The White Coat Investor

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By Staff Reporters


[The White Coat Investor]*


James M. Dahle MD FACEP

Although I think a physician is perfectly capable of doing his own financial planning and investment management, the majority of doctors want, and would benefit from hiring a competent, fiduciary, fee-only advisor who can give them good advice at a fair price. The more familiar an advisor is with the unique financial planning issues associated with physicians, such as properly managing hundreds of thousands of dollars in students loans and acquiring specialty-specific disability insurance, the better.

Unfortunately, it is surprisingly difficult for a doctor to hire such an advisor as the vast majority of those who bill themselves as financial advisors are little more than commissioned mutual fund or insurance salesmen. Many of these so-called advisors state that they “specialize in physicians,” but in reality, merely specialize in marketing to physicians.

To make matters worse, a doctor may assume that these advisors are trained professionals comparable to accountants, attorneys, or physicians, when in reality the advisor may only have a few days of formal training, and most of that in sales.


Obtaining high-quality, physician-specific, financial advice offered at a fair price sometimes seems like trying to find the Holy Grail.

*NOTE: The white coat ceremony is a medical school ritual that marks the transition from the study of preclinical to clinical health sciences. WCCs typically involve a formal “robing” or “cloaking” of students in white coats, the garb doctors have traditionally worn for over a century.

About the Author

The White Coat Investor: [A Doctor’s Guide to Personal Finance and Investing] Editor:


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One Response

  1. U.S. Medical School Enrollment Up 25% Since 2002

    For the 2015-2016 academic year, medical school enrollment in the United States is up 25% over 2002-2003 levels, representing 4,143 new students, with greater growth forecast, according to the latest figures from the Association of American Medical Colleges (AAMC).

    The results of the 2015 Medical School Enrollment Survey were released May 5 at the AAMC’s Health Workforce Research Conference in Chicago, Illinois. The survey of deans at U.S. medical schools examines first-year medical school enrollment over the past decade and projects first-year enrollment through 2025.

    Source: Megan Brooks, Medscape News [5/5/16]


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