Fellowship and Residency Graduates: Key Financial Considerations as You Transition to Attending Status in the next 60 days.....

As a 2025, fellowship or residency graduate, stepping into the role of an attending physician is an exciting, yet complex, transition. With new responsibilities come new financial decisions, and it’s important to consider these factors as you move from training to practice.

Key Considerations When Transitioning:

1. Salary Adjustment and Tax Planning

   • Your salary will increase significantly as you transition into attending status. This means more income, but also higher taxes. Consider adjusting your tax planning strategies to mitigate the increased impact of taxes on your income.

   
   

2. Retirement Planning

   • Review your retirement plans (401(k), 403(b), pensions) and how your employer contributes. Your financial goals as an attending will shift, and you’ll need a strategy that accommodates your new salary and retirement benefits.

   • Things like vesting and minimum hours worked matter a lot in the attending world because a lot of employer benefits or all or none and if you fall beneath the require thresholds your benefits may be severaly curtailed or eliminated altogether even while you continue to collect your salary

   
   

3. Buying a Home

   • As an attending physician, you’ll likely want to buy a home soon. Buying a home is a very important financial decision and it can feel a little overwlehming. Getting some disinterested (i.e. someone who is impartial and not making money on the transactions) financial advice from a fiduciary financial advisor in this situation often helps bring a sense of perspective and helps you have reasonable expectations.

     
     

4. Student Loan Repayment

   • Some people have student loans and some don't. If you do have student loans it can be helpful to talk to a fiduciary financial advisor to understand the pros and cons of different payoff options.

     
     

5. Investing and Building Financial Security for you and your freedom

   • You may now have more disposable income, so it’s important to establish a diversified investment strategy that will grow you and your family's financial security and financial freedom over time.

   
   
   
   
   
   

Why These Considerations Matter:

These factors influence both your short- and long-term financial health. Adjusting to your new role as an attending requires a shift in how you think about finances, and planning ahead can ensure you’re set up for success.

How Dr. Harris & Co. Can Help:

At Dr. Harris & Co., we specialize and have lots of experience

in guiding physicians through this critical transition. Whether it's adjusting your retirement plans, finding tax-efficient strategies, or managing your student loan debt, we offer personalized financial services tailored for attending physicians.

People use fiduciary financial advisors in different ways early in their career. Some plan to work together for just a year or two until they get their sea legs. Some plan to work together long term. Whatever approach feels right, it can be beneficial to be upfront about what you are looking for as fiduciary financial advisors like our firm routinely work with both groups.

Early in your career financial advice can feel kind of expensive and there are lots of balls in the air. But the benefit of being an early career physician is that the advisory fees are often lower because financial situations aren't as complicated yet.

You can usually get a good fiduciary financial advisor for $150-$250 a month early in your career. Our firm often has highly competitive rates for new attendings as well to help them on their journey.

When your salary goes from $7k-$8k to $20k a month the cost of the advisory fees often feel not significant for as long as a little guidance and advice from a fiduciary is helpful.

Plus, chief residents or fellows who are graduating from their training in June 2025 who sign an advisory agreement for the remainder of 2025 will receive a free month off the cost of their services for 2025.

This offer must be redeemed by 5/31/25 and you can redeem it by filing out our contact form and scheduling a call and writing the words "chief resident" or "fellow" in the message box.

Don’t miss this opportunity to start your career with solid financial guidance.

Just FYI, unless you have a signed written advisory agreement, we are not your financial advisor...

About Daniel Harris

Daniel R. Harris is the founder and President of D.R. Harris & Co., a national, fee-only fiduciary financial advisory firm based in La Jolla, CA (near San Diego). With over two decades of experience helping physicians with their finances, Daniel is dedicated to helping physicians navigate the complexities of their financial lives. He earned his B.A. from Stanford University and his J.D. from UC Berkeley School of Law, where he focused on tax law—knowledge he uses to craft tax-efficient investment strategies for his clients.

Throughout his career, Daniel has observed over $1 billion in securities transactions, providing him with invaluable experience in wealth management, tax strategy, and financial planning. As a fiduciary, Daniel is committed to offering advice that puts client interests first.

At D.R. Harris & Co., Daniel works directly with physicians to create personalized financial strategies that address the unique challenges they face, from transitioning to becoming an attending to retirement planning. His goal is to help physicians manage their financial future with confidence, so they can focus on their careers and families and what matters to them.

Click here to set up an introductory call and discuss how we can help with the financial transitions in your life and congrats on completing your training!