Comparing Financial Doctors to Medical Doctors
Medical doctors are highly valued consultants who help individuals maintain their physical well-being, while financial doctors take care of their clients' financial well-being. Despite their different areas of expertise, there are many similarities in how these professionals work with their clients. This article will outline the systematic processes that medical doctors follow to provide top-quality service and earn the respect they deserve, while also drawing parallels to the work of financial doctors. It is a widely acknowledged fact that the profession of financial advising often does not receive the level of recognition and appreciation it deserves. In an effort to address this issue, we propose to draw inspiration from the practices of medical practitioners and apply their approach to the work of Financial Advisor. By analyzing key touch points of the two professions, we can gain valuable insights and undertake a comparative analysis that can help us elevate the stature of financial advising.
| Touchpoints | Doctors | Financial Agents |
|---|---|---|
| Prospecting | Doctors typically do not actively search for new patients in the market; rather, patients seek medical advice on their own. There is a natural pull from patients towards doctors. | The top agents in the financial advising industry often generate 80% of their business by proactively visiting their prospects. It is rare for clients to wait in line to meet with an advisor; rather, it is the advisor's who reaches out and engages with potential clients. There is often a need for a push rather than a natural pull from clients. |
| 1st Level Interaction | Data Gathering an understanding the needs | |
|---|---|---|
| Starting the Conversation |
Patient provides data on the current symptoms, including patient's medical history and medications. | The conversation is started by the agents and often includes introduction to the Financial Brands they represents and often boasts about how big those brands are. |
| Gather Data | Doctor conducts a physical examination, checks vital signs, uses tools like stethoscope, thermometer and other instruments to accurately gather data. For small usual illnesses prescribes medication instantly. | Financial advisors may sometimes rely on assumptions based on data points such as a prospective client's job profile or the type of car they drive. And often the advisors prematurely pitch products at this stage itself, without conducting proper data gathering and analysis. |
| Need Analysis/ Diagnosis |
Prescribes blood tests and other diagnostic procedures, such as X-rays, MRI, CT scan, or other specialized tests. | Continuation of the sale pitch
focusing on the benefits of high returns from purchasing financial products. A thorough
understanding of the client's specific financial situation and goals is often missed out,
potentially leading to a
mismatch between the product offered and the client's actual needs. It is important for advisors to take the time to gather sufficient data and conduct proper analysis before making any recommendations to clients. |
| 2nd Level Interaction | Analysis and Solution | |
|---|---|---|
| Providing Solutions |
Doctors develop a comprehensive treatment plan
for their patients that may include medications, lifestyle modifications,
and other interventions tailored to the specific needs based on diagnostic reports and data
gathered. They often provide tips and advice; explain the potential risks of the ailment and talks about the benefits of returning to a healthy condition, and offer counseling and support to help their patients achieve optimal health outcomes. |
Follow-up to push the sales |
| 3rd Level Interaction | Follow-up and Fitness Monitoring | |
|---|---|---|
| Follow-up | Meets for Follow-up to monitor the progress | With proactive and Tight Follow up, sometimes the agent Wins the business deal. But very often get disappointed as the prospect starts avoiding calls/interaction. |
| Gather Referrals and Recommendation |
If the patient is impressed, they start spreading a good word about their doctor. Highly value the advise they got from their Doctor and has a feeling gratitude. | Feeling of gratitude is missing among clients; It’s the advisors who thank their client for giving them the business. Getting clients to refer their friends is very rare if the sales process is a pushy one. |
While the comparison chart between medical practitioners and financial advisors highlights the importance of learning from the systematic processes followed by medical practitioners, it also highlights the crucial role of data gathering in understanding a client's needs and providing tailored solutions to help them achieve their specific financial goals. By emphasizing the importance of data gathering, financial advisors can ensure that their recommendations are based on a thorough understanding of their client's financial situation and goals, which can ultimately lead to better outcomes for their clients.