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