The Secret to Success in the Medical Market

Marketing to doctors is like navigating a sailboat to your desired business destination of accelerated growth. 

Think of doctors’ innate perspectives and behaviors as the wind. And it blows in a different direction than you’re used to because “Suits”—business minded prospects— behave differently than “white coats” —doctor prospects.

Sometimes marketing to doctors feels like sailing into the wind.  You’d think it would be impossible for you to move forward, but set your sails right and you can sail even faster than the wind. And I’m here to show you how. 

However, today we’re going to talk about the best thing about building business relationship with doctors. This is doctors’ natural propensity to share helpful resources with each other. 

In today’s podcast episode, you will take away four tips to harness the full power of this force to put the wind behind your back. Mastery of these best practices will help you join the high-performing financial advisors in the medical market—and see your practice transformed.

Click here to read The 9 Money Mistakes Doctors Make. 

Click here to learn more about The Cracking the Physician Code Bootcamp

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

The Secret to Success in the Medical Market

Welcome back to the Engaging Doctors podcast! If you are a financial advisor looking to grow your business 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 doctors who want and need their help. In this episode, we’re diving into the secret to success for financial advisors in the medical market.

Why Do Some Advisors Struggle While Others Succeed?

Over the years, I’ve worked with hundreds of financial advisors who want to serve doctors. Some struggle to get their foot in the door, while others build thriving practices that attract physician clients almost effortlessly. So, what makes the difference?

The advisors who succeed don’t just offer great financial services—they understand how doctors think, what they value, and how they make decisions. Simply put, they become trusted insiders in the medical community.

Understanding the Physician Mindset

Doctors are not like typical business clients. They have unique financial challenges, career trajectories, and decision-making processes. Many financial advisors struggle because they approach doctors the same way they would approach business owners or corporate executives. But here’s the truth: Doctors require a different approach.

To succeed, you must understand:

1. How doctors think about money – Unlike business owners, doctors don’t measure success by revenue. They focus on service, patient outcomes, and making a difference.
2. How doctors network – Physicians rely on trusted colleagues for recommendations. A referral from another doctor is far more valuable than a cold email or LinkedIn message.
3. How doctors make financial decisions – Doctors are skeptical of sales tactics. They value expertise, education, and relationships over flashy marketing.

The Biggest Mistake Advisors Make

The number one mistake financial advisors make when entering the medical market is failing to establish trust. Many advisors unknowingly position themselves as outsiders, which makes it difficult to build credibility with doctors.

Here’s a critical distinction: Doctors see the world as divided into two groups—trusted insiders (people who understand medicine) and potential predators (people trying to sell them something). If you want to succeed, you must be seen as a trusted insider.

The Secret to Success: Becoming a Trusted Insider

So, how do you establish yourself as a trusted insider? Here are three proven strategies:

1. Speak the Doctor’s Language

Doctors have their own way of communicating. If you want to earn their trust, you need to understand and use their language.

For example, instead of leading with financial jargon, focus on the financial pain points doctors experience:

• Medical school debt
• Complex tax situations
• Managing unpredictable cash flow
• Planning for retirement while running a practice

When you speak directly to their challenges, doctors will feel like you truly understand them.

2. Leverage the Power of Doctor Referrals

One of the fastest ways to build credibility in the medical market is through doctor-to-doctor referrals. When a physician client trusts you and recommends you to colleagues, it’s like getting a VIP pass to an exclusive club.

To increase referrals:

• Provide outstanding service to your existing doctor clients.
• Ask for introductions to other physicians.
• Attend medical conferences or networking events where doctors gather.

3. Educate, Don’t Sell

Doctors respect expertise. Instead of selling your services, focus on educating physicians about financial strategies that can help them.

Ways to educate doctors:

• Host educational events – Webinars, lunch-and-learns, or speaking engagements at medical associations.
• Provide valuable resources – Books, articles, or whitepapers specifically written for doctors.
• Be active on LinkedIn – Share insightful content about financial planning for physicians.

Final Thoughts & Next Steps

If you want to build a thriving practice serving doctors, the key is to position yourself as a trusted insider. Understand how doctors think, communicate in their language, and focus on building relationships rather than selling services.

Here’s what to do next:

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

Thank you for your time and attention. Stay tuned, and I’ll show you how to succeed in the medical market!