Affluent clients who have built up sizable retirement savings and established equity in their homes or businesses should consider ways to protect hard-earned assets from lawsuit, civil claims, or bankruptcy proceedings. Doctors face unique risks due to the nature of their profession. In fact, an astounding 91% of OB-GYNs reported having had at least one liability claim filed against them during their professional careers (source: American College of Obstetricians and Gynecologists’ (ACOG) 2009 Survey on Professional Liability).

These high-quality prospects are already being targeted by the financial community with a multitude of investment recommendations. What about connecting with them on a topic like asset protection that really resonates with them? Differentiate yourself as a “quarterback” who can assist them with a wide range of their overall wealth needs including strategies to help them protect their wealth.

  • Use Putnam’s investor education piece, “Asset protection: Basic principles and strategies for safeguarding your wealth”, which highlights a range of strategies from utilizing homestead exemptions, benefits of retirement plans, and establishing LLCs to own key business assets.
  • Partner with an attorney knowledgeable in local creditor protection statutes to conduct small, intimate discussions with prospects (target local medical practices, local medical organizations, hospitals — work through existing relationships preferably)
  • Present specific solutions to help them meet their savings and income objectives while also protecting existing wealth, such as retirement accounts, insurance products, and 529 College Savings programs

For more information, download our investor education piece, Asset Protection: basic principles and strategies for safeguarding your wealth.