Marketing advisory services to doctors requires a unique approach to capture and hold their attention. Physicians often prove challenging for advisors, as they may have significant income that’s counterbalanced by significant debt. They want to work with advisors who understand how to navigate building wealth while paying down student loans. There’s no standard playbook that covers financial advisor marketing to doctors but there are some strategies you can adopt to increase the likelihood of attracting these clients.
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Financial Advisor Marketing to Doctors: Tips for Success
Marketing to physicians requires a mindset shift. What may have worked to help you attract other types of professionals to your business may be less effective in attracting doctors. So, the first tip in marketing to healthcare professionals is to put yourself in their shoes.
Understand the Challenges
Physicians live busy, demanding lives and while they have excellent earning potential, many of them have enormous debt. That debt can be a roadblock to getting where they want to go financially.
- The average medical school debt was $234,597 in 2024; that figure excludes any loans a doctor may have taken out to fund their undergraduate studies.
- Nearly three-quarters of medical school graduates, 73%, have student debt.
- Medical school debt totaling $200,000 can become $350,000 as physicians pay back what they borrow with interest and fees factored in.
These numbers don’t include other debts physicians may have, including credit cards, car loans, and mortgages. And debt numbers alone don’t tell the whole story.
Physicians and surgeons earn a median annual salary of $239,200. Average salaries range from $205,860 to $449,320, with pediatricians earning the least and pediatric surgeons taking home the most money.
Now, what about retirement? Two out of three physicians say they want to retire in their mid-60s. As far as how much they’ll need to retire, doctors estimate that on average it will take $3.9 million to retire comfortably.
When you put all of it together—high debt, a wide range of incomes by specialty, and lofty retirement goals—it becomes easier to see how challenging the climb is for many doctors.
Adapt Your Marketing Language
Doctors spend a lot of their time caring for other people and while they may be concerned with building wealth, that likely isn’t their only priority. You may have the best chances of attracting physicians to your firm when your marketing messages reflect their competing objectives.
For example, consider these statements and ask yourself which one is more likely to resonate with a physician.
- You want to maximize wealth and we want to help. At XYZ Financial Services, we can guide you to a retirement planning strategy that reflects your unique needs.
- As a busy physician, cultivating wealth goes beyond what’s in your retirement account. Time is the most priceless and precious asset you have and we want to help you enjoy more of it with the people who matter most. We have the experience and expertise required to help you balance your financial and emotional health as you navigate the challenges of building a thriving practice while managing tax efficiency and repaying student debt.
The first statement is perfectly fine and you’re likely to see some variation of it on an advisor website, but it doesn’t address physicians specifically. The second statement, on the other hand, aims to make an immediate connection with doctors by speaking to the pain points they’re most likely to encounter.
Network in the Right Places
Networking can help you bridge the gap between yourself and medical professionals who may be looking for an advisor to work with. Attending conferences that attract a physician audience may afford opportunities to meet with doctors in person and lay the foundation for a working relationship.
Here are three general tips for making the most of your time at these networking events:
- Research the event to learn what it’s about and who is meant to attend. This is especially important if you want to attract physicians from a specific niche or background (i.e., surgeons, oncologists, etc.).
- Focus on building trust. A conference is an opportunity to make real connections in an informal setting. So be genuine, ask questions, and actively listen without rushing to deliver an elevator pitch.
- Follow up on connections you make with a simple phone call or email. Mention specific details; don’t be generic. Give doctors a reason to take time out of their hectic day to chat with you and in your message, tell them exactly how they can get in touch to keep the conversation going.
You may also consider researching guest speaking or panelist opportunities at doctors’ conferences with a financial bent. For example, WCICON is a physician wellness and financial literacy hybrid conference attended by doctors, advanced practice clinicians, dentists, attorneys, and financial professionals.
Develop an Engaging Seminar or Webinar
Seminar marketing can be a compelling but often underused tool that financial advisors can leverage to attract clients. The seminar format allows you to take a deeper dive into a specific issue or challenge that’s tailored to the doctors you hope to attract to your practice.
Possible seminar topics for financial advisors marketing to doctors include:
- Advanced tax planning strategies for high-income earners
- Financial considerations for starting a private practice
- Risk management and asset protection strategies for physicians
- Student loan forgiveness options for medical school debt
- Planning for retirement in your 50s vs. your 60s
- The ABCs of disability insurance for physicians
- Life insurance as an investment tool
Once you have an idea for a seminar, the next step is deciding how to host and market it.
Online seminars afford convenience to busy doctors since you can record the content and make it available for them to watch when their schedule allows. Live seminars, on the other hand, can allow for greater engagement if you’re encouraging attendees to ask questions or contribute to the discussion.
Marketing your seminar to physicians may require a multi-channel approach. For example, you might:
- Create a search engine-optimized (SEO) landing page on your website that doctors can use to sign up for the seminar
- Share details about the seminar and how to sign up on LinkedIn, using hashtags (for example, if you’re hosting a seminar on student loan repayment you might use #medicalschooldebt or #physicianfinance)
- Purchase digital ad space on social media channels that doctors are most likely to use
Don’t underestimate the power of your network and word of mouth to market your seminar either. If you have decently sized personal and professional circles, it makes sense to leverage them to spread the word about what you’re offering.
Bottom Line
Marketing advisory services to physicians can be rewarding if you’re attracting more affluent clients to your practice. The marketing strategies and tips shared here are intended to offer some inspiration for selling doctors on your services so you can scale at a comfortable pace.
Tips for Growing Your Advisory Business
- Marketing is necessary to fuel growth but your efforts must be compliant with SEC regulations. If you’re looking for a way to take the stress out of promotions without breaking any compliance rules, you might consider partnering with an advisor marketing network. SmartAsset AMP uses fully compliant strategies to help growth-focused RIAs connect with leads. Schedule a demo to learn how you can leverage it to expand your book of business.
- As you work on marketing your business to doctors, be prepared for objections. For example, you may be attempting to woo a physician to your practice who already has an advisor. When that objection arises you should be prepared with solid arguments to overcome it and illustrate the value you have to offer.
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