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It’s all about Credibility … and Deep Knowledge
Staff Reporters
The Certified Medical Planner™ program was launched in 2006 and its notoriety has grown with RIAs and fiduciary advisors of all stripes; while garnering the ire of industry RRs and brokers. Of course, the recent sub-prime mortgage fiasco, and Wall Street problems and shenanigans with banks and investment houses like Bear-Stearns, Lehman Brothers, USB, Wachovia, Fannie Mae and Freddie Mac, WaMu, SunTrust etc., are well known.
And so, what is the physician-investor to do? Select help from fiduciary–liable and physician focused consultants; suggest some pundits.
Fiduciary Accountability
A recent group of surveyed physicians said that fiduciary accountability, health economics expertise and medical management acumen mattered most to them when selecting a financial advisor [FA]. But, many did not know that the majority of financial “advisors” eschewed accountability. Hence – the existence and very cause [raison de’tra] of the online Certified Medical Planer™
iMBA Survey
In addition, related research of physicians and medical practitioners reveal that:
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85% of those surveyed considered practice-related health economics information very important to them.
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756% objected to demeaning sales metaphors like “financial-doctor” or “physician for your finances” when informed of a non-fiduciary relationship.
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70% heavily favored processes and solutions to specific problems – or needs – versus a general sales or stock-broker approach.
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65% found the integrated financial advisor-medical management format more useful than a financial product sales presentation or generic financial services provider.
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Most physicians respected the MBA, PhD and JD degrees, and CPA designation; while virtually all other designations were lightly known, including several industry vanguards.
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90% felt the finance-services sector knew little about the domestic healthcare industry.
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Most physicians ranked financial-services industry ethics as “suspicious”, or not “trustworthy.”
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Over 82% of physicians surveyed said they would like to lean more about any new medical and fiduciary-focused designation, like the Certified Medical Planner™ professional charter.
Source: Annual research conducted in 2006 and 2007 by iMBA Inc.
Assessment
Of course, the competitively based CMP™ program is not for everyone; and especially not for those financial advisors uninterested in either fiduciary accountability or the healthcare space.
Disclosure
Executive-Post Publisher-in-Chief, Dr. David Edward Marcinko; MBA, CMP™ is a former Certified Financial Planner™ and founder of the program www.CertifiedMedicalPlanner.com
Conclusion
Your thoughts and comments are appreciated. Is this certification and educational program, with logo trade-mark, needed in the healthcare space; why or why not?
Practice Management: http://www.springerpub.com/prod.aspx?prod_id=23759
Physician Financial Planning: http://www.jbpub.com/catalog/0763745790
Medical Risk Management: http://www.jbpub.com/catalog/9780763733421
Healthcare Organizations: www.HealthcareFinancials.com
Health Administration Terms: www.HealthDictionarySeries.com
Physician Advisors: www.CertifiedMedicalPlanner.com
Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com or Bio: www.stpub.com/pubs/authors/MARCINKO.htm
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Filed under: Financial Planning, Investing, Op-Editorials, Portfolio Management, Research & Development, Sponsors | Tagged: Certified Medical Planner™, CMP | 2 Comments »
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