Dr. Doug Burnette who will be speaking at the SEAK Non-Clinical Careers Conference for Physicians, October 22-23, 2016 in Chicago was recently interviewed about careers for physicians in wealth management.
Here are the results of the interview:
Doug Burnette, MD
Q. Dr. Burnette, what does a wealth management advisor do on a day-by-day basis?
- Prepare for client meetings
- Meet with clients
- Continuing education on all aspects of financial planning
- Marketing and meeting prospects
Q. What training, experience, licenses, and/or certifications are preferred or required to become a successful wealth management advisor?
- One year course in personal financial planning
- Certified Financial Planner®, Chartered Financial Consultant
- Additional licenses may be required by some employers such as Series 7, Series 66
Q. Can physicians break into this field on a part-time basis?
I believe that this is not only the most common way of transitioning into this field but is the best way. By doing this you gain experience while maintaining contact with your colleagues and gradually adjusting to the changes in lifestyle and income. I went part time in Radiology in 2009 and continued to work one or two weeks a month for about 5 ½ years until I retired completely and began working full time as a wealth manager. Some physician advisors maintain one foot in each world permanently.
Q. What one piece of advice would you give physicians who want to break into the wealth management advisor industry?
Work with a turn-key asset manager platform (TAMP) such as Loring Ward. A partner such as Loring Ward will provide the support, education, client-ready materials, and the academically-based, Nobel Prize winning investment philosophy that is important to being successful in this field. By working with a TAMP, you are free to concentrate on the relationship with your client and relieved of the stress of having to choose individual investments for your clients.