How Doctors Are Lured By Financial Salesman

Here's an email a prospective new physician client sent me after we talked on the phone about his financial situation (BTW if you want to schedule your initial consultation with me you can do that by clicking here:

"I already have an insurance salesman who is willing to give me lots of insurance and some investment ideas, for which he will have an interest in."

Ahhh, the temptation.

Sort of reminds me of when I'm walking along the beach on a hot summer day and some scantily clad women walk right next to me. Do ya think I take a gander at them? You betcha! But don't tell my wife that.

See, a lot of insurance salesman mask as financial advisors and their sales pitches are pretty slick.

They'll dazzle you with all the tax savings you'll get by investing in their products. Once they mention the phrase "tax free" you won't pay attention to any other words coming out their mouths. You'll be salivating like a dog with rabies.

Sort of like a woman on the beach taking her top off right in front of me. A 30 foot tsunami could be headed right at me, but I won't care.

They'll have something like the following written on their business card "Insurance Investments Financial Planning," giving you the illusion of comprehensive financial and investment advice.

They'll have an alphabet soup of letters after their name a mile long, making you think that they are professionals with just as much education as you.

They'll even claim to be on your side, and you'll fall for it.

Here's what I wrote back to the starry eyed doctor:

"If you're getting good objective advice in your best interests from the insurance salesman (doubt it) and he's acting as a fiduciary (doubt it), then you should choose him."

That probably hit him like the proverbial deer in the headlights.

You see, I have no interest in working with physicians who just don't get it. I'm eager to work with physicians who place a priority on their finances and investments and who want a personal financial trainer to whip them into shape.

Will it be work on your part?

Yes it will.

WIll you pay a fee to me?

Yes you will.

Will you know what that fee is?


Is it expensive?

The doctors who do NOT get it will say yes. The doctors who DO get it will say it's a bargain for the value they get.

And quite frankly it doesn't matter to me if a physician doesn't hire me anyway since I don't really need the income.

There are plenty of rabid insurance salesman and other financial advisors drooling to get your business since you're a rich doctor.

All of my clients could fire me right now and I'd be fine.

Would you be OK if you had no income right now?

If the answer is no, then you haven't reached financial nirvana yet.

Tomorrow I'll share with you what this prospective physician client decided.

Until then schedule your financial strategy consultation right here:

Making work optional for doctors,

Setu Mazumdar, MD, CFP
"The Physician Financial Planner"