To know is to grow

To know is to grow
Simon Connolly

Simon Connolly

Manager for Perpetual Private – PP Management

An investment in knowledge always pays the best interest

Education and continuous development are important components of an individual’s personal and professional journey. Medical professionals have spent more time than most studying and training to be the best doctors they can be. Although they have been clinically educated for many years, all too often, they’ve been offered little in the way of financial education or business management skills.

This is a key gap that we aim to fill for our clients. At DPM, we want to inspire clients to learn and grow their financial literacy. We want to help them understand the most beneficial way to manage their personal circumstances, and empower them to make smarter financial decisions for themselves, their families and their businesses. DPM is about more than just completing annual tax returns or providing advice on financial products and services, we want to ensure that we put this advice into context so that it has a meaningful and lasting impact on our clients personal and professional lives.

To help us achieve this vision, we are excited to announce our education partnership with The Private Practice which will see DPM become a key contributor to the education program across taxation, business structuring and lending. DPM’s contribution will be complimented through our collaboration with Fletcher Clarendon, a specialist law firm dedicated to providing tailored advice and guidance around the legal obligations and agreements that need to be considered for structuring and operating a successful practice.


“DPM has made a decision to partner with The Private Practice because we feel this extended education program is important for doctors to put their personal and professional life into perspective and context.”

- Paul Grubb, Executive Director - DPM Financial Services

  

The partnership provides DPM and Fletcher Clarendon with an opportunity to further extend the value that we offer to clients, by providing guidance on all aspects of practice management, delivered by industry experts from around the country.

We look forward to sharing our specialist knowledge and expertise with the broader medical community to ensure that attendees are armed with the tools and skillset to run successful practices, and ensure they get the most out of their time and investment.

Getting to know DPM Financial Services

DPM Financial Services have been providing financial advice to medical professionals for over 50 years. With this experience, comes a deep understanding of the financial requirements a doctor has, from their intern year all the way through to their retirement. Our service offering has been designed to specifically cater to the needs of medical professionals and progress with them as their career advances. The structure of our website is reflective of this highly segmented and personalised approach, tailoring our content and advice to each stage of a medical professionals career.

Our promise to our clients is to deliver financial peace of mind and this is the driving motivation behind how we operate every aspect of our business. Our goal is to empower our clients, and all Australian medical professionals to make smarter financial decisions. Clients rely on us to nurture their financial security and provide guidance about the next steps in their professional and financial future.

Getting to know Fletcher Clarendon

Fletcher Clarendon is a team of highly skilled legal professionals who provide comprehensive legal services to Australian doctors across a wide range of practice areas.The team at Fletcher Clarendon understand the unique challenges faced by doctors at the different stages of their careers and work collaboratively with their other advisers to ensure a consistent approach towards achieving their objectives. We are passionate about assisting our clients to achieve their aspirations, whilst ensuring that appropriate strategies are implemented to mitigate a practitioner’s personal risk and liabilities thereby protecting their personal assets.

How will DPM and Fletcher Clarendon contribute to the program?

Tax Advice

As a medical practitioner and business owner, your taxation requirements and obligations are more complex than in most professions. By applying unique insight into the journey of a medical professional, DPM will provide proactive tax planning and structuring advice to help you meet your obligations and requirements as an employer, and ensure you maximise your overall tax position.

How to structure your practice

Making the move to private practice is an exciting milestone and one of the most rewarding ventures you can undertake as a medical professional. However, being an excellent doctor, doesn’t guarantee success as a private practitioner. To run a successful medical practice, you need to have the right structure and business model in place to enable your practice to grow into a successful business.

Every practice is unique in its requirements and there is no one size fits all approach. As a business owner, it’s important to have an understanding of the different options available, and recognise the needs, structures and agreements required for each. DPM will help to explain the benefits and restrictions of the various frameworks and provide guidance around the practical implementation of these structures to your medical practice.

Legal Advice

Running your own practice introduces significant changes to your responsibilities. This is likely to present new challenges that may require a shift in how you approach your work. You’ll likely be working through complexities such as contracts, business structures and workplace obligations for the first time and it’s imperative that you have reliable legal advice to support you through this process.

Fletcher Clarendon specialise in providing legal advice to medical professionals and will help you understand what you need to look out for and some of the mechanisms you can put in place to ensure you adequately protect your business and financial interests.

Lending Advice

The lending market can be overwhelming, and as a doctor and business owner, time is precious. Putting in the effort to research and compare various loan rates, mortgages and different institutions can be a huge time burden. However, securing appropriate and flexible lending solutions for your personal and business affairs is an essential step in maintaining a healthy financial plan.

DPM will provide guidance around the facilitation of residential and commercial lending options and advice on the best way to implement suitable and adaptive borrowing structures tailored to a variety of situations.

 

Next steps

Understanding how to run your practice as a business is the first step in operating a thriving medical practice. DPM and Fletcher Clarendon are excited to take part in this journey with you and use our knowledge and expertise to help ensure you, and your practice succeed.

We look forward to seeing you at a course in the near future!

  


The information contained in this article is general and is not intended to serve as advice. Any views expressed in this article are opinions of the author at the time of writing. The information in this article is believed to be accurate at the time of publication. Your individual needs have not been considered and you should not act or fail to act on the basis of the information contained in this article. The information in this article has been approved by Doquile Perrett Meade Partnership ABN 96 821 307 818, Doquile Perrett Meade Financial Services Ltd Australian Financial Services License (AFSL) 239690, Doquile Perrett Meade Finance Pty Ltd Australian Credit License (ACL) 374850 and Fletcher Clarendon Pty Ltd ABN 25 150 502 284. DPM Financial Services Group and Fletcher Clarendon recommend you obtain advice concerning specific matters before making a decision.

The Private Practice Magazine


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