I am considering taking the road of entering the financial advising field. This begs the question: Why should I become a financial advisor? Why would a practicing anesthesiologist making good money decide to do this?
That’s what today’s post is about. Since I already feel the daggers heading my way, do me a solid and read the whole post before you judge me.
Today, we will discuss the main reasons I am thinking about becoming an investment advisor representative (IAR). Then, we will discuss what I plan to do with it.
Sometimes I get the look. You know what I am talking about.
The “how the hell are you qualified to talk to my residents about money?” look. This is often accompanied by the “You’ve lost your mind” look.
Other times, I’ve been asked outright why they should open the door for me. When I explain my story, most people open up to the idea. Those that do have been pleasantly surprised so far.
Others simply shut the door in my face because they feel I am not qualified despite the inordinate amount of time I spend talking and reading about this stuff.
They would rather have a conflicted financial advisor come in and peddle whole life insurance products and annuities. In fact, my medical school had GL advisors come and talk to us. Google that for me (“GL advisors”) and maybe you’ll understand some of the inherent source of my distrust of the financial industry.
With the (fortunate?) predisposition of looking like a prepubescent adolescent, it has become difficult sometimes to get the stage needed to spread the good word on financial literacy.
This is the biggest reason to clear the hurdle of becoming “legit.” Should I become a financial advisor? Maybe. It could certainly help earn me the chops of getting the requirements necessary to help open some doors.
Note: I would still need to perform several other requirements if I proceeded with all of this.
Increasing the Depth of My Knowledge
In my view, I have a two pronged approach to teaching financial literacy to the medical students, residents, and early career attending physicians of this world.
The first is my in-person teaching with my own students and residents at the hospital where I work. The door that I want to open above relates mostly to my in-person opportunities.
I’ve been granted the chance to speak to our entire first year medical school class already. It went so well that they invited me back to give the same talk to the second year students.
Either way, not only do I want the door open, but when it is opened I want to bust through it and provide an overwhelming amount of help to the students and residents I interact with daily.
The Physician Philosopher
Given the depth and breadth of topics discussed on this website, studying for any of the required exams will be helpful regardless of the outcome. The increased depth of knowledge will provide help to all of my readers.
It also doesn’t hurt that it’ll provide a ton of new topics for posts.
Even if I fall flat on my face and fail in my quest, it’ll still provide entertainment and information to everyone involved. After all, who doesn’t like seeing someone catch a pie in the face?
The Financial Industry
Anyone who has read this site knows, my plan has always been to do one thing: Stick up for people when others can’t or won’t. And help people figure out how to do this stuff on their own. What if they aren’t willing to do-it-yourself finance?
There are a lot of designations out there for financial advisors including Certified Financial Planner (CFP), Chartered Financial Analyst (CFA), Investment Advisor Representative (IAR), etc.
Clearly, all of these designations are not made equal. However, they all can advise you on your investment choices and, therefore – by definition- are financial advisors of sorts.
Most of you will find the journey interesting. Some of of you will be rooting for me while others hope I fall hopelessly on my face. Regardless of the side you pick, it should be fun to watch.
Should I become a Financial Advisor? And what if I do?
This is the big question, isn’t it? Should I become a financial advisor? And, if I do, what is my plan?
Honestly, my plan is to continue to do more of the same.
I plan to educate my students, residents, and young colleagues. This website will continue, though the depth of the topics might be ever increasing. Don’t worry, we’ll continue to focus on teaching you the 20% you need to know to get 80% of the results.
When those that I am helping aren’t finding what they need through my site or others, I may point them in the right direction, which will remain – in my humble opinion – flat-fee hourly rate advisors who have experience with physicians.
Tell me what you think. I know you’ve got lots of opinions. Lay it all out there. Sippin’ on the hater-ade? Bring it. Wanna show some love? Even better. Leave a comment.
**This post has been edited from its original version due to some concerns that were pointed out to me from a previous version.