Question

as a financial advisor writing up his business planhow do I target Doctors as the market what societies, charities, newsletters, other resources should I be utilizing?

Answer 1

Doctors constitute a potentially lucrative market segment. ‘Most of the doctors are affluent’, this is an incorrect statement because their salary or their earnings depend on their specialty. Here are the few ways to target doctors:

1)   Doctors with different specialties have different needs. You need to first segment the doctors according to their specialities and then target these doctors as per their needs.

2)     Consider partnering with experts in other areas to intrigue doctors with a comprehensive, one-stop panel of wealth management specialists. Linking up with insurance agents, accountants and estate attorneys can proove beneficial. This will allow you to share information and get an inside track on their physician clients, getting useful information on things like a physician’s asset protection plans, life and disability insurance and buy-sell agreements. The more you know, the better prepared you’ll be for initial meetings with prospective new clients.

3)     Customize Offerings - Customize your financial services offerings for this niche. As physicians can commit ten years of their lives to fine-tuning their skills, they’ll appreciate financial advisors who have a deep understanding of their specific needs over your non-physician base. Tell them you’ll stay late to accommodate their long days or offer to conduct online review sessions at their convenience.

4)    Referrals have always been your best source of new business. When you next meet with your good clients for portfolio reviews, ask some questions. Perhaps they have some names of local doctors. Do they socialize with any doctors? Could they introduce you?

5)     Charitable events such as free health camps conducted can be one source of meeting doctors and prospecting them

6)     Magazines where details of doctors are published or any such advertisements listed can provide a good source of prospecting doctors.

7) Direct mail can help target doctors personally. It is always good to use direct mail for prospecting.