Tips for Doctors looking to invest

Monday - November 4, 2013

  1. Most doctors will have confidence in another doctor turned broker/advisor regarding green broker/advisor who was not only a doctor, regardless of this doctor/advisor’s background, education or even experience.
  2. There is no altruistic “I might like to do good for doctors” mentality one of many doctor/advisors. If there was a really thought by a brand-new doctor/advisor, it disappears since the reality of making funds kicks in.
  3. The Hippocratic Oath is left with the hospital. It doesn’t transfer towards investment business. That currently being said, the doctor prospect really wants to believe it transfers and also the doctor/advisor will ALWAYS cause them to believe it does.
  4. NO ONE actually specializes in coping with “doctor money. ” That’s just about all marketing hype. The money assumes the same stock as well as bond markets as every person else’s money.
  5. There are no specific investment management techniques or products which are “just for doctors. ” There may be some marketed that means, but they are a sales gimmick. If there were such special products or procedures for doctors, I would disappear from them as fast when i could because they’re guaranteed to promise pie-in-the-sky dividends that can’t be reached and possess exorbitant fees.
  6. The smartest doctors see through the marketing haze as well as don’t invest with additional doctors or advisors exactly who say they “specialize” in doctors.

Here is the lower line for doctors: If you’d like financial/estate/tax/insurance planning, find people who may help you with those specific concerns. Pay for these services on an hourly basis or on a project basis. Payment for these services must not be lumped into an constant investment management fee (it’s typical for advisors to swelling all client fees below a one percent or higher annual fee).

Don’t mix up pay-as-you-go financial setting up services with ongoing expenditure management services. They are different occupational specialties. A personal planner does planning; a great investment manager manages portfolios. You wouldn’t visit a general practitioner for heart surgery and you ought to not go to a financial planner to possess your investment managed. Employ a full-time investment director, preferably one that has a LOW FEE and works by using broad-based index funds.

It makes no difference if the investment advisor is a doctor, says they focus on doctors, or has recently seen a health care provider — there’s nothing specific about investing doctor funds. The markets don’t treat that money in any special way. Pay for financial setting up services as needed and then hire a bona fide investment firm that features a good reputation and low fees.

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