Doctors in Australia live complex financial lives. While many professionals look to a financial planner for simple investment advice, the reality is that medical professionals need far more than a conversation about where to put surplus cash.
Between years of study, late entry into the workforce, long hours, high incomes, heavy tax exposure, ongoing professional costs, and practice ownership challenges, doctors face unique financial pressures. A specialist medical financial planner understands these challenges and creates strategies designed specifically for the realities of a medical career.
At Medcentric, we believe financial planning for doctors is about more than just advice. It’s about creating confidence, reducing stress, and building long-term financial independence.
Doctors dedicate more than a decade to mastering medicine — yet most receive no training in personal finance. Without guidance, many fall into patterns of high spending, under-saving, or missed opportunities.
A medical financial planner helps you:
Understand investments: shares, property, superannuation, bonds, managed funds — what they are, how they work, and which fit your goals.
Demystify risk: separating “short-term volatility” from “long-term risk” so you make informed decisions rather than emotional ones.
Interpret financial products: cutting through industry jargon to explain clearly what benefits (and risks) are involved.
Imagine a registrar earning $120,000 and considering an investment property. Without understanding negative gearing or cash flow impact, they may take on unnecessary risk. With financial education, the same doctor can weigh the benefits and decide with clarity, not guesswork.
High incomes can mask poor financial habits. It’s not uncommon for doctors earning $300,000+ to feel financially “stretched” due to mortgages, practice loans, car leases, and lifestyle inflation.
Specialist planners go beyond basic budgeting to create cash flow strategies that reflect your reality:
Mapping income from multiple streams (public hospital shifts, private billing, practice distributions).
Structuring debt repayments for efficiency, such as offset accounts or debt recycling strategies.
Ensuring you’re not asset rich but cash poor.
For example, a GP couple in Sydney earning $450,000 together might have three mortgages, school fees, and practice expenses. A structured plan can show them how to eliminate non-deductible debt in under 10 years while still building investments.
Doctors are exposed to unique risks — from litigation to complex family dynamics. Estate planning is about more than writing a will; it’s about ensuring your wealth is protected and transferred efficiently.
A financial planner specialising in medicine works closely with estate lawyers to help you:
Protect assets from potential claims or creditors.
Structure wealth using trusts or companies to safeguard against professional liability.
Plan succession if you own a practice, ensuring it passes smoothly to partners or family.
Create certainty for your beneficiaries so they inherit in line with your wishes, not by default ATO or legal rules.
Without specialist guidance, estates can be unnecessarily taxed or contested — eroding years of hard work.
For doctors, your greatest financial asset is your ability to earn income. But what happens if illness, injury, or burnout stops you from working?
Specialist planners help identify and implement the right cover, including:
Professional indemnity (mandatory for practice).
Income protection — ensuring you’re covered even if illness prevents you from seeing patients.
Trauma and critical illness cover — providing lump sums for unexpected health events.
Total and permanent disability (TPD) insurance — for life-altering events.
Business expenses insurance — critical if you own or co-own a practice.
Generic insurance advice often overlooks the nuances of medical income. For example, policies must reflect the actual duties of a surgeon versus a GP, otherwise a claim may be disputed.
Doctors often delay serious retirement planning, thinking their high incomes will “sort it out eventually.” Yet with superannuation contribution caps, tax rules, and rising living costs, early planning is essential.
A medical financial planner answers big questions with clarity:
How much money do I need to retire comfortably?
Am I on track with my current superannuation contributions?
Can I retire earlier than I expect?
How do I balance wealth creation with lifestyle today?
For example, a specialist surgeon earning $500,000 may assume they’ll retire comfortably at 60. But without a structured plan, they could hit contribution caps and fail to maximise tax benefits — leaving them short by hundreds of thousands. With a plan, the same surgeon can target a retirement date with confidence.
Doctors often have lump sums to invest — from private practice profits, inheritances, or property sales. A financial planner helps ensure these investments are aligned with both your risk tolerance and your career stage.
Early-career doctors may benefit from growth-focused investments.
Mid-career specialists often need a balance of debt reduction, superannuation, and wealth building.
Pre-retirement consultants usually prioritise stability, cash flow, and capital preservation.
Instead of chasing “hot tips” or generic advice, your investment plan is built for your unique trajectory.
Financial planning for doctors is not the same as for other high-income professionals. Doctors face:
Extended training and later wealth accumulation.
Complicated tax rules for mixed public and private income.
Exposure to litigation and professional liability.
Practice structures that require ongoing strategic planning.
A generalist financial planner may overlook deductions, mismanage insurance, or fail to optimise tax structures. A specialist medical planner ensures every part of your financial life is integrated, compliant, and optimised.
Money stress is one of the leading causes of burnout for doctors. By outsourcing financial complexity to a specialist planner, you gain:
More time for patients, family, and personal life.
Peace of mind knowing your finances are structured and secure.
Confidence that you’re not overpaying tax or under-protecting your wealth.
At Medcentric, we work exclusively with Australian doctors. Our planners combine financial expertise with a deep understanding of medical careers. From registrars just starting out, to practice owners, to consultants preparing for retirement, we design strategies that grow with you.
Financial planning is not about giving advice once a year. It’s about building a partnership that evolves as your career evolves.