Tim Medley, CFP, president of Medley & Company in Jackson, was recently named one of 120 best financial advisors for doctors by Medical Economics magazine.
Handling investments for doctors requires an understanding of the unique challenges they face, Medley said.
“First, doctors have a shorter income-earning period than most people,” Medley said. “By the time doctors start working, their contemporaries may have been working 10 years. Second, medical doctors are usually not able to sell their businesses at retirement. Third, if medical doctors are married and have children, the cost of educating their children is higher than most.
“Often, they may go to private schools. Because of the doctors` income, the children do not qualify for financial aid to the extent others may.”
Medley does not necessarily see a trend toward doctors selling practices to management groups.
“Results I`ve seen have been uneven, and in a number of cases, unattractive,” Medley said. “Several of medical doctors` national corporations have seen the value of stock decline significantly. Doc- tors need to be very careful before aligning themselves with a regional or national group.”
Doctors account for only one in 10 clients at Medley & Company. His client list is as diverse as Jackson`s business community, he said.
“The nature of a community our size