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A Survey to Shape the Definition of Physician-Focused Financial Planning

5 Responses

1. Jeanne Johnson Fisher MBA, on April 21, 2012 at 1:16 PM said:

   To Whom It May Concern:

   I have been contemplating this certification for almost two years now. It goes without saying that the CMP requires a significant investment of time and money. I want to be as informed as possible before I invest in this program. Would you please assist me in my decision by answering the following questions.

   1. Perhaps my greatest concern – and the most desirable aspect – of the certification is the limited number of CMPs around. How many CMPs are there total? How many are located in KY? How many are located in the TN, KY, IN, OH area?

   2. How aware are physicians of the CMP certification? Would they understand the advanced training CMPs go through? What steps does iMBA and the Marcinko Advisor group go through to inform doctors of the CMP certification?

   3. How do you connect physicians and CMP certified advisors? Do you follow a marketing plan?

   4. What kind of growth, or increase in the number of advisors seeking the certification have you had in the last year? Would you say the program is expanding? What steps are being taken to insure this certification is viable in the long term?

   5. I understand the books are an additional expense on top of the $6000 fee. Including all fees, what would my total investment be?

   6. Is there a ‘years of experience’ requirement you must meet before you use the CMP mark?

   7. What kind of continuing education requirements exist?

   8. Would you consider a discount if two or more members of our firm were seeking this designation?

   I know I am asking for quite a bit of information. Thank you in advance for your assistance.

   Sincerely,

   Jeanne Johnson Fisher MBA
   Candidate for CFP Certification

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2. Eugene Schmuckler PhD MBA CTS, on April 21, 2012 at 1:18 PM said:

   Hello Jeanne Johnson Fisher MBA

   Please visit http://www.CertifiedMedicalPlanner.org for more info and call us at your convenience.

   Gene
   Eugene Schmuckler PhD MBA CTS
   [Academic Dean of Admissions]
   Certified Medical Planner® program
   770.448.0769

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3. Physician Financial Planner, on April 23, 2012 at 5:59 PM said:

   Response regarding the CMP™ program from a participant:

   I am about half way through the Certified Medical Planner™ program currently. Regarding those financial advisors with a physician focused clientele I would recommend you take the course. I don’t know of any alternative that compares to the course. I have a graduate degree in business with a focus on finance, have completed the 6 course program for CFP™ certification, have passed FINRA series 7, 9, 10, 63, 65, Insurance exam, etc., have been full time in the business since 1989 working for 2 major wirehouses, own firm and now fee-only RIA. None of the past training I have had has given me any specific understanding or skills of being an effective financial advisor to physicians. The http://www.CertifiedMedicalPlanner.org course fills in the gap.

   There are plenty of physicians that need a qualified financial advisor out there, so I wouldn’t worry about how many other CMPs™ are out there (not many anyway). I am taking the course primarily to understand issues relating to my physician clients regarding their finances so that I can become a better advisor to them.

   I think most prospective physician clients are really unfamiliar with our business. Most physicians have spent their lives deep in the study of medicine. The ones I come across that have some awareness of our business are typically looking for a fee-only advisor because they become disgusted once they find out the prevalence of conflicts of interest in our industry with sales commission driven advisors and “fee-based” advisors. So educating new prospective physician clients is important and letting them know you have taken the time and expense to get the CMP™ designation in order for you to become a better advisor to physicians is a big plus.

   The course is legit. This isn’t a designation that is handed out after a test. You will have email correspondence usually 3 times a week with assignments and instructions. The instructors know their stuff and the few books you are required to buy are very helpful and worth it. When you consider the quality of the course material and instruction and do the math, I think $6,000 is a good deal for a year’s worth of instruction. If it helps you become a better physician focused advisor even for just one physician client it is well worth it financially. There is personal satisfaction (what is that worth?) also knowing that you are doing a good job for someone that the system has generally failed at.

   I hope this helps. I am happy to give my unbiased, unpaid opinion on the CMP™ to any considering the course at david.luke@networthadvice.com.

   David K. Luke, MIM
   Physician Financial Advisor
   Certified Medical Planner™ candidate

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4. Ann Miller RN MHA, on December 13, 2012 at 8:58 PM said:

   Only 57 Percent Think Financial Advisors Add Value

   A Fidelity survey shows many advisors aren’t doing enough to please their clients.

   http://www.fa-mag.com/news/investors-looking-for-advisor–added-value—says-survey-12839.html

   But, what about physician focused FAs?

   That’s why the R&D efforts of our governing board of physician-directors, accountants, financial advisors, academics and health economists identified the need for integrated personal financial planning and medical practice management as an effective first step in the survival and wealth building life-cycle for physicians, nurses, healthcare executives, administrators and all medical professionals.

   Now – more than ever – desperate doctors of all ages are turning to knowledge able financial advisors and medical management consultants for help. Symbiotically too, generalist advisors are finding that the mutual need for extreme niche synergy is obvious.

   But, there was no established curriculum or educational program; no corpus of knowledge or codifying terms-of-art; no academic gravitas or fiduciary accountability; and certainly no identifying professional designation that demonstrated integrated subject matter expertise for the increasingly unique healthcare focused financial advisory niche … Until Now!

   Enter the Certified Medical Planner™ charter professional designation

   Ann Miller RN MHA
   [Executive-Director]
   http://www.CertifiedMedicalPlanner.org

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5. Dr. Marcus, on September 26, 2013 at 2:50 PM said:

   Can we save the US economy?

   Five years after the financial crisis, the economy is still just limping along. It’s clear that deeper problems are plaguing the country.

   We can solve them — but will we?
   Thoughts!

   Dr. Marcus

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