On Finding Physician-Focused Financial Advice

Posted on December 31, 2019 by Editor-in-Chief

OVER HEARD IN THE DOCTOR’S LOUNGE

Courtesy: www.CertifiedMedicalPlanner.org

[On Finding Physician-Focused Financial Advice]

“The financial planner is a like juggler, trying to keep a variety of balls simultaneously in the air. Each aspect of practice becomes critical, just as action is needed.

Some of the activities of operating a successful financial planning practice generally attract more attention than others, such as marketing and advertising, closing engagements, and office administration. Because product review, selection and implementation are often related to advisor compensation, they attract a great deal of the financial juggler’s concentration.

But, the heart of financial planning, niche advice, often receives little attention. Not because it is unimportant, it just doesn’t seem immediately and predictably urgent. Here, that ball does not seem to be dropping so rapidly.

However, retaining clients and receiving referrals from other professionals is very dependent on the quality of the advice delivered. And, the first line of protection from practitioner liability exposure is to not deliver incorrect or incomplete advice.

But, where does the financial advisor turn for ideas and organized research in the healthcare sector?”

Edwin P. Morrow; CFP^TM, CLU, ChFC, RFC

[Middletown, Ohio, USA]

Your thoughts are appreciated.

BUSINESS, FINANCE, INVESTING AND INSURANCE TEXTS FOR DOCTORS:

1 – https://lnkd.in/ezkQMfR

2 – https://lnkd.in/ebWtzGg

3 – https://lnkd.in/ewJPTJs

THANK YOU

***

Filed under: Book Reviews, Experts Invited, iMBA, Inc., Investing | Tagged: Edwin P. Morrow; CFPT, Financial Planning | Leave a comment »

Financial Planning Advice that Changed My Life

Posted on September 4, 2019 by Editor-in-Chief

A PODCAST

By Vitaliy Katsenelson CFA

One of the best wedding gifts I received was lunch with my friend, Mark. Here, I reflect on the financial advice Mark gave me then, and how it could help young people like my son Jonah settle into adulthood with a lot more forward-thinking.

***

You can read this article online at:

https://contrarianedge.com/personal-finance-advice-that-changed-my-life/

***

Filed under: Financial Planning, Videos | Tagged: Financial Planning, Vitaliy Katsenelson CFA | Leave a comment »

Contribute to a Leading Physician Focused Practice Management and Financial Planning Resource

Posted on March 16, 2019 by Editor-in-Chief

Get Published – Get Known

By Ann Miller RN MHA [Executive Director] MarcinkoAdvisors@msn.com

The ME-P is one of the leading online and onground resources for medical professionals, financial advisors and medical management consultants.

Want to Contribute Your Thought Leadership?

By submitting a guest article, video, infographic, or case study/report related to our forum, you can:

Raise your personal/company’s brand visibility/awareness
Build your social influence
Garner a larger audience
Spark a networkeffect to exponentially reach potential viewers across the healthcare and financial services industry.

Article/Guest Post Submission Guidelines

All articles submitted for publication should be the guest author’s original work
Articles should be reviewed for clarity, spelling, punctuation and grammar
Articles should be between 350 – 1000 words. Longer articles will be accepted depending upon content relevance
We reserves the right to revise any submission to meet the needs of the readers
Include a brief bio about yourself and a company link with a brief summary about your business or website.

Submission Process

Please submit all articles via email to: MarcinkoAdvisors@msn.com
We will respond to your submission within 3 business days of receipt.
Once accepted, your article will run at our discretion. All accepted articles retain full rights to every article, which can be published on their own site as well. If you have any additional questions about the submission guidelines, feel free contact us.

The ME-P also welcomes the submission of all white papers and case studies that will be posted in the appropriate channel section of the site.

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Articles/Guest Posts should be well written, informative, engaging and relevant to the industries we serve.
Please provide specific examples to illustrate your point through recent reports, studies, surveys, case studies, etc.
We encourage using photos, tables, charts or figures as effective methods of providing documentation and support to your point of view. Please remember to cite your sources as necessary providing proper attribution.

Conclusion

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OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

DICTIONARIES: http://www.springerpub.com/Search/marcinko
PHYSICIANS: www.MedicalBusinessAdvisors.com
PRACTICES: www.BusinessofMedicalPractice.com
HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
CLINICS: http://www.crcpress.com/product/isbn/9781439879900
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

Filed under: Experts Invited, Financial Planning, iMBA, Inc., Practice Management | Tagged: experts invited, Financial Planning, healthcare administration, medical practice management, www.MedicalExecutivePost.com | 2 Comments »

A Financial “Christmas Carol” [Part 2]

Posted on December 24, 2018 by Editor-in-Chief

By Rick Kahler MS CFP® http://www.KahlerFinancial.com

Previously, in Part 1, we discussed the most important step of changing a problematic financial behavior: becoming willing to admit that changing the behavior is important and to seriously contemplate the change. Ebenezer Scrooge in A Christmas Carol took that step when he heeded a warning from the ghost of Jacob Marley.

Financial Transformations

The next step in the financial transformation process is probably the most difficult and requires the most courage. It is looking into the past to revisit the events in our lives where our strongly held delusions were formed. Scrooge resisted this step and tried his best to skip over it. Yet his guide, the Ghost of Christmas Past, gently turned him toward the past.

Bringing objectivity and understanding to entrenched financial delusions isn’t easy. Many people want to focus instead on obtaining more information on how to save, invest, or spend wisely. We try to jump into the present before visiting the past, which is typically the last thing we want to do.

Yet, what we need most for transformation is emotional intelligence, which cannot be learned academically or developed by oneself. It must be learned emotionally, experientially, and in community. Just as Scrooge found a guide in the Ghost of Christmas Past, people wanting to gain the emotional intelligence needed to change their financial behaviors require the assistance of a financial coach or therapist. This is a journey that cannot be taken alone.

The New Reality?

Once we have taken that difficult but transformational journey into the past, we are ready to become present and see reality with new clarity. While Scrooge was less resistant to looking at the present than the past, it was the one step that terrified him the most. Once emotional intelligence is gained, we must face replacing our faulty beliefs with accurate cognitive information. This is the place for learning about budgeting, debt reduction, investments, and other financial skills.

In Changing for Good, Dr. James O. Prochaska calls this the stage of preparation, where we begin to acquire necessary knowledge and take the necessary steps to get ready to act. Scrooge’s guide, the Ghost of Christmas Present, helped him negotiate the present and obtain this knowledge. Our real-world guides may include accountants, attorneys, financial planners, and educational books and workshops.

When we gain accurate financial knowledge, we are ready to look toward the future to see where our previous delusional decisions potentially were taking us. Like the vision that the Ghost of Christmas Future unveils before Scrooge, the scene is often harsh. However, because of our preparation, we have the capacity and tools to enter what Prochaska calls the action phase.

***

Now we can begin to create a future that is consciously and deliberately planned. We can take control of our money rather than our money controlling us. Our guides can be financial advisors, financial planners, and financial mentors.

Many of us try to shortcut the transformation process by starting here, in the last step of looking toward the future. Sadly, without first taking the critical steps of viewing the past and learning the present, we often lose heart. This is why resolutions for financial change often fail, not because the goal is bad or unattainable, but because we are unprepared to go into action.

The end product of Scrooge’s difficult journey with the three Spirits was a transformed person, full of joy, generosity, and spirit. He experienced this transformation because he had the courage and conviction to start the process.

Assessment

It’s not possible to give the gift of a financial transformation. It is a gift that can only be received. This Christmas and New Year 2019, perhaps it’s time for you to receive yours.

Part 1: A Financial “Christmas Carol” [Part 1]

Conclusion

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

Filed under: Ethics, Financial Planning | Tagged: A Christmas Carol, Changing for Good, Dr. Prochaska, Ebenezer Scrooge, Financial Planning, Rick Kahler CFP® | Leave a comment »

A Financial “Christmas Eve Carol” [Part 1]

Posted on December 23, 2018 by Editor-in-Chief

By Rick Kahler MS CFP® http://www.KahlerFinancial.com

For me, the Christmas season doesn’t seem complete without Charles Dickens’s A Christmas Carol. I’ve long been captivated by the transformation of the cold-hearted and calculating Mr. Scrooge, the seemingly inherent goodness of Bob Cratchit, and the haunting visits of the Ghosts of Christmas.

As a student of Dickens’s fable, I’ve been amazed at the wisdom and universal truths contained in that seemingly simple story. I have discovered that Mr. Scrooge isn’t merely the villain he’s often made out to be, nor is Cratchit the straightforward hero.

It’s not uncommon for the average American to have a stressful, even adversarial relationship with money, especially since half of Americans have no savings or investments and live month to month. Stress over money is especially exacerbated during the Christmas season each year. Many Americans borrow heavily on credit cards for gifts and end up stressing for months afterward trying to pay the bill.

Financial Transformations

How ironic that what Dickens unveils in the short A Christmas Carol is a powerful process for financial transformation (or any desired transformation). Dickens gives us a four-step process that anyone can employ to change destructive financial behaviors.

A few years ago I co-authored a book, The Financial Wisdom of Ebenezer Scrooge that highlights the subtle wisdom of Dickens’s story as it pertains to transforming one’s behavior around finances. The story became the heart of a successful model employed by financial planners and therapists to help transform a person’s relationship with money.

***

The Story

The first big event in the story is the visit to Scrooge by the ghost of his old business partner, Jacob Marley. Scrooge takes to heart Marley’s warning to change his ways, thereby becoming willing to consider changing. Psychologists would call this an intervention.

The first and most important step toward transformation needs to be a personal realization that something is amiss with your behavior and it’s you who wants to contemplate changing, as opposed to someone else insisting you ought to or should change. Meaningful and sustainable change comes only from within, not without. Blaming personal financial problems on family, employers, the wealthy, or the government just keeps a person stuck in delusion.

What is the key to developing an internal desire to change? Addiction recovery programs call this “hitting bottom.” I describe it as reaching a state of openness to accept the facts and circumstances as they are, not as you wish they were. It is becoming convinced that change is crucial and that you are passionately ready to take action to change.

On that Christmas Eve, inexplicably, Scrooge was finally ready consider the message his old friend Marley had tried to deliver to him on many Christmas Eves previously.

In the book Changing for Good, psychologist James O. Prochaska and his co-authors describe this as moving from the stage of pre-contemplation to contemplation. Scrooge was willing to consider that his firmly entrenched world view might be skewed and to consider seeing the facts for what they were, not as he assumed they were.

***

We may not be misers like Scrooge, but when it comes to our beliefs around money, we have as many delusions as he did. A few of the more popular of these beliefs, or money scripts, are: “More money is the answer,” “The stock market is a gamble,” “I work hard so I deserve to spend money,” and, “If I work hard I will make money.”

Assessment

Becoming willing to consider change is half the battle to free ourselves from destructive financial behavior based on these delusions. But it is only half. Next time we will look at three additional steps to transformation.

Part 2: A Financial “Christmas Carol” [Part 2]

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Conclusion

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

Filed under: Ethics, Financial Planning | Tagged: A Christmas Carol, Changing for Good, Charles Dickens, Financial Planning, James O. Prochaska, Rick Kahler CFP®, The Financial Wisdom of Ebenezer Scrooge | Leave a comment »

Meet David K. Luke MIM CMP™ [An ME-P Thought-Leader]

Posted on December 18, 2018 by Editor-in-Chief

A Physician Focused Financial Advisior and Certified Medical Planner™

Financial Management Experience

https://www.medicuswealthplanning.com/team/david-k-luke

David K. Luke focuses on helping physicians, medical professionals, and successful retirees with financial planning, investment and risk management.

In the past 24 years of industry experience, David has held licenses including general securities registered representative, registered investment advisor, Branch management supervision, and Life, Accident, and Health Producers.

David, a fee-only advisor, is able to help his clients to achieve peace of mind and greater assurance with their financial goals by giving advice and providing investment management that is in their best interest, untainted by commissions or sales objectives. Likewise, in a true fiduciary capacity, he is able to help investors determine the reliability and suitability of products and services that they have been sold by other advisors.

David began his career managing money in 1986 in the General Motors of Canada Banking and Investments department where he was engaged in cash management, foreign currency hedging, and the debt issuance of a $100 million Eurobond and a $300 million Note Issuance facility. In 1988 as Supervisor of Borrowings for GMAC Canada David was responsible for the daily average issuance of $125 million in short-term Commercial Paper. David worked as a stock broker and portfolio manager for 2 major national brokerage firms (A.G. Edwards and Wachovia Securities) from 1989 to 2008.

Additionally, at Wachovia Securities David was among an elite group of financial advisors approved as a PIM (Private Investment Management) Portfolio Manager. Prior to joining Net Worth Advisory Group in 2010, David managed his own independent firm, Luke Wealth Strategies, working as a registered representative and investment advisor.

Education and Designations

President 2009/2010, Financial Planning Association (FPA) – Utah Chapter Affiliate
National Association of Personal Financial Advisors (NAPFA)
Member, Medical Group Management Association Master of International Management (Finance concentration)
American Graduate School of International Management Bachelor of Arts, Brigham Young University
Certified Medical Planner™ Professiobnal Designation from iMBA, Inc www.CertifiedMedicalPlanner.org

http://www.CertifiedMedicalPlanner.org

Assessment

David is our newest ME-P “thought-leader”. We look foward to his insider comments and posts. So, please welcome him and give his site a click: http://networthadvice.com/our-team/david-k-luke/

Filed under: CMP Program, Experts Invited, Financial Planning, iMBA | Tagged: •American Graduate School of International Management, CMP, david k. luke, Financial Planning, FPA, Medical Group Management Association, NAPFA, Net Worth Advice, www.certifiedmedicalplanner.com | 1 Comment »

Book Dr. David E. Marcinko MBA for your Next Seminar

Posted on December 13, 2018 by Editor-in-Chief

Schedule Marcinko for Your Next Seminar!

***

http://www.CertifiedMedicalPlanner.org

***

Book Dr. David Edward Marcinko CMP®, MBA, MBBS for your Next Medical, Pharma or Financial Services Seminar or Personal and Corporate Coaching Sessions

Dr. Dave Marcinko enjoys personal coaching and public speaking and gives as many talks each year as possible, at a variety of medical society and financial services conferences around the country and world.

These have included lectures and visiting professorships at major academic centers, keynote lectures for hospitals, economic seminars and health systems, keynote lectures at city and statewide financial coalitions, and annual keynote lectures for a variety of internal yearly meetings.

Topics Link: toc_ho

Listen: http://www.audioeducator.com/speakers/dr-david-edward-marcinko
CV Link: CV CV Dr. David Edward Marcinko MBA
Business Sketch: Executive Summary MARCINKO
Texts Link: Dr. DEM’s Text Books
More Topics Link: imba-inc-firm-services
Leadership: Dr. Marcinko Leadership Philosophy
Education: Dr. Marcinko Teaching Philosophy
Research: MARCINKO Research Statement
Front Matter with Foreword by Jason Dyken MD MBA
Foreword Dr. Phillips MD JD MBA LLM
Foreword Dr. Nash MD MBA FACP
Mike Stahl PhD MBA Foreword
Foreword Dr.Mata MD MS
Dr. Getzen Foreword PhD
Dr. Cappiello Foreword PhD MBA
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***

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***

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[Foreword Dr. Phillips MD JD MBA LLM] *** [Foreword Dr. Nash MD MBA FACP]

***

Filed under: Financial Planning, Health Economics, iMBA, Investing, Managed Care, Portfolio Management, Practice Management, Practice Worth, Risk Management, Touring with Marcinko | Tagged: David E. Marcinko, Financial Planning, Investing, medical practice management, Portfolio Management | Leave a comment »

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