The advice opportunity for medical professionals: NAB

Research from NAB Private Wealth highlighted that despite an exceptional income potential transpiring for medical professionals, they have one of the "shortest" windows to build wealth, making professional advice a key component to building long-term wealth.

Although medical professionals are among Australia's highest-earning occupations, accounting for five of the top 10 professions based on average taxable income, that income does not automatically translate to lasting wealth, NAB Private Wealth's Beyond the Practice Whitepaper 2026 said.

According to the study, there are currently around 53,000 medical professionals across the country, and some 63% own their private practice, either individually or as part of a group, and are faced with staff management (77%), navigating regulatory and compliance requirements (69%), and a lack of formal business management skills (63%).

Nearly a quarter (23%) stated they face difficulty in securing initial capital and equipment financing. However, the core constraint in wealth management for these individuals stems from insufficient time, as nearly 80% work more than 40 hours a week, which further compresses the wealth-building window.

"... professionals who engage early with a private banker or wealth adviser can be better placed to manage practice debt, protect personal assets, and begin building wealth in parallel with growing their practice," the report said.

NAB Private Wealth chief executive Michael Saadie reiterated the importance of using the support available while they are busy managing their practices.

"At a headline level, medical professionals earn well. Underneath that, their financial lives are more complex, but also full of opportunity when supported properly," Saadie said.

"With the right advice and structures in place, they are in a strong position to turn peak earnings into lasting confidence and choice."

Saadie said tailored banking and wealth advice could make a meaningful difference.

"Medical professionals benefit from bankers who understand how their careers, practices and long-term goals evolve over time," he said.

"As they build trust with their patients, they value the same consistency and understanding from their banker."

Meanwhile, 60% planned to practice for as long as they can, while only a third (34%) have a specific retirement age in mind. Six percent don't plan on retiring at all.

The report said the trend is unsurprising and continues to be influenced by mix of financial, professional and systemic factors.

However, NAB said for professionals who own their practice, succession planning is one of the most consequential wealth decisions they will make.

"The value embedded in a practice including its patient base, equipment and goodwill can represent a significant portion of retirement capital," it said.

"Yet this transition is often left unplanned until the final years of a specialist's career."