Medical specialties

After completing medical school, most physicians or surgeons continue their education in a specific specialty of medicine by completing a multiple year residency. As many of the doctors you will interact with will work within one of these specialties, it's important that you become familiar with the associated terminology and responsibilities. Wikipedia offers a good starting point with a chart of specialties, sub-specialties, a summary of the focus, and an estimated average salary.

Challenges of reaching doctors

• Hundreds of financial, legal, medical products, practice management and pharmaceutical salespeople are vying for a doctor's time
• With reduced reimbursements and increased paperwork, doctors work 40% more than they did 20 years ago
• Generally not free between 7am and 6pm on weekdays. You can't reach them when you are in the office
• Office staff is taught to be "gatekeepers" to protect doctors' time
• Reaching doctors is becoming more and more difficult

Key things doctors are seeking in a professional advisor

1. Credibility. When looking for professional advisors, doctors seek out thought leaders. Thought leaders become recognized as such by writing articles, publishing blogs, and speaking to groups.
2. Expertise. Doctors are accustomed to working with fellow specialists. They understand the process of referring patients back and forth, and that a similar use of multiple planning specialists may be appropriate for their financial and legal needs.
3. Referrals from colleagues. Doctors place a high value on personal referrals from their peers. While there are thousands of physicians practicing in the U.S., the community is still relatively small and very well-connected. The endorsement of a prominent physician is extremely valuable.

Why are doctors such good clients?

1. Top 10% of US doctors control over $350 BILLION in wealth.
2. Even the lower 90% of MDs each earn over $250k per year. (Less than 2% of American households earn over $200k.)
3. All doctors need advanced legal and financial planning. (In contrast, less than 2% of Americans need asset protection, estate tax, or other advanced planning.)
4. Their business is "economy-proof" - despite healthcare reform and other changes, the healthcare industry and demand for doctors will increase, not decrease, and isn't as dramatically impacted by economic fluctuation.
5. Doctors receive extensive medical training throughout their careers, but there is minimal business education to prepare them for the realities of running a medical business and managing their personal assets.