Niche marketing to Doctors, Physicians, etc

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eman07's picture
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Joined: 2009-05-19

As I'm getting ready to start my own business, I'm strongly leaning towards trying to create a niche client strategy to go after doctors, physicians, surgeons, etc.  Does anyone have experience managing assets for these individuals that could share some insight?  I have a marketing and business development plan down, but I'd love to hear your thoughts and suggestions.  I can share my current plans later in this thread after hearing your thoughts.If you don't do this, but you know of a firm in your area that does, I'd love for you to pass me on to their website or something, so I can give them a call just to get some advice.

Cape1's picture
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Joined: 2009-09-21

Can't speak to it from an FA standpoint but I did work with this crowd in a service capacity supporting 403b Relationships. I can tell you that most of them think they know more about everything under the Sun than you do. If your expertise is retirement plans, they know more than you; if your background it finance, they know more than you. Dr's, from my experience, have a very hard time trying to indentify with what they don't know and tend to see those around them as a lower-order. <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />
 
If you have a background dealing with these guys and know how to work their psychology to your advantage, it could be a win. 

etj4588's picture
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Joined: 2008-08-18

I agree with Cape1.  I have a few physician clients and prior to becoming an FA, I worked in the medical field.  Learning their psychology is key as well as learning to massage their egos.I'll go one further though... although most think they know more than you (about everything), what you'll find is that most have crappy portfolios and ACTUALLY know very little about financial matters.

SKLC's picture
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Joined: 2008-12-09

If you can speak their language, it'll be helpful.

B24's picture
B24
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Joined: 2008-07-08

SKLC wrote:If you can speak their language, it'll be helpful.

 
Do you mean Hindi?
 
 
Sorry, couldn't resist.

Ron 14's picture
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Joined: 2008-07-10

B24 wrote:SKLC wrote:If you can speak their language, it'll be helpful.

 
Do you mean Hindi?
 
 
Sorry, couldn't resist.
 
Nice

LA Broker's picture
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Joined: 2008-12-03

Last month I had a doctor prospect referred to me.  She made an appointment to stop in and was a no show.  So I call her again, she says sorry and makes a new appointment.  No show again, I call and ask why and she said a friend told her to see a different guy, a friend of a friend.  So a few days later I call her private practice, set up an appointment with her assistant under a fake name saying I am a new patient who was referred over.  Guess what, NO SHOW, revenge of the FA, our time is valuable too!  Petty?  Yes, but it felt good. 

eman07's picture
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Joined: 2009-05-19

Anyone else have thoughts on what it's like working with Doctors?At what age does the average physician start to have investable money, from your experience? 

Cape1's picture
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Joined: 2009-09-21

eman07 wrote: Anyone else have thoughts on what it's like working with Doctors?At what age does the average physician start to have investable money, from your experience? 

Well, given the direction we're taking now in the US, probably never!

steve246's picture
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Joined: 2009-09-30

I would say 35 earliest, over 40 would be ideal. They are generally horrible investors. Most are too proud to admit they know nothing about investing. I would maybe think about disability insurance or malpractice insurance if I was going to market to doctors.   They hear sales calls and pitches all day from drug reps. Be original. Try speaking to the office manager or doing something different.   

Squash1's picture
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Joined: 2008-11-19

LA Broker wrote:Last month I had a doctor prospect referred to me.  She made an appointment to stop in and was a no show.  So I call her again, she says sorry and makes a new appointment.  No show again, I call and ask why and she said a friend told her to see a different guy, a friend of a friend.  So a few days later I call her private practice, set up an appointment with her assistant under a fake name saying I am a new patient who was referred over.  Guess what, NO SHOW, revenge of the FA, our time is valuable too!  Petty?  Yes, but it felt good. 
 
That is funny.. you should have gone and done the appointment instead..

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