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Are Early Career Physicians a Good Fit for You?

9/8/2023

 
They key to success in the medical market is not trying to be all things to all doctors. You want to strategically focus, and there are many ways of slicing the doctor pie.


An easy and smart way to focus is by serving physicians just finishing their training and launching their careers.


What are the advantages of targeting early career physicians?
  • It’s a renewable resource. Every year there are new doctors finishing residency and launching their careers.

  • You can make a huge impact. Imagine if you could help early career physicians avoid purchasing the starter mansion and instead dig in and get started with wealth-building!

  • They have a problem that causes extreme pain. The Association of American Medical Colleges (AAMC) reported that the median medical school debt among the Class of 2021 was $200,000, not including their undergraduate debt. With a decrease in salary because of the current and impending Medicare cuts, this debt hurts even more.

  • You have a client for life. In general physicians are loyal clients. The first advisor with whom they build relationships will be their advisors for life. 


What are the disadvantages of targeting early career physicians?
  • They have lots of debt and few investable assets. However, with the right information—and your guidance—these early career physicians can quickly build assets. Remember, starting salaries are high.
How do you engage early career doctors?
As aways,  join a conversation your prospects are already having. 


Early career doctors are worried about how they will every pay off their medical school debt. Many describe it as a monkey on their back. They think of debt as inherently evil, and often make emotional decisions about money management. They often defer wealth-building until the loans are paid off.


If you can help early career doctors distribute their incomes between the “bucket of bucks” in a smart way, you now have a way to join  conversation they’re already having.


My best,
Dr. Vicki

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