Easy Ways for Veterinarians to Review Investments and Account Types

Veterinarians are busy professionals. Between patient care, surgery schedules, and practice
management, finding time to review your finances can feel overwhelming.
But good news — checking in on your investments and account types doesn’t have to be
complicated or time-consuming. A simple review once or twice a year can help ensure your
money is working just as hard for you as you do for your clients and patients.
Let’s walk through an easy, practical process for reviewing your financial investments and
accounts.

Step 1: Gather Your Accounts
First, take inventory of where your money is currently invested. Common accounts include:
● Employer-sponsored retirement plan, like a 401(k) or 403(b)
● Individual Retirement Accounts (IRAs — Traditional or Roth)
● Brokerage accounts (for taxable investments)
● High-yield savings accounts or CDs

Think of this like preparing for a wellness exam — before you diagnose anything, you need a full
list of "patients" to review.
Tip: Create a simple list or spreadsheet with account names, balances, and where each
account is held. This makes it easy to spot gaps or overlaps. Apps like Monarch Money can also
make this super easy

Step 2: Evaluate Your Investments
Now that you know where your investments are, it's time to assess how they're doing.
Key areas to review:

● Diversification: Are you spread across different asset types (stocks, bonds, cash) to
minimize risk?
● Risk level: Is your portfolio aligned with your current goals and risk tolerance?
● Tax Efficiency: Are you utilizing and saving into each account type? Using different
account types can provide optionality and flexibility when funds are needed.

Think of this like evaluating a patient's nutrition plan. A healthy investment "diet" includes a mix
of asset classes, not just chasing high returns or sitting too conservatively in cash.
Quick Tip: Most online investment portals will show a visual pie chart of your asset allocation. If
one slice looks too large, it might be time to rebalance.

Step 3: Adjust Where Needed
If your portfolio looks out of balance — or if your goals have changed — it’s a good idea to
make small adjustments.
Here’s how you might approach it:
● Rebalancing: Shift funds from one area (like stocks) to another (like bonds) to maintain
your target mix.
● Adding Funds: Continuing regular contributions can naturally smooth out market ups
and downs.
● Consolidating Accounts: If you have several small accounts scattered across different
providers, consider combining them for easier management.

Important: You don’t need to overhaul your entire portfolio. Small, consistent tweaks often lead
to better outcomes than major overhauls. Many times the best ‘action’ to take is no action at all!

Step 4: Review Your Account Types
Beyond what you're investing in, it’s crucial to use the right types of accounts — because how
your investments are taxed can make a big difference over time.
Here's a quick guide:

Account Type Primary Benefit Things to Know
401(k) / 403(b) Tax-deferred growth +
possible employer match

Contribution limits are higher than IRAs.

Traditional IRA Tax-deductible contributions Taxes are paid later when you withdraw

funds.

Roth IRA Tax-free growth Contributions are made after-tax, but
withdrawals are tax-free in retirement.

Brokerage
Account

Flexibility No contribution limits, but you’ll pay taxes

on dividends and gains.

Savings
Account

Liquidity Best for emergency funds, not long-term

growth.

Helpful Hint: Look at your accounts and make sure you’re using the ones that match your goals
— like growing retirement savings or saving for a practice purchase.

Step 5: Set a Schedule for Future Reviews
Just like pets need regular wellness visits, your investments deserve periodic checkups too.
Best practice: Review your investments at least once or twice a year. Good times to do this:
● Early spring (around tax time)
● Late fall (before year-end planning)

Setting a calendar reminder can help you stay consistent without feeling overwhelmed.

Bonus Tip: Bring in a Financial Professional When
Needed
Even the most experienced veterinarians occasionally refer patients to specialists.
The same goes for your finances — working with a financial planner who understands
veterinarians can save you time and help you make smarter decisions.

A professional can assist you with:
● Crafting an investment strategy aligned with your career goals
● Choosing the right account types for tax efficiency
● Developing a full financial plan for practice ownership, retirement, and beyond

Remember: Seeking professional help is a smart move, not a sign of weakness.

Final Thoughts
Reviewing your investments doesn’t have to be complex or intimidating. With a simple process:
● Take inventory of your accounts
● Assess your investment performance and diversification
● Make small adjustments if needed
● Confirm your account types match your goals
● Set reminders for regular reviews

By giving your finances regular attention — just like you would with any valued patient — you’ll
be setting yourself up for a healthier, wealthier future.
Your future self will thank you!

Andrew Langdon, CFP®, CSLP®, EA, MBA
Financial Planner & Founder
VetWorth Financial