uwphysmed Posted July 1, 2008 Report Share Posted July 1, 2008 That terrible time has arrived when I need to spend some real time thinking about how to manage my money for the future. My soon to be fiancee has a real job, and we're starting to think about how to manage meds fees/RRSPs/other investment choices, while saving for a house and not limiting some short term options. What we really need is to sit down with a financial consultant to come up with 'the plan' that we'll stick to for the next few years to get where we want to be. So: 1. Are the consultants offered through MD management any good at real planning, or do they just set up LOC's for students? I don't want to end up with some washed up accounting major who just pushes MD funds on me... 2. Has anyone used the OMA's wealth management branch, Stratos? They seem better suited to laying out a real life plan, but I havn't heard anything about them. 3. Anyone prefer to use a more traditional outside broker or a bank consultant who's actually useful? I'm located in the GTA and will travel to work with someone who knows their stuff, rather than regret using some 'budget' guy 5 years from now... Link to comment Share on other sites More sharing options...
The_B Posted July 2, 2008 Report Share Posted July 2, 2008 I've gone to MDM many times, so I can say that I do believe they are useful. They can give you a good idea about expenses unique to medical school, investments in general (although they will hoc their products). They also do stuff like cash flow analysis, how my spouse's income impacts our overall income (your spouse can access MDM as well) etc. Overall, I'd say since it is a free resource, it is worth at least checking out before you make any decisions. Link to comment Share on other sites More sharing options...
Ollie Posted July 3, 2008 Report Share Posted July 3, 2008 My fiance and I just met with our MDM consultant a few weeks ago to sort out our "short term plan". I believe they are all certified financial planners or some other certification (although you might want to check what your consultant is). My fiance has a real job and he has had his investments with them for years. I also like the fact that they are non-commission, unlike some of the big banks. Overall, I've been very happy with them. Link to comment Share on other sites More sharing options...
kaymcee Posted July 3, 2008 Report Share Posted July 3, 2008 I'll put in my positive review for MD Management, too. Even though I'm early on in my training, they have an accurate picture about the financial needs of medical students, and then they have someone else who has more experience with resident finances. Most banks have a person who deals exclusively with medical students, but you have to ask for them specifically, or you'll end up with someone who doesn't know how much you're into the bank for. MDM seems to just know what it's all about, and, as far as I know, their consultants don't receive throwbacks for selling you their products. Link to comment Share on other sites More sharing options...
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