Dewings directors Kathy Allen and John Manning were recently in Kuala Lumpur with the Australian Chinese Medical Association SA (ACMA-SA), presenting at their Annual Scientific Meeting.
We're sponsors of ACMA-SA and thoroughly enjoy our involvement with such a wonderful group of medical professionals. Every ACMA-SA event usually involves plenty of laughs and a lot of good food, and the recent scientific meeting held over Easter in Malaysia's capital was no exception!
But it was also a time for professional development, and we were asked to present on "Strategies to Improve and Protect Doctors' Financial Wealth", in conjunction with lawyers Piper Alderman.
We summed up our thoughts in five 'Tips and Traps' for preserving and enhancing doctors' financial well-being. Depending on whether it was a tip or a trap, these are things that we often see as either financial best practice, or actions that can undermine optimum wealth creation, from a tax and business perspective.
Issues covered included the need to use business structures better (also in our latest newsletter), the additional responsibilities in managing risk for more sophisticated arrangements, providing securely and responsibly for children, adapting estate planning to the more complex needs of higher wealth individuals, and knowing what is in your documents (such as trust deeds, partnership agreements, etc.).
These tips and traps are relevant for anyone in business looking to grow and protect their wealth, and we'll touch on a few of them in more detail in the upcoming weeks and months.
The formal presentation was followed by a panel discussion where both the Dewings and Piper Alderman teams threw themselves and the mercy of questions from the floor. The brief was simple - ask anything relating to the business and legal affairs of doctors in practice.
We're proud of our association with ACMA-SA, and thank them for putting on another great conference. We're also pleased to have had the opportunity to share our expertise and demonstrate the difference that great business advice can make.