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Doctors versus Retail Bankers

Understanding Modern Reality

By Dr. David Edward Marcinko; MBA, CMP™

[Publisher-in-Chief]Dr. David E. Marcinko MBA

Doctors often carry notoriously heavy debt loads. Beyond the costs of a medical education are substantial costs for equipping, launching and staffing a practice. Technology changes fast these days and capital is required frequently. And, the era of eMRs, ARRA, HI-TECH and Obama-Care is upon us!

“I‘m a Banker – I’m Here to Help”

Unfortunately, retail bankers are now very conservative by nature; and the liquidity squeeze and financial meltdown of 2008-2009 makes credit even more difficult to obtain. It may be increasingly difficult to borrow money, especially since modern bankers know that a medical degree is no longer the guarantee of a steady and high income that it once was in the past. As more than one banker has often opined to me,

“We don’t usually loan money to doctors who really need it.”

Nevertheless, the more business a physician does with a bank, the better the terms that can be obtained; even thought hey may also not have a clue about what the practitioner can do to better compete in the managed care arena.

Why Big-Banks Hate Customers

http://articles.moneycentral.msn.com/Investing/JubaksJournal/why-big-banks-hate-banking.aspx

Local Community

Some bankers do have a good concept of local community politics however, for those not familiar with a practice venue. They frequently can provide references to more focused advisors, and bankers generally do not charge a fee for their advice. But, banks selling products are doing so according to their governing regulations as “prudent experts” under ERISA, and are not necessarily held to a fiduciary standard in any broader sense.

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5 Responses

  1. Dr. Marcinko,

    Well done! Your deep clarity, steadfast logic and search for unbiased information on this blog are appreciated.

    I implore you to keep up the good fight in all your core areas of health economics, practice management and finance, against those that tempt us otherwise.

    We need your courageous informed voice.

    Jack

    Like

  2. I agree with Jack, Dr. Marcinko.

    Darrell

    Like

  3. The above post on retail banking was difficult for me to write. You see, my mother was a banker from Baltimore, back-in-the day, for the regionally based Equitable Trust Bank. See knew and respected folks in the financial services industry like Carter Randall, Louis Rukeyser, Raymond A. “Chip” Mason, John A. Luetkemeyer, Jr, and Frank A. Cappiello, etc. But – that was then – and this is now.

    Currently surviving as a mere appendage of the cheesy Bank of America, the formerly esteemed ET is long gone – a victim of its own risk aversion, corporate honesty and banking integrity.

    PS: Ken Lewis – Bye! Bye!

    Dave Marcinko
    [Publisher-in-Chief]

    Like

  4. Of course it was inevitable that some of Merrill Lynch’s 15,000 financial “advisors” are feeling pressure to sell parent company Bank of America’s checking and savings account products —and they’re not happy about it, say sources.

    Just think, the famous “thundering herd” pushing retail products to ordinary folks! Next thing you know, they’ll be taking deposits behind the teller’s counter.

    http://registeredrep.com/news/bofa_pressures_merrill_fas_to_sell_bank_products_1109/

    As Nelson Muntz of the Simpson’s might say: Ha! Ha!

    Farnsworth

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  5. Jack, Darrell and Farnsworth,

    Did you know that banks hate credit unions ever since President Roosevelt signed the Federal Credit Union Act into law in 1934 to “promote thrift and thwart usury?”

    And, credit unions are usually not-for-profit. This helps explain why interest rates tend to be better, and fees smaller, at credit unions. Any profits credit unions do make are distributed as dividends to their members; not CXOs.

    Jeff

    Like

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