Money Meets Medicine Podcast

MMM #6: Ways the Financial Industry Dupes Doctors

You should know early and often that the financial industry is not your friend.  The financial industry is notorious for duping doctors.  In fact, Bill Bernstein, MD (a retired neurologist turned financial advisor puts it this way):

Act as if every broker, insurance salesman, mutual fund salesperson, and financial advisor you encounter is a hardened criminal, and stick to low-cost index funds, and you’ll do just fine.  ~William Bernstein, MD. If You Can

The truth is that the whole financial industry is designed around selling products.  This episode is all about knowing how financial advisors, insurance companies, and agents often dupe doctors… that way, you can avoid the common pitfalls that many doctors experience.

Physician Contract Reviews


What You’ll Learn from Ways That The Financial Industry Dupes Doctors?

Set for Life Insurance

Okay.  So, you’ve come to realize that the financial industry is not your friend.  Maybe you already knew that?  Here is what you can anticipate learning in today’s episode outside of that common knowledge:

  • How much insurance agents make selling disability insurance policies.
  • Why your financial advisor MUST be a student loan expert, if you are a physician.
  • How Northwestern Mutual dealt with the newly required fiduciary standard.  Hint: their disclosure is worth the read.
  • The difference between an insurance agent masquerading as a financial advisor, and real advice.
  • How much money the financial services industry spent on educating consumers versus marketing their products.
  • The difference between fee-based and fee-only advisors, and why it makes all the difference.

Resources from the Financial Duping Episode:

Check out the resources mentioned in this episode:

This Episode’s Sponsor

This episode’s sponsor is Jamie Fleischner from Set for Life Insruance, which is one of the nation’s top independent brokerages specializing in life and disability insurance for physicians and professionals. Since 1993 they have worked with thousands of clients finding the most suitable products at the greatest discounted price.

Jamie has been a long time sponsor at The Physician Philosopher, and I’ve never heard a single bad review from my readers.  So, if you need a term-life insurance or disability policy, you can reach out to Jamie by calling Set for Life at 888-553-3559 or emailing her team at [email protected]

Listener Question of the Week:

Today’s question comes from Dr. Douglas who asks,

“What would be your approach to wanting to work with a FA formally but not wanting to pay 1% AUM. When does the 1% really start adding up (a dollar figure)”

Each episode, we are going to start including listener questions as they are provided to us.  So, if you have a specific question you’d like answered on the podcast reach out to us!  Email [email protected] or [email protected]

Subscribe in Your Podcast Player:

If you love the show – and want to provide a 5-star review – please go to your podcast player of choice and help other listeners find the Money Meets Medicine Podcast, too!  If you think that our podcast is terrible, send me an email and I will throw your email into the trash consider your constructive criticism to improve the show.

Seriously, though, go leave a review.  It helps others find the Money Meets Medicine podcast, too.


1 Comment

  1. Rikki racela

    Awesome podcast guys! As a NWM victim myself, I am always fascinated how Northwestern Mutual screws people, and docs in particular.


Submit a Comment

Your email address will not be published. Required fields are marked *

You might also be interested in…

MMM 66: What To Do When The Debt is Gone

MMM 66: What To Do When The Debt is Gone

Debt is a major theme in many of our lives for such a long time, that we often don’t know what to do when it is finally gone. Whether you are on the way to paying off debt, or debt free… this episode is for you.

Are you ready to live a life you love?