The New Financial Planners and Investment Advisors
Staff Writers
The healthcare industrial complex represents a large and diverse industry, and the livelihood of other synergistic financial professionals and consultants who advise doctors depend on it. These include financial planners and investment advisors who themselves wish to avoid the collateral damage and negative ripple effects of healthcare reform.
Introduction
As a financial planner, investment advisor or general securities registered representative, you understand that the financial service sector is going to become the next great growth opportunity of the 21st Century. Even H & R Block and the Charles Schwab Corporation are trying to build medical professional interest in their respective firms and compete with your independent practice. They are fervently wooing away one group or another to interface with their embryonic management, accounting or advisory programs. As are the banks; like SunTrust.
The Pondering
Meanwhile, more than 260,000 of the nation’s brokers are moving into the investment advisory and financial planning business because securities sales and transactions are being commoditized by the internet’s World Wide Web.
A survey conducted a few years back clearly demonstrated the dominance of fiduciary consultants and registered investment advisors (RIAs) over stockbrokers, among clients 35-49 years old. With the average Merrill Lynch private client well over 60, it’s easy to ponder the future vulnerability of this business model. When asked to determine the added value of key industry players, baby boomers in a recent Dalbar study ranked fiduciaries first, followed by financial planners, stockbrokers, CPAs, mutual fund companies, insurance agents, and commercial bankers, respectively.
Even however, if you are a financial planner or CFP® – and despite the proliferation of investment advisors – evidence suggests that your individual impact is still narrow within the healthcare industrial complex and with individual physicians.
The Realization
Among the challenges you face to broaden your influence is to offer your physician clients new value-added services, perhaps by establishing your expertise in the medical niche and capitalize on being different. You must not be just another of the more than 250,000 or so individuals who claim to be financial planners, with a collective universe of an additional 700,000 or so who purport to be financial advisors, in some fashion or another.
The Niche
You must begin to develop the strategic competitive advantage of medical niche practice management knowledge to synergize with your existing financial service and product line. Integrated practice management and true physician-focused financial planning will also become much more competitive among physicians because of the above fusion.
Now, no one is suggesting therefore that you abandon your core financial advisory business for medical management. It is merely a fact that healthcare has drastically changed during the past decade, and the knowledge that you used yesterday is no longer enough for the future.
And, medical practice management is the natural outgrowth of traditional financial planning for doctors which is synergistically central to the implementation of a contemporary medical office business plan.
Finally, you realize that the most successful physician focused financial planners therefore, will be those who incorporate practice management services into their truly informed niche practices.
The Epiphany
A light then goes off in your head, epiphany!
Enter the Certified Medical Planner™ professional designation program.
For more information: www.CertifiedMedicalPlanner.com
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