Support our online development, and advance our onground research initiatives in free market economics, as we seek to showcase the brightest Next-Gen minds.
THE ME-P DISCLAIMER: Posts, comments and opinions do not necessarily represent iMBA, Inc., but become our property after submission. Copyright © 2006 to-date. iMBA, Inc allows colleges, universities, medical and financial professionals and related clinics, hospitals and non-profit healthcare organizations to distribute our proprietary essays, photos, videos, audios and other documents; etc. However, please review copyright and usage information for each individual asset before submission to us, and/or placement on your publication or web site. Attestation references, citations and/or back-links are required. All other assets are property of the individual copyright holder.
More Than you Think in this Murky Advertising World – but – Are Matching Services Effective?
By Dr. David Edward Marcinko; MBA, CMP™
[Publisher-in-Chief]
Recently, I received the sixth telephone cold call from one Mr. Tim Smith [866 952 4065], in as many months, regarding a service called Prospect Match of Concord California. It purports to match financial advisors with pre-screened clients [like affluent doctors] in my area.
Of course, because of their high quality selection process, only three advisors are “needed” in my locale. I also received this email sales-service pitch.
The Introductory e-mail Sales Pitch
We are hosting a live presentation with Ilene Hirsch of ProspectMatch, and new agent Wayne Dunlap will show you a service that will prospect for you—even in a terrible economy. See How Wayne Dunlap invested $1,094 in his business to earn $39,560 and does it again and again. Join us for 30 minutes and learn how Wayne:
- Outsources his prospecting, and was
- Introduced to 73 new prospects; resulting in 23 appointments and in 9 sales.
Thank you
Eric Palmer (800) 290-7226
www.Brokersalliance.com
About Prospect Match
“ProspectMatch helps financial professionals who are wasting time and earning too little. If you are earning less than $100,000 a year, you’re either not serious, or doing the wrong things and we can show you what to do. If you are earning $100,000-$300,000 annually, you’ve figured some things out. But those who use our systems see their income top $500,000 annually because they spend their days doing marketing the right way, talking to motivated affluent prospects and they sell the right way.”
Link: www.ProspectMatch.com
Costs
The blog states that there is a one time non-refundable registration [fixed-cost] fee of $149; so that prospects meeting their selection criteria are assigned to me exclusively. For each prospect match, the charge is an additional $20 [variable-cost] fee. This is known as a hybrid business cost model.
Assessment
Here are a few interesting thoughts and co-incidences for further ME-P subscriber consideration and commentary:
- The site is a pre or post-retiree sales lead generator for the 45 +age market for annuities; typically the most commission loaded and profitable financial product in the industry today. The fear of Obama-care may be self-promoting for annuities.
- It appears to be geared more for insurance sales agents; not RIAs or fiduciaries.
- The service appears to help mitigate the so-called national “do-not-call” prohibitions.
- Explanatory sales booklets and other customized self-promotional literature are available for an additional surcharge, along with other premium upgrade services.
- We have been getting more than the usual number of contacts recently, either to buy our ME-P mailing list [not for sale-confidentially assured], or to purchase an AMA. APMA or ADA mailing list for doctors, podiatrists and dentists. These folks are apparently unaware of our medical affiliations.
- How do you feel about being called a “prospect” or book-of-business?
- I am not – and have never been – a member of the Financial Planning Association [FPA], and I haven’t been a certified financial planner for the last three years; having quit that organization in abject disgust after more than a decade [read related posts – why?]. So, how and why did they target me? Big mistake, too.
Disclosure
I am not a member of the AMA; 82% of eligible [cogent and modern] physicians are not. But, I am founder of the www.CertifiedMedicalPlanner.com for fiduciary advisors and medical management consultants.
Conclusion
And so, your thoughts and comments on this Medical Executive-Post are appreciated. What are the good and bad points of this service? Has any FA used it and what is your experience with it? As a doctor, how do you feel about being targeted as a “prospect” by a third-party head-hunter? Be sure to give the website a click and tell us what you think?
We will try to contact Tim, or other representative of this advertising/marketing program, for an email interview. Let’s be objective.
Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, be sure to subscribe to the ME-P. It is fast, free and secure.
Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos
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
Our Other Print Books and Related Information Sources:
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
Share this:
Filed under: Ethics, Experts Invited, Financial Planning, Insurance Matters, Op-Editorials, Point-Counter Point, Retirement and Benefits | Tagged: 866 952 4065, Eric Palmer. Brokers Alliance, Ilene Hirsch, Prospect Match, Tim Smith, Wayne Dunlap, www.BrokersAlliance.com, www.ProspectMatch.com |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
Dr. Marcinko,
Outstanding post and excellent investigative reporting!
I’ve never heard of Eric Palmer, Larry K, Ilene Hirsch or ProspectMatch until I too got an e-mail blast from Brokers Alliance about a web seminar they are sponsoring on behalf of Prospect Match.
The website indeed says leads are $20 and they are “exclusive.” I’ve not checked into it in detail and am not planning on using it; but others here might be interested.
Usual disclaimers apply – buyer beware!
My opinion is to run away fast, but times are tough today. I shouldn’t think that fiduciary advisors or honest informed consultants need apply. This appears to be a hardcore sales-driven outfit of the cheesiest aroma!
Chester
LikeLike
Similar new profile, matching and FA review websites include:
* AdvisorCheck
* National Ethics Bureau
* FinanceAnswers
* FinancialAdvisor.org
* FABeetle
More are sure to spring up going forward …. of questionable value?
Bentley
LikeLike
Dr. Marcinko,
Many thanks for the above post on Prospect Match and related firms.
Now, I wonder what Dr. Somnath Basu, or his financial planning students feel about these services. Why am I thinking that dislike is a “generational thing”; much akin to an old guard versus young guard mentality?
Or, much like health 2.0 for younger physicians perhaps!
Fraternally,
Stanford
LikeLike
I am always shocked by people who form opinions with no evidence. Here’s a comment from above:
“The website indeed says leads are $20 and they are “exclusive.” I’ve not checked into it in detail and am not planning on using it; but others here might be interested.
Usual disclaimers apply – buyer beware! ”
If you have not checked into it, then how can you say “buyer beware?” Being an insurance professional (in the top10% of sales nationally), I am often embarrassed by others in my profession who do not have a brain, do not think for themselves, repeat what others tell them and have no ability to do their own research or find the truth about anything. When presented with something they don;t know about, they say “buyer beware.” This is clear evidence of ignorance–if you don’t know about it, then be wary of it.
I have used prospectmatch and have given them permission to use my favorable comments on their web site. I don’t care if you use their service or not but I would like to see “insurance professionals” act like professionals and not have dribble come out of their mouths when they don’t know what they are speaking about. Could this be why the public has an opinion of insurance agents just above used car sales people?
Ryan Berch
LikeLike
Ryan
Sorry, but insurance agents often do not act like professionals, because they simply are not.
By definition, an agent has a duty to their [master] employer; not the client. Hence, an agent is just a sales person, or channel of product distribution – nothing more. Not a fiduciary, etc.
Nevertheless, I am glad you are a top seller – for yourself. Now, what about your customers?
Mark
LikeLike
Getting Desperate?
I’ve received three robo-calls from Tim Smith already this week. He must be getting desperate for business with the poor economy, impending financial reform, etc? So, perhaps his sales force should take a look at my book, instead:
Dr. David E. Marcinko; MBA
http://www.BusinessofMedicalPractice.com
LikeLike
I love it! let’s be sure to knock other sales professionals with wild abandon and generalizations galore — but please take a moment or two to buy my book. Is this a great deal, or what! Late night Infomercial coming next?
Robert
LikeLike
Salesmen are not “learned” professionals, except to the extent that insurance agent’s get training and paid commissions. For example, it took me a whole 36 hours each to get my insurance, Series #7, #63 and #65 sales licenses. The CFP® mark [a license to use a license] took a bit longer until eventually all sales designations were jettisoned. Salesmen are just not accountable fiduciaries like doctors, CPAs and the clergy or JDs. The AMA, ADA, FINRA and the SEC are complicit.
Sure, buy our referred medical, surgical, financial planning, economics, business management and insurance books, CDs, journals and dictionaries to avoid sales rip-offs. We are redacted in the Library of Medicine, National Institute of Health and Library of Congress, and we represent more peer-reviewed publications than I can recall. But, we sell only our own intellectual capital; not the products of another. All our charities love the proceeds.
Or; read them within 30 days for a full refund. Better yet, subscribe to this ME-P; it’s free! Sorry; the rationalization is not unique and just doesn’t fly.
Dr. David Edward Marcinko FACFAS, MBA, CPHQ, CMP™
http://www.CertifiedMedicalPlanner.com
[Publisher and Editor-in-Chief]
LikeLike
Gentlemen,
Agency law is NOT a generalization; and no further comments are needed after visiting both the websites of Robert and Marcinko’s ME-P.
BTW: I am still a proud insurance agent and consultative salesman.
Adam
LikeLike
As an investment advisor (RIA), I’m targeted by lead generation companies fairly often. Today, I received a call from a rep with FinancialAdvisor.org. For $299/year, I can list a profile for my business.
Does anyone know if this a reputable company?
Although the rep did not make typical outlandish claims or promises, he did try to pressure me–after I asked him to call me back tomorrow–by telling me that they had a “special deal that was good only for today.” The kid was young and sounded a bit green to me; so I’m not holding that against him.
Bill Bowers
LikeLike
The Fiduciary Wars
Robert, did you know that opponents of applying a fiduciary standard to financial “advisors”, insurance agents and other retail stoke brokers and product salesmen are lobbying harder than ever to shelve the idea and get it far out of reach?
The low “suitable” standard of these salesmen and agents – even though they may call themselves “advisors” – is far below that of a fiduciary for RIAs.
http://www.fa-mag.com/fa-news/5707-fiduciary-battle-may-shift-to-sec.html
And, it seems the word play, battles and parsing never stops.
Adam
LikeLike
Prospect Match is Relentless
I continue to get a generic robo call, every 3-4 weeks, wanting me to sign up. In fact, I noted this seemingly new caveat on their website.
Guarantee: While we do not have details about net worth, investment motivation, or age of each prospect, we advertise to secure mature prospects that most advisors would find to be desirable investors and insurance buyers. ProspectMatch guarantees that every prospect will have a valid name, working phone number, and deliverable postal address or we will give credit by providing another prospect match. To obtain a replacement prospect, notify us within 10 days of receiving a prospect that does not meet the above guarantee.
ProspectMatch finds Insurance Prospects and Investment Prospects for Financial Advisors by advertising on web sites that affluent 45+ investors & insurance buyers frequent. For example, if you seek annuity prospects, that person may be found at Motley Fool seeking tax saving solutions and our ads rotate there. Or maybe you seek long-term care insurance leads. We advertise on Amazon where many educated people go to find out basic information and buy books. You sign up for your zip codes and these exclusive insurance leads, investment leads, and financial planning leads are passed on to you. Each lead is provided to only one financial advisor.
So, despite security assurances, there really is no e-mail, purchasing, internet data or e-commerce security, after all? Just data miners!
Dr. David Edward Marcinko; MBA
[Publisher-in-Chief]
LikeLike
More on Sales Calls
Contrary to conventional wisdom, your best indicator of success with a doctor – or any sales prospect – isn’t your performance in the sales call. It’s the work you do before you reach out to them.
For example, “pre-call planning” is one of the most important steps in the sales process. Do it right and you’ll position yourself as an informed, prepared person who your prospect will want to do business with. Skip it and you’re giving up an opportunity to connect at a respectful level with your doctor prospect and to match their needs with your program’s assets.
The [confident] Salesman
LikeLike
Here is what they think of you, doctor!
Today there are more than 50,000 affluent physicians – those with a net worth of $5 million or more, controlling more than $400 billion. While the practice of medicine is not the ticket to personal wealth as it once was, it still produces a large number of affluent individuals needing and wanting an array of financial services. Moreover, if a financial advisor is able to not only serve the individual physician but the medical group as well, the opportunities then multiply exponentially.
This workshop will:
* Provide research-derived insights into the world of the affluent physician
* Provide an overview of advanced planning emphasizing wealth preservation as it is related to serving the physician community
* Provide an understanding of the attraction of asset protection planning and selected retirement plans for affluent physicians
* Identify the process of sourcing new affluent physician clients
Who should attend:
* Financial advisors focusing on the physician market
* Executives at financial institutions interested in the physician market
* Other professionals working with wealthy physicians.
Anonymous
LikeLike
Dr. Marcinko,
Many thanks for this critical expose`. No doubt this is a topic and marketing structure unknown to most physicians.
Dr. Jenkins
LikeLike
SeniorPostCards.com
[Lead generation via post cards]
I just received a robo-call from Norm. He wanted to sell me a marketing sales list, post cards, and seminar door prizes, etc. [866.672.1005 Ext # 5540]. So, I looked him up, found this site and noted this warning on it.
Important Notice to all Advisors, Printers and Direct Marketing Companies ….
All information, mailing packages, formats, proprietary layouts, content and components for this postcard marketing program are protected under a VA-Copyright and are the intellectual property of SeniorPostcards.com. Duplication in any way or form is strictly prohibited. For questions, please call 1-866-672-1005.
WARNING: Any violations to our copyrights will be prosecuted to the full extent of the law.
Cheese!
Dr. David Edward Marcinko MBA CMP™
http://www.CertifiedMedicalPlanner.com
[Publisher-in-Chief]
LikeLike
For better or worse, it is not uncommon for me to receive telephonic or email spam type solicitations. I received this unsolicited email just the other day.
———
Build a Fulfilling, Profitable Business Coaching Others
Growth Coach® is the only pure business coaching franchise system located throughout North America with the single purpose of helping to drive the success and balance the lives of business owners. Our goal is to make a difference by helping our clients gain greater focus and leverage so they can work less, earn more, and enjoy richer lives.
• No Experience Required – Our proven coaching systems, extensive training program and ongoing support will provide you with everything you need to operate a successful coaching business.
• Make a Positive Difference – Many small business owners are working harder than ever but not seeing the results of their efforts. We’ll teach you the proprietary, proven coaching and accountability processes you will use to help your clients gain clarity of direction, develop goals and action plans, achieve greater success, and add balance to their lives.
• Be Successful Doing What You Love – The Growth Coach has 5 strong revenue streams with potentially high profit margins and cash flow.
——–
Now, the word “coach” is an interesting term. On the one hand, it confers an aura of respectability and professionalism. It even suggests expertise and accountability; perhaps akin to a doctor, nurse or other medical professional. Yet it does not, and rather appears to be an amorphous amalgam of concepts meant to confuse and obfuscate.
For example, are coaches licensed individuals, do they carry EO insurance, do they keep records, and are they held to some responsible stand-of-care for their advice? Is coaching the same as advising? Are there any minimum educational requirements [GED, HS, college or beyond, etc]? Any barries to entry at all?
The fact that no experience was required in the above advertisement seems to suggest not; especially since amorphous [soft science] subject matter seems to reign [life coach, romance coach, clutter coach, career coach, motivational coach, etc].
Seems like common sense to me; how about you? Is there really a market for dispensing such banality and are folks willing to actually pay for it? Or, am I just an aging curmudgeon?
Fraternally,
Dr. David Edward Marcinko, CMP™ MBA
http://www.BusinessofMedicalPractice.com
Editor-in-Chief
LikeLike
America’s Top Financial Advisors
[How Are They Made?]
Source: Michael Zhuang – Founder and Principal of MZ Capital Management LLC
LikeLike
Financial Advisors Should Avoid Bogus Awards
Being recognized by your peers or industry organizations and experts is always rewarding, but the award or title has to mean something or it could do more harm than good, warn some financial advisors and industry organizations.
http://www.fa-mag.com/fa-news/8330-financial-advisors-should-avoid-bogus-awards-.html
Peter
LikeLike
Pay to Play
On top of a $180 annual fee, the CFP Board’s 67,000 members are also each paying a $145 surcharge for a consumer promotional campaign, which includes advertising on NPR and in major consumer publications.
Adam
LikeLike
Mailing Lists
Those MD/DDS/RN mailing lists that are sold to FAs are for desperate salesman.
Mindy
LikeLike