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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 |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
Welcome Fiduciaries … Seriously?
New CFP board standards could make suing insurance agents, and carriers easier.
According to Darla Mercado, on June 16, 2008, InvestmentNews, the “leading news source for financial advisors”, new rules require CFP certificants to act as fiduciaries.
CMP charter-holders from iMBA, Inc., have been fiduciaries since inception.
http://www.MedicalBusinessAdvisors.com
Yet, the the new CFP board requirements did not commence until January 1, 2009. What gives? Why so long? Why not disclose conflicts-of-interest, commissions and payments to potential clients?
And, can CFPs “opt-out” as was originally proposed?
Read More: “The new CFP standards could make suing agents, carriers easier” – http://www.InvestmentNews.com
-Ann
http://www.CertifiedMedicalPlanner.com
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All ME-P Readers and Subscribers
Don’t feel too bad if your portfolio is not what it should be. After all, you could be another Peter Lynch! Say what?
As you recall, Lynch earned near-30% annual returns running Fidelity Magellan from 1977 to 1990. He’s sold millions of books, raised millions for charity.
But, in September 2008, Lynch also had the ignominious honor of holding both AIG and long-time favorite Fannie Mae in his personal portfolio; as they dropped 82% and 76%, respectively, during that month alone.
Hope Hetico; RN, MHA, CMP
http://www.CertifiedMedicalPlaner.com
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