Wealthmed – assisting medical professionals with financial advice
myprosperity partner, Wealthmed, an integrated advice firm on the Sunshine Coast, discuss how they help their clients by leveraging the benefits of technology.
Medical professionals and financial assistance are two things you would not readily associate with one another, but Wealthmed understands the unique financial needs for medical and dental practitioners.
Director of Wealthmed, Carolyn Bindon, has been in the advice sector for over three decades and has identified the complexities surrounding medical professionals in all stages of their careers.
“Our clients are highly intelligent people who are capable of making decisions, but lack the time and continuity to do so. We are here to encourage them to fill in the gaps of their financial lives, often caused by their busy schedules.”
Carolyn believes being proactive with their clients, regularly following up with them throughout the year to ensure they are making financial progress, has contributed to their growth. Carolyn says they have at least 5 touch points with their clients throughout the year, whether it’s face-to-face or just a phone call.
However, it’s not just their commitment to clients that has established them as a developing powerhouse, but also their implementation of technology.
As well as being time poor, Wealthmed’s clients often have complicated financial situations and require thoughtful and strategic long term advice. Their partnership with myprosperity is one of the key drivers in the firm’s service to clients and continuing success.
“Many of our clients find their finances hard to manage because they are time poor and have complicated financial circumstances – they have properties, multiple bank accounts for whatever reason, investment and Super that is often in government funds, making it hard to see their total finances. The myprosperity platform brings clarity to this situation. We use it to help us and our clients see the big picture. It allows us to see and work with them on their cashflow, so we can make more informed decisions,” Carolyn said.
The three other main ways Wealthmed ultilises the myprosperity platform are digital doc signing, tax returns and goal setting.
“We like to set specific cash flow goals for the coming year. An example of this is set a figure for their offset mortgage accounts – what we want to get them too,” Carolyn said.
Wealthmed do a lot of tax returns every year and due to the nature of their clients, they can be quite intricate.
“myprosperity helps us complete our tax returns because we are able to see their entire net worth. The digital doc signing and document storage functionality also assists with the firm’s efficiencies,” Carolyn said.
But rolling out new tech to clients can often be an uphill battle. Wealthmed believe that the most successful way to roll out new systems like myprosperity is to have a face to face meeting, so they can properly explain how it works and what benefits they will get from it.
It’s fantastic to partner with a firm like Wealthmed, who take the initiative to provide a better service to their clients using technology. The relationship is symbiotic because as Carloyn Bindon said, “myprosperity helps our clients take control of their finances.”