WHAT'S IN A NAME?

Physician's Money Digest, June30 2003, Volume 10, Issue 12

Is the person who helps you handleyour retirement planning a broker,a financial advisor, or a financialplanner? An explosion in the financialindustry has created a glut ofnames for people who provideclients with financial advice, to thepoint where it has become counterproductive.A recent survey of investorswith more than $500,000 inassets showed that 43% said theydidn't use a financial advisor, eventhough they had an account at a full servicebrokerage firm. To improvetheir image, brokers need to addressa client's overall financial picture,industry experts say, rather than narrowlyperceiving the client in termsof the size of their portfolio or as asource of commissions. Physician clientsshould demand as much.