Financial Planning for Doctors

As a medical professional, whether for the NHS or in private practice, your financial planning needs can be complex. However, your increasing workload means that your time is finite, and your personal finances can often get pushed down the agenda or forgotten altogether.

2 min read

Nevertheless, it is vital that you take responsibility for your financial future to ensure that you don’t make decisions, either intentionally or by omission, that you later regret.

With limited time, you need to be confident that when you do seek advice you are working with a trusted and experienced financial professional; someone who not only provides holistic financial planning for your overall needs, but someone who also has an in-depth knowledge of the complexities of the NHS pension scheme, and someone who understands your unique priorities.

Here at Succession Wealth, we have a long history of working with medical professionals. Our experienced Wealth Planners provide bespoke advice which is tailored to your specific circumstances. We will help you to achieve a clear view of your current situation and where you are heading, and we will then implement a strategy to help you achieve your financial goals.

Holistic financial planning

We take a structured, five-step approach to financial planning. As part of this process, your Wealth Planner will help you plan how to best protect your wealth, maximise your assets, realise financial opportunities, maintain your lifestyle, and manage risk. Your plan will be designed to give you peace of mind that you have covered all of the bases, enabling you to live the life you want, whilst also being flexible enough to keep pace with any changes you might face.

Ready to retire?

Understanding your retirement options is crucial if you want to realise the retirement that you have always hoped for. This is particularly true for medical professionals.

The NHS pension scheme is renowned for its complexity, encompassing various tiers and contribution rates. Timely advice is imperative to ensure that you optimise your contributions and ultimately maximise your pension benefits. Our Wealth Planners are fully conversant with the intricacies of the scheme, and will help you navigate the different sections, with the aim of securing the retirement you want.

Changes to the Lifetime Allowance (LTA) which were announced in the 2023 Spring Budget, mean that you can now contribute as much as you like to your pension schemes without fear of being penalised for exceeding the LTA. This is particularly good news for medical professionals who have amassed pensions of significant value and may open up new working and savings opportunities.

Any retirement planning also needs to look at your wider circumstances, including other personal pensions and additional investments, and both the funding and tax implications of these. It may be possible to reduce some elements of your tax liability with the careful use of pensions.

This is a complex area of financial planning and requires specialist advice. You can be confident that our experienced Wealth Planners will work with you to gain a detailed understanding of your particular situation and your goals before providing comprehensive, independent advice on the options and opportunities that are available to you.

Tax planning and tax efficiency

Reviewing your situation to identify any tax planning opportunities that are available is a key component of the financial planning we do. We will ensure that you are not missing out on opportunities that could reduce your tax burden.

Improving your personal tax efficiency means more money in your pocket to put towards achieving your goals, both now and in the future, which might mean that you can keep more of your money to enjoy, invest, save, or pass on.

We will help you to:
• Identify and implement ways that you may be able to reduce your taxable income while saving for retirement.
• Identify whether Inheritance Tax (IHT) will be liable on your estate and implement arrangements to minimise the tax due.
• Take care of your estate planning and explain your options for transferring your wealth in a tax-efficient way.
• Stay up to date on changes in tax legislation which you could benefit from.
• As your life changes, assess whether your current tax strategy still works for you or whether adjustments are needed.


Financial security for doctors extends beyond retirement planning to encompass protection against unforeseen circumstances. Robust insurance coverage, including income protection and critical illness insurance, safeguards against potential disruptions to income due to health issues. Additionally, ensuring adequate life insurance coverage is vital to protect loved ones in case of unexpected events. For those running their own surgeries, business and key person protection is also an important consideration. A well-rounded protection plan will provide you with peace of mind, allowing you to focus on your profession without constant financial worries.


Investing wealth is more than money. Managed the right way, it should be a tool that brings you closer to your life’s ambitions. Our Wealth Planners can help you build and manage an investment portfolio aligned to your ambitions for your life and your business, and your approach to risk.

Generational planning

Generational planning can help to facilitate a smooth transfer of your wealth to your loved ones, in line with your financial plan. When doing this we’ll look at how to structure your assets in a tax-efficient way and consider the most appropriate time for any transfer of wealth to take place.

A trusted adviser with you for the journey

A Succession Wealth Planner is more than a professional service provider; many of our clients tell us that they view their Planner as a trusted adviser and guide. We are here for the whole journey, throughout your career and beyond, helping you identify and reach the goals in life that matter to you.

In conclusion, effective financial planning for doctors involves a comprehensive approach, addressing the intricacies of the NHS pension, overall retirement planning, protection, investments, and estate planning. Seeking guidance from a Wealth Planner who specialises in the unique needs of medical professionals ensures a tailored strategy that aligns with the demanding and rewarding nature of your career.

Together we can help you secure a prosperous and worry-free future.

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

The Financial Conduct Authority does not regulate advice on taxation or estate planning.

This information is based on our current understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change. Tax implications will be based on your individual circumstances.

The value of your investment(s) and the income derived from it, can go down as well as up and you may not get back the full amount you invested.