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VIDEOMedical Professionals to Money Managers: Take Care of Us
Four reasons doctors are putting health of their bank accounts in managers' hands.
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Occasionally, I’ll see trends within my business that are rather intriguing. One I noticed recently was that the majority of my growth over the last 12 months has come from medical professionals scattered all throughout the country. The irony of this is that over the last 10 years of my experience, I've come to realize doctors are some of the hardest clients to achieve, as their schedules don’t allow them the time to properly research money-management firms, explore all their options, and when the time is right, make changes. It seems as if most are too busy attending to their own practices, keeping up with their own craft, and simply trying to strike the all-important, healthy work/family balance.
This shift in my business made me more than curious. So I've spent some time thinking about it and have come up with a potential list of why these medical professionals are now making the jump.
1. Medical professionals understand, appreciate, and respect change.
Thankfully, the medical professional is always evolving. Could you imagine no medical advancements over the last 20 years? The medical field and the financial field are similar in that, in order to remain successful, you must adapt and change accordingly.
I'm still baffled that after watching the last decade of gains erode, traditional Wall Street advice is to buy, hold, and hope that things will be okay. If a doctor prescribed that method for someone with a potentially deadly virus, knowing full well there about the medicines available, that doctor wouldn’t be in business much longer. Unlike most who are set in their ways and don’t quite understand my unique approach, I find that medical professionals are interested and encouraged to learn that there are alternatives -- and a performance history to prove other methods can work through a multitude of cycles. While they may not always have time for a meeting, medical professionals respect the changing environment.
2. Medical professionals keep score.Imagine sitting on that tall plastic bed and asking your surgeon how his last few years were. He proceeds to tell you that while 2002-2007 were decent years for him and his practice, he unfortunately lost 40% of his patients in 2008. Ready to go under and be operated on?
Interestingly, most individuals will accept this track record, when in just about every other profession, you'd be booted from the business. Medical professionals on the other hand, understand how to keep score; they understand that if their doctor isn’t cutting it, it’s time to find someone new. They're judged in this manner, so they judge in this manner. God bless ‘em -- I wish everyone followed this simple rule of success: Cut your laggards and ride your winners.
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