Active investment management’s weekly magazine for fee-based advisors

Bob Chitrathorn • Corona, CA
Providence Wealth Planning • LPL Financial

While I provide financial planning for many types of clients, I do have a specific segment I focus on: medical professionals. I am probably a little biased since both my mother and my wife are registered nurses, but I have found the medical profession to be a source of many clients that I enjoy working with. There are three key reasons for this. First, the medical profession is almost by definition made up of people who are highly responsible and caring. This fits well with the core values of our firm and my own personal beliefs.

Second, nurses, doctors, and medical technicians are all very busy people who tend to work long hours. While they are usually quite successful in their field and have incomes that can range from above average to very high, they do not have much time to devote to taking care of their big-picture financial planning. They understand the value of their own time and the time of their financial advisor. I find they work diligently in the planning process to make it efficient and productive.

The third point is also closely connected to the medical profession. As highly trained medical professionals, they realize the benefits of working with a professional in another field—in this case, wealth management and financial-advisory services—who brings specific experience and in-depth knowledge. All of these factors have contributed to my building a specialty among health-care professionals, and it is has been perpetuated through referrals to their associates.

I look to reinforce the probabilities of a client referral among medical professionals through two main strategies. The first is trying to build my network via social contacts. I will ask a current client if they would like to have dinner or go bowling or some other social activity. I ask them to please also invite their spouse and a couple of friends. The odds are good that someone in the group will also be in the medical field, and it is an excellent way of growing my network, not to mention having a lot of fun!

I also will hold specific financial education events targeted to this segment. I recently did a seminar on basic 401(k) concepts and education for a local hospital. I asked my current clients at the hospital if they would invite some of their colleagues and gave them fliers to pass around. This was quite successful in creating introductions to prospective clients who were interested in having an informal discussion about their financial-planning needs.

Tips for building a specialty among medical professionals:

  • Build your network through social events with current clients; invite them to bring a spouse or friend.
  • Host financial educational events at a local hospital targeting the medical segment.

Disclosure: Bob Chitrathorn is a registered representative with, and securities offered through, LPL Financial, member FINRA/SIPC. Investment advice offered through Strategic Wealth Advisors Group, LLC, a registered investment advisor. Strategic Wealth Advisors Group, LLC, and Providence Wealth Planning are separate entities from LPL Financial.

Photography by Robert Bell


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