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Selling Financial Service To Physicians
11/19/2012 at 3:28 PM ET
I am starting a online company that basically will help save doctors on taxes by making them a LLC. and also offer accounting, practice formations, and wealth management. What would be the best way to reach Doctors on such and personal matter? We have proven results in saving doctors over 40,000 dollars a year we just can't seem to get the clients to come in like we want.
11/19/2012 at 4:39 PM
Dun Con (now that is faintly alarming)
Work out from your current clients (using your proven results) - what they like, and what they don't like. I am not speaking medicines here, but their personal likes and so on.
With that, you can advertise to them in a way that filters your best clients from the start.
All you need then is to answer their question "why" - without using the words "money, financial, discount, tax" and so on. It really has to be straightforward.
11/20/2012 at 2:52 AM
Can you provide a link to your website? The work that you are doing to get people to your website may be wasted if the website is presenting barriers to their engagement with you.
Nigel T Packer
11/20/2012 at 6:49 AM
It's difficult to think of a more competitive field than selling financial products to physicians.
I'd recommend that you take a long-term approach, as follows:
1. Identify new doctors, and make your primary pitch helping them prepare for, and later set up, their own practices. This is a highly valued service and thus the easiest on which to engage them.
2. Once they have engaged with you on the "how to" part of setting up a practice, introduce the LLC concept within that context -- not "save taxes by setting up an LLC" but "be a smart business person by setting up an LLC, and as icing on the cake, you may also save on taxes." But be careful to position this as, say, saving taxes versus becoming a C corporation -- not necessarily saving taxes compared to individual tax rates. Credibility and clarity are key.
3. Only after you have a doctor engaged with you on practice set-up and LLC formation will they be open to discussing other financial arrangements in a wealth management scenario. This is because doctors are assaulted on all sides by financial salespeople, so they tune out virtually all such solicitation. Your company is at a disadvantage being an online company (many affluent doctors will be wined and dined in person), so you'll need to be known to them before they'll start to tune in.
As Nigel pointed out, the quality and ease of your website is key to opening the door with physicians.
On your website, offer free whitepapers about topics new doctors would find interesting such as, "Prepare for wealth while still paying off your medical school loans," or "Wealth-building for doctors who marry doctors," or "Wealth-building strategies for physicians with young families," etc.
11/20/2012 at 9:59 AM
Link the the Site
I am currently building a new website.
11/21/2012 at 8:49 AM
It's going to take a great deal of personal one-on-one sales calls to clinch any sales. As for your website, well, we've discussed that previously. At best - with revisions - it will be informational...but it will likely never close a sale.
11/26/2012 at 11:31 AM
First, be sure to have the website edited "(, We understands...) and corrected as necessary.
Secondly, consider adding a testimonial client quote (or quotes) right up front on the website, leaving the link to case studies. Focus benefits: delegating financial management duties (with full disclosure and client involvement) offers improved attention to MD duties (patients, research, training, communicating w/other docs. etc).
Best of luck!
12/3/2012 at 7:50 AM
I am closing this question since it's more than 2 weeks old. We do this to reward the contributions of participants in a timely manner + to give increased visibility to the newer questions.
Thanks for participating!
Carrie (Production Editor)
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