is to remind you of your long-term goals. No matter what is happening in the market or your personal life, your financial professional should be your soundboard. Their main role is to examine what decisions will jeopardize or benefit your long-term goals and share their findings with you.
Accountability is the ultimate trait you should look for in a financial professional. Gifford likes to quote the famous coach Lou Holtz, "When all is said and done, more is said than done." You want a financial professional committed to helping clients get things done.
Find A Financial Advisor at Gifford Financial
There's no need to worry if you feel overwhelmed by your financial future. That's where the financial advisors at Gifford Financial come in. Despite the economic uncertainty that came and continues to exist with the coronavirus pandemic, they remain focused on their clients' long-term goals, and their clients have benefited in the end.
At the start of the pandemic, Marshall W. Gifford-Founder of Gifford Financial-published The Case for Optimism, a blog that highlighted his belief that as history has shown us, the nation-along with investors' long-term portfolios- would be restored. You can read the full article here.
Gifford Financial is a financial planning and advising firm that specializes in working with clients in the medical and dental fields. The firm has a team of MD and DDS specialists who understand that physicians and dentists receive such focused training that learning how to create a financial strategy often gets overlooked. Not to mention, most of their time and energy is directed toward their patients.This makes creating and maintaining a financial strategy just another overwhelming task on their to-do list.
That's why the financial advisors at Gifford Financial make it their mission to design a roadmap for your financial future that suits you and the different phases of your journey.
Since 1993, Marshall W. Gifford has been advising clients in the healthcare industry on their unique needs, opportunities, and risks related to their long-term financial goals. A proud partner of North Star Resource Group, Gifford Financial is dedicated to enhancing the lives of their clients, one portfolio at a time.
If you're in the dental or medical field and are looking for a financial advisor, contact Gifford Financial today.
If you're looking for an expert financial planner to speak on financial strategies at future MD and/or DDS conferences, send us a request. Marshall W. Gifford is a seasoned speaker at national medical conferences and is always happy to offer his services and expertise to more practitioners in the healthcare industry.
1 Source: CBS News; https://www.cbsnews.com/news/stock-market-good-year/
North Star Consultants, Inc. - Insurance Products and Services. CRI Securities, LLC - Securities and Investments. Securian Financial Services, Inc. - Variable Products and Securities. Securities and investment advisory services offered through CRI Securities, LLC and Securian Financial Services, Inc. Members FINRA/SIPC. CRI Securities, LLC is affiliated with Securian Financial Services, Inc. and North Star Resource Group. North Star Consultants, Inc. is doing business as North Star Resource Group and is independently owned and operated. Gifford Financial is affiliated with North Star Resource Group but is independently owned and operated. 2701 University Ave SE, Minneapolis, MN 55414. 3561023/DOFU 4-2021
Company Name: Gifford Financial
Contact Person: Marshall W. Gifford
Address: 2701 University Avenue S.E., Ste 100, Minneapolis, MN 55414
Phone Number: 612-617-6119
Website Link: http://www.giffordfinancial.com/
SOURCE: Gifford Financial
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