Financial Planning for Doctors

Terry McMaster: Specialised Financial Planning for Doctors

We have been in practice for nearly thirty years now, and our score is on the board. But we are anxious to score more, and we want you to get the benefit of experience and expertise.

Our financial planning team is led by Terry McMaster. Terry is the founder of McMasters’, and is a solicitor, accountant and financial planner who has worked primarily with doctors for more than thirty years.

Terry is also the responsible manager and owner of Dover Financial Advisers, one of Australia’s largest financial planning groups. Terry is responsible for more than 10,000 financial plans a year, and oversees more than 380 financial planners spread right across Australia.

Terry writes a regular financial planning column for Australian Doctor, and is a frequent contributor to various financial planning magazines and websites around Australia. Terry has written several books and manuals on financial planning for doctors.

Terry’s experience includes running complex ATO litigation, expert witness roles in tax litigation involving medical practices, advising on sales and acquisition of practices, mediating medical practice disputes and creating sensible long term inter-generational financial planning strategies for doctors.

Terry’s team of expert financial planners are all dual qualified solicitors and financial planners, with extensive experience working closely with doctors.

McMasters’ does not accept commissions and all services are strictly fee for service.

Terry’s focus is on making sure you are doing everything possible to maximize your financial potential. We take a long-term view, emphasizing inter-generational financial planning and looking forward decades to make sure everything is done to maximize your family’s long-term financial profile.

We look at:

  1. your practice’s:
    1. legal structure. The ATO’s rules have changed and we ensure your structure suits your practice. This can save you tens of thousands of dollars a year
    2. costs, and whether they can be reduced without impacting efficiency and
    3. income, and whether it can be increased
  2. risk insurance profile (ie your life insurance and income protection insurance arrangements), to maximize the after tax cost efficiency, minimize perceived risks, make sure you are not over-insured, and ensure any commissions are refunded to you each year
  3. whether you are suited to a SMSF, and if so how your SMSF should invest, and whether it should borrow to acquire property
  4. your choice of industry super fund, and how your benefits are invested
  5. your debt management strategy, paying particular attention to minimizing expensive non-deductible debt
  6. your non-super investment strategy, including using the correct legal structure to hold Australian share and property investments
  7. your retirement and succession planning strategy
  8. your estate planning strategy
  9. cash budgeting, if needed
  10. our property buying service and
  11. generally ensuring you and your family have the best possible financial planning profile.

Once your plan is settled, the critical task is implementation. We implement the advice for you.

We meet bi-annually to re-calibrate your plan for changing economic conditions and personal preferences, then re-implement, and then measure further progress and follow up.

It’s an ongoing process designed to get the best possible results for you.


Our fees

Our specialist financial planning is provided by Dover Financial Advisers, and costs $6,000 a year. This fee note is usually tax deductible, is paid in 12 equal instalments and can be paid out of your superannuation fund.

Separate fees apply to our property buying service.

McMasters’ does not accept commissions and any commissions on financial products are refunded to clients.

Our client’s commission refunds often exceed our fees, and the tax benefits are almost always well above our fees.


Do you have to be a McMasters’ accounting client to be a McMasters’ Financial Planning Client?

You do not have to be a McMasters’ accounting client to be a McMasters’ financial planning client. We are happy to work with your preferred accountant to obtain the best possible results for you.

Contact Terry McMaster now.
Call 03 9583 6533
Email terry@dover.com.au.

Terry
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