Managing your finances is one of the most important aspects of your life as a physician—and it's one of the least taught subjects in our training. That mights sound like hyperbole, but it isn't. Managing your finances the right way puts you on the path to financial freedom – the ability to live and practice medicine on your own terms, because you want to not because you have to. That's why it's so important to learn the basic habits to build your financial well-being. And one of the most common questions I get is whether, as a doctor, one should DIY it or hire a financial advisor.

In the end, whether you take a DIY approach or hire a financial advisor, the goal remains the same: to optimize your wealth and achieve financial freedom.

In a recent webinar, I had the pleasure of joining Myhanh Hoskin, CFP®, AAMS®, CWS® of Earned Wealth to discuss the pros and cons of both approaches. We dove into how physicians can best manage their money depending on their stage of life, financial complexity, confidence, and values.

Let’s break it down here and help you decide which path might be best for you.

The case for DIY financial management

I’ll be upfront: I’m a DIY investor. I take pride in managing my finances on my own and helping other physicians do the same. But this approach isn’t just about saving money on advisor fees—though that’s a nice perk. It’s about understanding how money works so you can make empowered decisions.

Why DIY can be so empowering

Learning personal finance changed my life…truly. I was a full-time plastic surgery resident in NYC with $500,000 of student debt, credit card debt, no investments and no savings. Once I started reading blogs and books—like The Millionaire Next Door—I realized that financial freedom wasn’t a pipe dream. I just needed a plan.

By taking a DIY approach:

• I learned how to budget effectively
• I developed a simple but solid investment strategy focused on passive investing based on my chosen asset allocation of stocks and bonds
• I felt in control of my financial future

The best part? It didn’t require hours of work each week. I still read a lot about personal finance because I like it. But after an initial financial education, you really just need to automate your money habits, like these. No need for a lot of hard work or stress. Just a commitment to learning and a willingness to take ownership.

When DIY works best

If you:

• Have a relatively straightforward financial life,
• Are willing to educate yourself, and
• Want full control over your money,

… then DIY might be perfect for you.

But—and this is key—it’s not about doing everything alone. It’s about being the CEO of your finances, even if you occasionally consult experts. Even Selenid and I enlisted the help of a financial advisor to review our initial written financial plan.

The case for using a financial advisor

I look at financial management like landscaping. I know how to landscape. But if it was up to me to do it, I know that I would just avoid it. So, I hire someone to do our landscaping for a fair price and I know how to tell if they are doing a good job. It should be the same way with your financial advisor, should you choose to use one.

Why advisors add value

Good advisors provide more than investment management. The real value is in comprehensive planning—something many DIY investors overlook.

A great advisor can:

• Coordinate tax strategies across income, investments, and estate planning
• Help you avoid behavioral mistakes (like panic selling)
• Optimize your student loan repayment, retirement accounts, and insurance
• Serve as a sounding board for major life decisions

In short, an advisor helps manage complexity and provides peace of mind.

When an advisor makes sense

You don’t need an advisor—but some doctors benefit a lot from having one.

Advisors are especially helpful when:

• Your finances are increasingly complex (e.g., multiple income streams, real estate, practice ownership)
• You don’t have time or interest in managing your finances
• You’re overwhelmed and just want guidance

In the webinar, Myhanh shares that most Earned Wealth clients are attending physicians with $500,000–$1 million+ net worths. But the need for an advisor isn’t purely based on wealth—it’s about confidence and clarity. If you're making big decisions and second-guessing yourself, it might be time to seek help.

Common mistakes DIY investors make

Even as an advocate for DIY finance, I’ll be the first to admit: there are pitfalls. Some common mistakes I’ve seen in the physician community are:

1. Analysis paralysis

Some physicians spend so much time researching that they never take action. I've met doctors who’ve spent “hundreds of hours” trying to figure out their Roth IRA strategy but still haven’t made a single contribution. That’s where an advisor can step in and provide clarity. If you are getting too lost in the weeds and unable to make a decision, having someone help…well…helps.

2. Overcomplicating investments

DIYers often think they need to create the perfect portfolio. But as Myhanh and I agree: simple is often better. A three-fund portfolio or a few index funds can get the job done. Trying to time the market or pick hot stocks backfires. If you cannot control an urge to actively invest with your portfolio, a financial advisor is well worth their fee to avoid this mistake.

3. Neglecting behavioral discipline

Even the most financially literate DIYers can make emotional decisions. I even sometimes hesitate to invest during market dips—despite knowing better. A good advisor can help prevent those impulse decisions by offering an objective perspective.

Common mistakes when using an advisor

Hiring an advisor doesn't let you off the hook. You have to pick the right advisor and you still need to educate yourself. (Btw, here are 7 questions you need to ask before hiring a financial advisor…)

1. Not understanding the fees

Many physicians don’t realize they’re paying 1% of their assets under management (AUM)—a fee that adds up to hundreds of thousands over time. Worse, some advisors earn commissions on products they sell, leading to conflicts of interest.

Transparency is key. Whether it’s a flat fee, hourly rate, or AUM model, you should know what you’re paying and what you’re getting.

2. Handing off too much responsibility

Using an advisor doesn’t mean you should abdicate all responsibility. As I mentioned, you should still be the CEO of your finances. Use advisors as trusted team members—not decision-makers.

3. Understand how your money is being invested

Similar to above, you are the CEO of your finances. Whether you have a financial advisor of go with the DIY approach. If you do hire and advisor, you are still responsible for knowing exactly how they are investing your money (it should be a core passive approach using index funds), what your asset allocation is, as well as where you are on the path to financial freedom including what your current and expected net worth are.

So… which approach is right for you?

Here’s the bottom line: there’s no one-size-fits-all answer.

You may lean towards DIY if:

• You enjoy learning about finance
• Your financial situation is relatively simple
• You want to minimize fees and retain full control

Consider using an advisor if:

• Your situation is complex or time-constrained
• You want comprehensive planning
• You need behavioral support or peace of mind

And remember—you can switch between the two. You might start with an advisor and later feel confident managing things on your own. Or, like many of my readers, you might begin as a DIYer and eventually bring in a flat-fee planner for a second opinion.

Final thoughts: Own your financial journey

Whether you take the DIY route or work with an advisor, the most important thing is to engage with your finances.

What doesn’t work is ignoring your money and hoping things will turn out fine. The cost of inaction is high—not just in dollars, but in missed opportunities for freedom, fulfillment, and impact.

As physicians, we owe it to ourselves—and our families—to take control of our financial futures.

So, start learning. Ask questions. Be curious. Whether you’re the pilot alone with a DIY approach or want a financial advisor as a co-pilot, the destination is yours to choose!

If you’re interested in learning more about DIY finance for physicians, check out:

• My free resources and guides at The Prudent Plastic Surgeon,
• My best-selling book, Money Matters in Medicine,
• Or my hands on DIY course, Graduating to Success!

And if you’d like to rewatch the full webinar, you can find it below!

What do you think? Are you a DIY investor or do you use a financial advisor? What led you to make this choice? Do you think one is better than the other for everyone? Let me know in the comments below!