Q&A: Defining contingent liabilities

As a resident with more debt than income, how can a financial adviser help me?

A: A financial adviser can help you establish a solid foundation even when there is not much extra money. There are a handful of advisers out there willing to help residents and fellows for a nominal fee-or perhaps no fee at all. First, make sure the adviser specializes in working with young physicians. As a resident, it's important to secure life insurance and private disability insurance, formulate a game plan for student loan and credit card debt, and perhaps make small contributions to a Roth retirement account. There are some options that might not be available to you once you are done with residency, so it's wise to find out what these are.

Most investors find that working with a financial adviser during their training years helps to solidify a relationship over time. This way, once you are in practice, you can feel comfortable when the decisions involve more money.

Answers to our readers' questions were provided by Jeff Turton (left) of North Star Resource Group in Albuquerque, New Mexico, and Todd D. Bramson, CFP, of North Star Resource Group in Madison, Wisconsin. Turton and Bramson are registered representatives and investment adviser representatives of CRI Securities, LLC and Securian Financial Services, Inc, Members FINRA/SIPC, Registered Investment Advisers. CRI Securities is affiliated with Securian Financial Services. North Star Resource Group is independently owned and operated. 58404/5.09.