ME-P SPECIAL REPORT

On Physician DIY’s

[By Vicki Rackner MD]

Dear ME-P Readers and Subscribers,

Employed physicians who use professional financial advisors v.s. physician financial do-it-yourself-ers):

Did you know the following:

• Feel better prepared for retirement
• Have more in emergency savings
• Have more diverse financial investments and
• Feel more confident about their personal financial decisions?

Did you also know:

• 57% of employed physicians use a professional financial advisor; 43% do not?
• The biggest unanswered question that keeps more physicians from working with an advisor is, “How do I find an advisor whom I can trust?” These numbers come from the 2014 AMA Insurance Agency Report on Employed Physicians’ Retirement Preparedness.

Here are some other key survey findings:

• 60% of practicing physicians are employed by hospitals, groups and medical schools.
• 42% of of employed physicians are behind where they would like to be in retirement planning.
• Employed physicians” #1 financial goal is to enjoy a comfortable retirement. Other top concerns include funding long-term care, minimizing losses and ensuring an inheritance for children/ grandchildren.
• Half of employed physicians believe they have unique or more complex financial needs than other professionals.These finding affirm the intuitively obvious: experts get better results than dabblers.
• Patients get the best medical outcomes when they work with physicians whom they trust; physicians get the best financial results when they work with financial advisors whom they trust.

***

***

What this means for you

These finding affirm the intuitively obvious: experts get better results than dabblers.

Patients get the best medical outcomes when they work with physicians whom they trust; physicians get the best financial results when they work with financial advisors whom they trust; as a fiduciary advisor.

Assessment

Enter the Certified Medical Planners

• Enter the CMPs
• http://www.CertifiedMedicalPlanner.org

About the Author

Vicki Rackner MD, author, speaker and President of Targeting Doctors, helps financial advisors accelerate their practice growth by acquiring more physician clients. She calls on her experience as a practicing surgeon, clinical faculty at the University of Washington School of Medicine and nationally-noted expert in physician engagement to offer a bridge between the world of medicine and the world of business.

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

• PRACTICES: www.BusinessofMedicalPractice.com
• HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
• CLINICS: http://www.crcpress.com/product/isbn/9781439879900
• ADVISORS: www.CertifiedMedicalPlanner.org
• FINANCE: Financial Planning for Physicians and Advisors
• INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
• Dictionary of Health Economics and Finance
• Dictionary of Health Information Technology and Security
• Dictionary of Health Insurance and Managed Care

Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

Filed under: CMP Program, Retirement and Benefits | Tagged: certified medical planner, How Physicians Prepare for Retirement, retirement planning, Vicki Rackner MD |