Medical societies roll out financial planning services

Physicians say they want someone they can trust to offer advice on savings and investment strategies.

By Katherine Vogt, AMNews staff. July 21, 2003.

Physicians looking for a reliable source for financial advice are turning to medical societies.

A growing number of medical associations have formed alliances with investment firms -- and at least one has created its own financial services company -- to help their members find good financial advice on everything from retirement planning to getting a mortgage. With many able to offer the services at a discounted rate, medical societies say they are providing members with a tangible benefit that might be easier to see than the advocacy work they do.

"It's a natural fit. Medical societies are there to serve the member physicians, and this is an area where member physicians need a tremendous amount of help," said Martin Watkins, a Salt Lake City certified financial planner.

Watkins approached the Utah Medical Assn. nearly 10 years ago with the idea of developing financial planning services for its members. Aware of the need for trustworthy financial help after a series of scams were perpetrated on Utah physicians, association leaders said they agreed to take action.

"The impetus was the realization that physicians often did not have a lot of high-level business sense and that we as an association were concerned that our physician members were not receiving unbiased, competent financial advice," said Richard J. Sperry, MD, former president of the Utah Medical Assn.

So the association hired Watkins and began offering members free financial planning help. The program was soon expanded, and UMA Financial Services Inc. was born.