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By Staff Reporters
OVERHEARD IN THE DOCTOR’S LOUNGE
[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.
Assessment
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: www.whitecoatinvestor.com
Conclusion
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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
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[PHYSICIAN FOCUSED FINANCIAL PLANNING AND RISK MANAGEMENT COMPANION TEXTBOOK SET]
[Dr. Cappiello PhD MBA] *** [Foreword Dr. Krieger MD MBA]
Front Matter with Foreword by Jason Dyken MD MBA
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Filed under: Financial Planning, Investing | Tagged: James M. Dahle MD, White Coat Investor | 1 Comment »
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