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Financial Planning For The Medical Profession

financial planningThis month we’re taking a closer look at a few types of people who frequently hire financial advisors, and how to take their unique needs into consideration when working on their financial planning.

Today we’re going to talk about financial planning for medical professionals. Just like with lawyers and those planning for business succession, there are a lot of things to consider.

First, you’ll need to keep in mind that the annual salary of doctors varies a lot depending on their specialty. For example, doctors specializing in family medicine make an average annual salary of $176,000 while cardiologists average $351,000. Additionally, each specialty may have different needs. Some specialists are opting out of malpractice insurance because of the cost and others are choosing to operate on a cash-only, concierge basis in order to get around a lot of the government regulatory rules and limits of insurance. It’s important to educate yourself on the trends of the specialty your client (or potential client) practices.

Next you’ll want to consider partnering with professionals in other fields in order to entice doctors with a “one-stop shop” wealth management team. Creating professional relationships with insurance agents, accountants, and estate attorneys could help you to attract more medical professionals.

You should also take advantage of publications catering to the medical profession. They don’t only run articles on the scientific side of medicine.They also frequently run articles related to lifestyle, office management, and investment and finance. And they’re constantly looking for new and interesting angles, preferably from experts in the know on these topics. As a guest contributor for these well-respected publications (both online and off), you immediately establish yourself as an authority and increase your visibility to a new audience at the same time. Win win!

Finally, you’ll need to customize your services to their needs. Physicians commit years of their lives to training and fine-tuning their skills. They’ll appreciate finding a financial advisor who understands their specific needs. Physicians often work long hours so offering to stay late or conduct review sessions online or over the phone will go a long way to earning you their business and their trust.

When it comes down to it, a lot of the things that doctors need from a financial advisor are very similar to the needs of lawyers: planning for retirement, asset management, risk management and insurance, and estate planning.  In addition, it’s prudent to become well-versed in the financial commitment that accompany starting a private practice.

Becoming your clients’ trusted advisor really comes down to one thing: knowing their specific needs and meeting them. By taking the initiative to educate yourself and anticipate their needs, you’ll make your clients love you and before you know it, they’ll be raving about you to all their colleagues. Hello, referrals!

Next week we’ll wrap up our series on “specializing as a specialist” by sharing everything you need to know about financial planning for C-level executives. Stay tuned!

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