Financial Crimes Towards Physicians

The article “Escape the Fee Prison Now”  addresses the financial crime of high fee annuities with long surrender charges.  It reminds me that the vast majority of physicians (and non physicians) use commissioned salespeople for their investment “management.”

And the favorite weapon of these stockbrokers and insurance salespeople are these very annuities.  They pay commissions approaching double digits and throw their investors into fee prisons that they can rarely escape from.  The only comparable crime is that of whole life insurance sales in many cases, in which commissions can approach more than 100% of the entire first year premium (if you don’t believe me, just look at the cash value after one year of the next policy you are pitched).

Fortunately, there is an increasing amount of information in the press about the ability to escape the clutches of salespeople in your financial life.  The presence of fee only advisors is being widely publicized and understood, and multiple avenues of low cost investing are available for those seeking just investment help (and no financial planning).

If you are still using a stockbroker or insurance salesperson for “investing”, you owe it to yourself and your heirs to understand what you are paying for and how much it costs.  I think you’ll be surprised in an unpleasant way.

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Steven Podnos MD, CFP

Steven Podnos MD CFP attended the University of Florida College of Medicine and trained in Internal Medicine, Pulmonary and Critical Care Medicine at UT Southwestern in Dallas Texas. He moved back to Florida with his physician wife (ENT) and raised a family while practicing Pulm/CC medicine for over twenty years. During that time, he also started and ran a Hospitalist program for several years. In 2002, Steve began a slow transition towards having a Fiduciary Fee Only Financial planning practice-at first just for friends and family. As the practice grew, he transitioned out of full time medical practice to full time financial planning. Dr. Podnos joined the US Air Force Reserve in 2008 as a critical care physician and flight surgeon. He deployed twice to Landstuhl Army Hospital in Germany as an intensivist during the Afghanistan war in 2009 and 2010, and as a critical care air transport (CCATT) physician in Okinawa in July 2018. His firm, Wealth Care LLC now serves approximately 100 physician families nationwide and another fifty non physician families with both financial planning and wealth management. He is a staunch advocate of independent medical practice, believing that the corporatization of medicine and Electronic Medical Records are both harmful to physicians.