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Advising Doctors and Dentists: 6 Things Advisors Should Know

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In early March, just before widespread lockdown mandates went into effect in response to the coronavirus pandemic, Northwestern Mutual polled its advisors who served clients in the medical profession to gain insight on doctors’ and dentists’ perspectives on wealth and risk management.

Forty-three Northwestern Mutual advisors responded to the poll. The firm gather additional qualitative commentary in June to provide context for the results through the lens of the ongoing health and medical crisis and its effect on the financial security of medical professionals.

“Faced with the dual health and financial crisis, the first half of 2020 has been uniquely challenging for medical professionals, both personally and professionally,” Brian Henning, vice president at Northwestern Mutual, said in a statement.

“However, our advisors have noted that their clients have been resilient when it comes to riding out market volatility and triaging immediate financial needs regarding ongoing debt reduction commitments in the face of income disruption.”

Surveyed advisors’ medical clients were 59% male and 39% female, and were about equally divided among baby boomers, Gen X and millennials. Seven in 10 were married or had a domestic partner.

See the gallery for six things advisors need to know about the particular needs and concerns of this high-earning client niche.

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