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Voices of the “Executive-Post” Community
Coming Soon!
Now in Beta Launch Development
The Executive-Post is always seeking new and innovative features for our online community of medical professionals, financial advisors and practice management consultants. And so, as we consider all novel ideas sent in for consideration, we will begin incorporating the “best-of-breed” into our network.
The first concept is our emerging “Point-Counter Point” thread. It will be a debate forum for all medical professionals and financial advisors to lock-horns-on. As stated on our MASTHEAD, we have “an attitude that’s fiercely independent, outspoken, intelligent and so Next-Gen; often edgy, usually controversial.” And so, let us begin the controversy with this query.
Question
Should a medically focused financial advisor, or management consultant, act as a fiduciary to physicians or other healthcare entity clients?
In other words, doctors and nurses serve in a fiduciary relationship with their patients; and can not opt-out of this bond of trust. Should we – or should we not – hold our financial advisors and management consultants to the same standard of care; part-time, or full-time? Or, does some lower standard suffice?
Fiduciary or not a fiduciary – that is the question?
Voices of the Executive-Post Community
We will moderate, edit and post opposing thoughts and ideas on this subject, in the order they are received. Duplications will be purged. Eloquence counts. Be cogent, on-point and present evidence supporting your views. The more scholarly, legal, ethical, experienced, and/or pragmatic, the better! Less opinion, more facts and detail is appreciated
So, start the dialog and Socratic discussion, now!
You may also vote in real time here: http://certifiedmedicalplanner.com/vote.aspx
Related Information Sources:
Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759
Financial Planning: http://www.jbpub.com/catalog/0763745790
Risk Management: http://www.jbpub.com/catalog/9780763733421
Healthcare Organizations: www.HealthcareFinancials.com
Administrative Terms: www.HealthDictionarySeries.com
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Filed under: Ethics, Op-Editorials, Point-Counter Point |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
PRO Point of View
The financial profession is far bigger and much more fragmented than the medical or dental professions. There are several different regulatory bodies. Instead of one ethical standard there are several standards. One standard is the suitability standard and another is the fiduciary standard.
The suitability standard is sales oriented in nature. A financial product may be recommended that is suitable for a client but the choice of that product may be unduly influenced by the size of the commission involved in recommending that product. Many times advisors will be strongly encouraged to recommend products created by the firm they are working for.
The fiduciary standard requires a much higher standard of care to the client. It is similar to the relationship the medical and dental practitioner has with their patients. The fiduciary advisor makes recommendations based entirely on what is in the best interest of the client.
What do you look for when trying to identify and select a trusted advisor that will have a fiduciary relationship with you? Use a Registered Investment Advisor. By law they must act as a fiduciary to their clients. Make sure he or she will put in writing that he or she will be acting as a fiduciary to you at all times and does not have a sales relationship with you.
If you want to tie your investments to overall financial planning, select someone with a CFP® designation. You know that person went through formal financial planning training, passed a rigorous (2 day-10 hour exam) and has at least 3 years of experience in the financial industry. The CFP® is also bound to a fiduciary standard to retain their CFP® designation.
Dr. Ron Miller; DDS, CFP®, AIFA®
Resource Management; LLC
Waimanalo, HI
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