The Target on Your Back

The Physician Philospher blog has a good article on why physicians seem to be targets for unscrupulous financial products-from brokers, insurance agents, and more https://thephysicianphilosopher.com/2018/08/15/financial-target/

The author points out five reasons why physicians seem to be easily bilked:

  1. They make high incomes
  2. They don’t know much about business and investing
  3. They are too busy to research financial choices and options
  4. The very complexity of personal finance makes it too difficult to DIY-so they must rely on others
  5. They are too trusting

I think there is truth to all of this but will focus on the aspect of trust.   As physicians we learn and regularly practice the rapid exchange of highly important and confidential information in a completely honest fashion. We talk to families and consultants multiple times a day with no qualms about truthfulness.  So that is our world.  

But, if we are sitting with a financial salesperson that makes their living selling some terrible product to us, we may not shift our mental attitude.  Certainly this “vice president’ (of which there are many) at our local brokerage office with his white shirt and tie and uninterpretable certificates on the wall is telling us the truth?

If you want to be able to trust someone in the financial world, you need to be dealing with a Fiduciary, fee only advisor.   You can find them at Napfa.com.

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. 

  1 comment for “The Target on Your Back

  1. arthur gindin MD
    August 10, 2019 at 10:47 am

    would recommend: American Investment Services in Gt Barrington MA 01230. I have been using them for about 50 years.

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