5 Mistakes Financial Advisors Can Avoid

Are you a financial advisors interested in working with more doctor clients? In this episode, you will learn the 5 most common mistakes to avoid.

If you're serious about working with more doctor clients, click here to learn more about the Cracking the Physician Code course, delivered LIVE beginning May 20th, 2025. 

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Transcript

5 Mistakes Financial Advisors Can Avoid

Are you a financial advisor who would like to work with more doctor clients? Today, I'd like to share with you the five mistakes that financial advisors commonly make—and how you can avoid them.

Welcome to the Engaging Doctors Podcast. If you're a financial advisor who wants to work with more doctor clients, you're in the right place. I'm Dr. Vicki Rackner, your host. I draw on my experience as a surgeon to help financial advisors crack the physician code and reach the doctors who want and need their help.

I can offer financial advisors compelling business arguments for working with doctor clients. Today, I’d like to talk about the five mistakes that you can avoid.

Mistake #1: Delivering an Unappealing Message

Getting doctors to pay attention to retirement planning is like getting your kids to eat their broccoli—it's good for them, but many just don’t want to.

About half of doctors report being behind in retirement planning. That number stays the same year after year. Awareness alone doesn’t inspire action.

So what do smart parents do? They sneak the vegetables into something kids like. Similarly, you should focus on what doctors really want.

To illustrate this, let me share a story from Shark Tank. A doctor pitched synthetic cadavers—a billion-dollar industry with millions in sales. The sharks were engaged. Then he said, “I could make a lot of money, but that’s not important. Making a difference is.”

Four sharks were out immediately. Why? He didn’t know how to speak their language. The sharks wanted to hear, “I’ll grow your investment.” Doctors are like sharks—they need the right message to engage.

Think of walking into a surgeon’s lounge with five doctors. How will you get their attention? Speak about impact. The single most important thing: doctors are wired differently than business-minded prospects. You need an adapter—like using an adapter plug in Europe. You must adapt your message.

Especially now, with tariffs, taxes, and market tumbles, you can't use the same pitch for physicians as you do for business owners.

Mistake #2: Failure to Fit In

Doctors behave like tropical fish—they swim together for protection. Why? Because they’re high-value targets for financial predators. Most doctors, including myself, have been victims.

So they trust insiders and are wary of outsiders. The speed at which your practice grows is the speed at which you build trust.

How do they know they can trust you? When one of their peers says so.

Cultural competence is key. Understand how doctors operate. Conduct yourself like an insider.

Here’s one quick example: in business, we default to first names. In medicine, we default to the doctor title—even among close colleagues.

Acting like an insider accelerates relationship-building. You only need one doctor to say, “He’s one of us.”

Mistake #3: Failure to Focus

Don’t be all things to all doctors. Focus on specific groups—those who network together, share financial pain, and talk to each other.

Why? First, focusing improves your understanding of specific financial needs. Early-career vs. late-career doctors have very different needs. So do employed vs. practice-owning physicians.

Second, it helps you create more relevant content. Third—and most critical—your goal is not just one or five new doctor clients. Your goal is to become the go-to advisor in a tight-knit doctor group.

That’s how you achieve escape velocity.

One of my clients became the go-to advisor for three different doctor communities. At one point, he had so many referrals coming in he had to pause new outreach.

Focus supports strategic, scalable growth.

Mistake #4: Move Too Fast or Give Up Too Soon

Wouldn’t it be great if a doctor came to your seminar and immediately wanted to work with you? Nice fantasy—but not realistic.

Top advisors I surveyed said it takes 6 to 10 contacts before a doctor becomes a client. Not because of the advisor’s skill—but because of how doctors behave.

Think of it like dating. On the first date, you don’t talk about kids. Similarly, you don’t ask for a full financial breakdown right away. That comes later.

You need a system for delivering consistent value.

Many advisors use my book The 9 Money Mistakes That Doctors Make as a “yummy treat.” They give it as a gift, and then follow up with pearls of wisdom—one for each mistake. That’s 9 touches already.

Expect to need multiple contacts. Set up systems to match doctors’ natural behavior.

Mistake #5: Failure to Leverage Doctor Evangelism

The most influential person in a doctor’s life is—another doctor.

Let me tell you how I found my financial advisor. I got a big check, asked my buddy Bob what to do, and he said, “See my guy. He’s great.”

That was it. Based on Bob’s trust, I had already chosen my advisor. That’s the power of doctor-to-doctor influence.

How do you create this? Use a doctor advisory board. Put it on your website. Talk to doctors before launching campaigns. Ask for their input.

Doctors support what they help create. If they co-create your webinar topic, they’ll promote it.

Want to pitch a medical association? Ask a doctor client to join the conversation—or mention their name in the outreach. Doctors open doors that financial advisors cannot.

Using my doctor-written content also helps. It puts you under my credibility umbrella.

Encourage your doctor clients to refer others. Give them a role: “If you hear a colleague asking about retirement, send them my way. I’ll share some resources.”

Summary of Mistakes to Avoid

1. Unappealing Message – Speak their language.
   
   
   
2. Failure to Fit In – Become culturally competent.
   
   
   
3. Failure to Focus – Specialize in tight doctor communities.
   
   
   
4. Move Too Fast – Be patient and build trust.
   
   
   
5. Neglecting Evangelism – Use peer influence to your advantage.
   
   
   

Doctors are actively looking for financial leadership. Only half work with advisors. You could be exactly who they’re looking for.

So how will they find you?

That’s where I can help. I specialize in helping financial advisors accelerate growth by working with more doctor clients.

In 2025, I’m on a mission to help 10,000 doctors move from struggling to thriving. You can be part of that.

My signature course, Cracking the Physician Code, starts live the week of May 20. Some call it “Medical Marketing School.”

If you're serious about serving doctors, enroll. The link is below the podcast. It would be my honor to support you.

Thanks for listening. Please share this with other financial advisors. I’m Dr. Vicki, signing off. Keep showing up, standing out, and serving well. You are appreciated.