Abdus Sikder, CLU, ChFC • New Hyde Park, NY
Matrix Partners Network Inc. • Ameritas Investment Corp.
Physicians represent about 90% of my current client base, and I continue to focus my business growth efforts on that market segment. It is a natural fit for so many reasons, starting with the fact that the health-care market is a large part of the U.S. economy and is only going to grow.
Doctors tend to be consumed with their work and are the type of clients that are receptive to the message of a turnkey approach to financial planning and implementation of that plan. They are usually quite affluent, intelligent, and open to thinking about planning and investments in a more sophisticated way. They are frequently the owners of their medical practice, and therefore have many financial needs beyond a personal financial and investment plan.
Physicians have tax-planning needs, business-insurance needs, and their practice and its employees can be a candidate for a 401(k) plan. The tax-planning piece is extremely important, as is legacy planning, which is why I have affiliated with a CPA firm and have built relationships with attorneys.
The challenge is to get in front of new physician prospects. Fortunately, the physician community is very interconnected. Referrals are a part of their daily practice, and they have large professional and personal networks. Many physicians are affiliated with multiple hospitals, or even several different companies. They attend many conferences and belong to numerous organizations and associations.
My most effective prospecting tool is in securing a slot to present at a professional meeting with concise, targeted educational material. I focus generally on tax-advantaged strategies for robust retirement planning, which is usually very well-received.
If I then can secure a personal meeting, I will literally say to a physician prospect, “Why don’t you hire us as an outsourced CFO? We can take care of the many financial issues you face and bring in specialized, highly trained professionals to help you.” It is a 360-degree view of their needs and a one-stop solution. Third-party money managers are integral to that solution.
I am so optimistic moving forward that I am bringing in new advisors and training them in the needs of the physician segment. We have some very aggressive growth targets and expect to hit them.
Disclosure: Securities and investment advisory services are offered solely through Ameritas Investment Corp. (AIC). Member FINRA/SIPC. AIC and Matrix Partners Network Inc. are not affiliated. Additional products and services may be available through Matrix Partners Network Inc. that are not offered through AIC.
Photography by Bill Wadman
