Wealth Creation

The first step in developing a wealth creation plan is to identify your available income surplus, sometimes challenge across the different stages of your medical career, as income can be unstable or you are employed by multiple employers. Through careful planning and strategy development, we can help determine how best to direct this surplus income, to achieve your short, medium and long term financial objectives. Often this will involve investing in the family home (through debt reduction), an investment portfolio, or in superannuation, to better the long term outcome on retirement. A successful wealth plan will deliver better financial outcomes, creating or accumulating wealth over time.

While most medical professionals have significant income and earnings potential, often the duration of their studies mean that the higher income begins later than it otherwise would. It is critical that when you do have the capacity to save and invest, you make this money work for you. Doing so, the earlier the better, will provide financial freedom and flexibility as you prorgress through your career and your focus shifts to other things, whether it be starting a private practice, family or eventually, retirement.

As a subsidiary of the AMA (WA) Inc, the team at AMA Financial Planning have significant experience in working with members of the medical profession. We are uniquely famililar with your employment and income patterns, salary packaging arrangements and entity structures. This allows us to deliver tailored wealth accumulation plans, addressing debt management, superannuation, investment and retirement planning advice that allow you to meet your financial and lifestyle goals and objectives, creating real financial freedom.

Every individual is different, although we do see commonalities among parts of the medical profession. Specialists may have high incomes, work publicly, privately or a combination of both. Often, public or part public specialists will hold a GESB Superannuation or West State Superannuation account.
General practitioners are often self-employed, with a more stable (over time) income that comes without the benefit of employer superannuation contributions and are responsible for saving for retirement themselves, as a result.
Our advice takes into account the circumstances of the individual and delivers a wealth creation plan very specific to them and their own needs, circumstances and objectives.

Wealth protection is a critical part of a comprehensive financial plan. It allows you to ensure that your current financial circumstances, future plans and income, is appropriately protected in the event of something unforseen, be it death, disablement, a critical illness or inabilty to work through accident or illness. Life, disability, trauma and income protection insurance allows you to mitigate the financial risk of such an event.

We specialise in providing Self Managed Superannuation Fund advice, which extends to SMSF owned property, business property or otherwise. While we cannot provide on specific property transactions, we can assist in determining the consequences of the property purchase or sale, in the context of your broader financial plan.