Don't be one of the 92%: Turn Your Financial Intentions into Real Progress.

The start of a new year often brings a rare pause for reflection. For many medical professionals, that pause turns into a familiar list: Pay down debt, get super on track, invest more effectively, protect the family, plan for time off or retirement.

The intention is there. The follow-through, however, is where most people fall short.

Why Most Financial Resolutions Don’t Last

Research consistently shows that New Year resolutions fail at astonishing rates:

• Nearly half of people abandon their goals within the first 30 days

• Fewer than 10% follow through to completion

• In Australia, estimates suggest between 80–92% of resolutions are not maintained across the year

  
  

The reasons are rarely about motivation or effort. Instead, the common failure points are:

• Vague or overly optimistic goals

• No clear structure or milestones

• Lack of accountability

• Unconscious habits that override good intentions under stress

  
  

High-performing professionals are not immune. In fact, demanding careers such as medicine often make consistency harder, not easier.

What This Means for Doctors

Whether you’re:

• A registrar approaching fellowship

• A specialist balancing high income with limited time

• A practice owner juggling clinical work and business risk

• Or a senior doctor thinking seriously about retirement

  
  

The underlying challenge is the same.

Without a framework to convert intentions into repeatable behaviour, even well-defined financial goals can quietly drift off course, often without you noticing until years have passed.

The Measurable Value of Financial Advice

This is where structured advice consistently demonstrates value.

The Russell Investments Value of an Adviser research in Australia shows that advised clients receive, on average, around 5–6% per annum in additional value compared to non-advised peers.

This uplift is typically attributed to three key areas:

• Behavioural coaching (~3.3%)

• Appropriate asset allocation (~1.1%)

• Tax-efficient planning (~1.3%)

  
  

More recent versions of the research show similar outcomes, reinforcing that the largest contributor is not investment selection, but behaviour.

Why Behaviour Matters More Than Returns

Interestingly, when clients are asked what they value most from advice, the answers are rarely about beating the market.

Instead, clients consistently report:

• Greater confidence and financial clarity

• A stronger sense of control

• Improved long-term outcomes through consistency

  
  

For medical professionals, this matters. When time is scarce and decisions are complex, confidence and structure help prevent reactive choices, particularly during market volatility, legislative change or personal transitions.

How Advice Helps Financial Goals Stick

Behavioural Coaching

A good adviser provides structure, accountability and perspective. Regular check-ins, recalibration and guidance help counter emotionally driven decisions and keep long-term plans intact.

Appropriate Asset Allocation

Beyond improving expected returns, proper asset allocation ensures your strategy aligns with your goals, timeframes and risk tolerance, reducing the temptation to chase short-term performance.

Tax Smart Strategy

Doctors often operate in high-tax environments. Effective planning around superannuation, structuring, Medicare considerations and investment ownership can materially improve outcomes without increasing risk.

Key Takeaway

For medical professionals, tailored advice isn’t a luxury, it’s a practical tool for navigating complexity and staying on track.

Will your financial goals quietly fade into the background like most New Year resolutions, or will you put the right structure and accountability in place to turn intention into progress.

BFD Financial Planning is a specialist firm dedicated exclusively to Australian medical professionals. If you’d like to discuss your financial goals for the year ahead and beyond, you can book a meeting at a time that suits you (including outside standard hours) via our online calendar.

Book a meeting. https://calendly.com/thomasrutter-bfdfp

Contact us today. info@bfdfp.com

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General Advice Disclaimer

The information contained on this website and in this blog-post is general in nature and does not take into account your personal situation or circumstance. It is recommended that you consider and use the information provided responsibly, and where appropriate, seek professional advice from a financial adviser.

Although, every effort has been made to verify the accuracy and correctness of information, BFD Financial Planning, together with our consultants, officers, agents, and employees, disclaim all liability for any loss or damage suffered by any persons directly or indirectly relying on this information.