Why Financial Advisors Struggle to Attract Doctor Clients..and How to Fix It!

If you're a financial advisor struggling to connect with doctor clients, you're not alone. Many advisors try traditional marketing strategies that work with business owners—only to find they fall flat with physicians. Why? Because doctors are wired differently.

In this episode of The Engaging Doctors Podcast, Dr. Vicki Rackner, a retired surgeon turned consultant, reveals the #1 mistake financial advisors make when entering the medical market—and how to fix it. She shares her personal journey, lessons from the business world, and a proven strategy to help you bridge the gap between the world of finance and medicine.

🔹 Why traditional sales tactics don’t work with doctors
🔹 The key to building trust and positioning yourself as a "trusted insider"
🔹 How to avoid common missteps that turn doctors away
🔹 A simple mindset shift to attract more physician clients

If you're ready to break through the barriers and grow your financial practice by working with doctors, this episode is for you!

0:00 Challenges Financial Advisors Face in the Medical Market
2:47 Dr. Vicki Rackner's Personal Journey
5:40 Understanding Doctors' Financial Challenges
7:46 The Importance of Understanding Doctors' Needs
10:27 Common Mistakes Financial Advisors Make
19:18 Summary and Next Steps

📚 Books by Dr. Vicki Rackner:
👉 The 9 Money Mistakes Doctors Make
👉 The Myth of the Rich Doctor

For more tips and strategies to grow your practice by working with more doctor clients:

• Visit Engaging Doctors and sign up to get weekly tips.
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Transcript

Why Financial Advisors Struggle to Attract Doctor Clients... and How to Fix It!

If you are a financial advisor listening to this podcast, you are most likely interested in working with more doctor clients. If you've tried reaching out to doctor prospects but haven't gotten the results you wanted, you are not alone.

Today, we're going to talk about the number one reason financial advisors get stuck as they enter the medical market—and I'll show you how to get unstuck.

Welcome to the Engaging Doctors podcast! If you are a financial advisor who wants to accelerate your business growth by attracting, engaging, and serving more doctor clients, you are in the right place. I'm Dr. Vicki Rackner, your host. I'm a retired surgeon who has spent the past 15 years helping financial advisors crack the physician code and reach the doctors who want and need their help.

In our last episode, we laid out the compelling business arguments for working with doctor clients. It’s a huge market filled with high-earning professionals who need your help. So why do I receive daily calls from frustrated financial advisors saying they just can’t figure out how to connect with doctors?

I hear things like:

• "I have a great seminar for business owners, so I tweaked it and substituted the word ‘doctor’ for ‘business owner,’ but the results were terrible."
• "I use a LinkedIn lead generation funnel that works with business owners, but I had no luck with doctors."
• "I invested big money in an elite coaching program, but the strategies just don’t work when I reach out to doctors."

Some advisors even tell me they’re ready to give up because they think doctors are simply unreachable.

If that sounds like you, I understand your frustration. I struggled too, trying to connect with my own prospects—people I knew I could help. Let me share my story.

The Aha Moment: Understanding the Difference Between Business and Medicine

In my early 20s, I was in a graduate program when I fainted and was rushed to surgery. By the time the surgeons operated, half of my blood volume had pooled in my pelvis. I was incredibly grateful to wake up, and in that moment, I knew I wanted to become a doctor and save lives like mine had been saved.

I became a surgeon and eventually went into private practice in Seattle. However, in 2000, I stepped away from surgery to become a family caregiver. To support myself financially, I worked as an expert witness in medical malpractice cases. When my caregiving role ended, I faced a decision—return to surgery or explore something new.

I realized I had a unique perspective:

• I had been a patient with a life-threatening condition.
• I was a surgeon who had saved lives.
• I was a family caregiver who saw where medical care went off track.

I decided to become a consultant, helping doctors and patients collaborate more effectively for better care at lower costs. But despite my enthusiasm, I struggled. I spent as much on sales and marketing training as I had on medical school tuition, yet I still couldn’t get traction.

Then, one day while speaking in Europe, I had an aha moment. I needed to plug in my laptop, but European outlets are different from those in the U.S. I couldn’t connect directly—I needed an adapter. That’s when it hit me: Doctors and business professionals are wired differently. If I wanted to connect with business-minded people, I needed an adapter.

I saw the world as divided into two groups:

• Suits: People native to the land of business
• White Coats: People native to the land of medicine

When I finally figured out how to bridge these two worlds, everything changed. I became a keynote speaker, appeared in national media, and found success. The difference? I learned to communicate in a way that resonated with my audience.

The Biggest Mistake Financial Advisors Make

The biggest mistake advisors make when trying to enter the medical market is assuming that doctors will respond to the same marketing messages that work for business owners. This is simply not the case. Marketing to doctors follows neither the B2B nor B2C model—it’s its own category, which I call B2D (Business to Doctors).

People work with those they know, like, and trust. To build trust with doctors, you must first understand them.

Five Common Mistakes Advisors Make When Marketing to Doctors

1. Failure to Fit In

Doctors behave like tropical fish—they move together in groups for protection. Unfortunately, many have encountered financial predators, making them wary of outsiders. The speed at which your practice grows is directly related to the trust you build. Your goal is to be seen as a trusted insider.

2. Delivering an Unappealing Message

Advisors often focus on what they think doctors should be asking. Instead, you should drop in on the conversations doctors are already having. A great way to start a conversation is by offering a valuable resource—what I call a yummy treat. One of the best gifts is my book, The Nine Money Mistakes Doctors Make, which is available for advisors to license and share.

3. Moving Too Fast

The biggest difference between business-minded people and doctors is how they measure success. Business professionals focus on revenue. Doctors focus on service—how many patients they help and the outcomes they achieve. This means financial discussions require more trust. Be patient.

4. Giving Up Too Soon

Many advisors meet a doctor, impress them, and expect an immediate yes. But when I asked top advisors how many contacts it took to convert their top doctor clients, the average was 7 to 10 touches. If a doctor doesn’t respond right away, it doesn’t mean they aren’t interested. They might just be dealing with a patient outcome, a lawsuit, or a family emergency. Successful advisors nurture relationships over time.

5. Failing to Harness the Power of Leverage

The most influential person in a doctor’s life is another doctor. Advisors who leverage doctor endorsements, advisory boards, or doctor-led events see tremendous success. When a trusted doctor introduces you, it’s like opening a VIP rope to an exclusive network.

Final Thoughts and Next Steps

If you’ve struggled to attract and engage doctor prospects, you’re not alone. But if you master the adapter—the ability to communicate and connect with doctors in their own language—you can succeed.

Here’s what to do next:

• Subscribe to this podcast for more insider strategies.
• Join the mailing list at Engaging Doctors for updates on acquiring doctor clients.
• Tune in to the next episode, where I’ll lay out the four pillars of success in the medical market.
• Check out my Cracking the Physician Code Bootcamp, my signature training that has helped advisors for 15 years. (Link in the show notes!)

Thank you for your time and attention. This is the right place and the right time to mine the treasures in the medical market. Stay tuned, and I’ll show you how!