McMasters’ Registrar Meetings and Statements of Advice

Over the last twenty years McMasters has acted for hundreds of medical registrars. Most remain clients today, enjoying the benefits of getting it right early and avoiding the many financial traps and pitfalls set for young doctors. Our strategies for young doctors focus on tax efficient home ownership, commission free superannuation, normally through Health Super or HESTA, appropriate and commission free income continuance insurance, and debt management. How to set up and run a private practice as efficiently as possible also features in the discussion.

The idea is to create a solid financial base as early as possible, and to set the stage for maximizing your wealth on an after tax basis once your training is completed and private practice begins.

We do not charge for meetings with registrars and the follow up Statements of Advice. We see it as important time explaining what can be done now to get a better tax and financial planning result, but also to set the stage for what comes next. The meetings follow the familiar McMasters’ Way pattern. The McMasters’ Way is a sophisticated premium financial planning and wealth coaching service integrating taxation planning, superannuation planning, structural advice and investment advice to achieve maximal wealth outcomes.

You can read more about the McMasters’ Way here: The McMasters' Way.

The meetings explain:

(i) specific concerns you have about your current financial circumstances and likely future circumstances;
(ii) work life balance, and what can be done to improve it;
(iii) your likely income pattern on completing your medical training and advice on what you can do now to improve it;
(iv) practice options; ie what, when and how;
(v) how to set up and run a medical practice, including advice on structure, accounting and operating systems;
(vi) what you can do now to legitimately reduce and defer your income tax liabilities both as a registrar and as you start practice, including tax efficient practice structures, deductible car costs, cash flow management, exempt fringe benefits and allowances, travel costs, negative gearing and pre-payments;
(vii) commission free and low cost superannuation through health industry superannuation funds such as Health Super and HESTA;
(viii) commission free income continuance insurance;
(ix) commission free and low cost life insurance through Health Super and HESTA;
(x) tax efficient home ownership;
(xi) tax efficient wills and estate planning;
(xii) why you should never trust anyone else with your money and should always stay in control (which is the most important rule for a young doctor to absorb: get this bit right and the rest follows on naturally); and
(xiii) why you should never invest in a financial product that pays an advisor a commission.

The meetings normally take two to three hours and we follow up with a detailed Statement of Advice, and appoint a dedicated Client Relationship Manager to make sure the advice is implemented efficiently and everything happens the way it should.

The meetings can be in one of our offices or by teleconference or Skype.

Contact Berivan Ylimaz ("Bez") on berivan@mcmasters.com.au or 03 9583 6533 to arrange a complimentary meeting and Statement of Advice now. 

Bez is a director of McMasters, holds a Masters degree in accounting, and is also a qualified financial planner and a real estate agent (NSW).  Bez has  more than ten years experience advising on property, accounting and financial planning matters and is extremely experienced with younger doctors. Bez leads a small team of accountants and financial planners who specialize in registrars, interns and doctors and dentists in the early stages of their professional lives.