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Hospital "contracting" with NW Mutual "advisors"

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  • Avatar Merovinge 
    Participant
    Status: Physician
    Posts: 4
    Joined: 11/14/2018

    Just met with the “financial advisors” my hospital chain “contracts” with – aka gives my personal cell phone number to.  It was particularly confusing because my employer paid for a service from a different group to give a brief boot camp of finances which I missed due to patient care responsibilities and only attended this meeting thinking it was the same group.  They, of course, mentioned only being a subsidiary of NWM and on cue, mentioned buying complete (whole) life within 10 minutes.  Also not surprisingly they try to hook you into a 1% AUM and also discussed loaded funds.

     

    Now my question is this, I obviously have nothing to fear from these guys and wanted to see how they try to spin it after making clear I had some financial literacy.  What bothers me is that my hospital group employs a disproportionate number of newly minted attendings and I hate to think of all my colleagues falling under NWMs schemes.  I am sure the hospital must get a kick-back because I can’t otherwise imagine why they would farm out our info to these salesmen.  Is this something remotely worth approaching? Any advice what I might say? Just at a loss after thinking they really were trying to support physician financial literacy.

    #179468 Reply
    Liked by Zaphod
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 2255
    Joined: 01/03/2017

    You could offer to teach a class of your own.

     

    I’d step carefully because there’s probably a cozy relationship with some hospital administrators and these guys.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #179469 Reply
    Liked by MPMD, Vagabond MD
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1142
    Joined: 02/15/2016

    Depending on the dynamics of your group, I’d step lightly but email out to everyone in your group some more info about whole life. I’d be sure to include a link to a wci page. It’s really unethical of the hospital to do this, so I’d make sure physicians get an opposing viewpoint.

    #179471 Reply
    Liked by ajm184, Zaphod
    Avatar G 
    Participant
    Status: Physician, Small Business Owner
    Posts: 1546
    Joined: 01/08/2016

    How far up the leadership food chain are you? Agree with above that there is probably a sweet deal in the back room.
    To avoid any hard feelings, I’d probably go the route of med exec – let the department chair deal with it there. (He/she might need some education.)

    #179493 Reply
    fatlittlepig fatlittlepig 
    Participant
    Status: Physician
    Posts: 748
    Joined: 01/26/2017

    Just met with the “financial advisors” my hospital chain “contracts” with – aka gives my personal cell phone number to.  It was particularly confusing because my employer paid for a service from a different group to give a brief boot camp of finances which I missed due to patient care responsibilities and only attended this meeting thinking it was the same group.  They, of course, mentioned only being a subsidiary of NWM and on cue, mentioned buying complete (whole) life within 10 minutes.  Also not surprisingly they try to hook you into a 1% AUM and also discussed loaded funds.

     

    Now my question is this, I obviously have nothing to fear from these guys and wanted to see how they try to spin it after making clear I had some financial literacy.  What bothers me is that my hospital group employees a disproportionate number of newly minted attendings and I hate to think of all my colleagues falling under NWMs schemes.  I am sure the hospital must get a kick-back because I can’t otherwise imagine why they would farm out our info to these salesmen.  Is this something remotely worth approaching? Any advice what I might say? Just at a loss after thinking they really were trying to support physician financial literacy.

    Click to expand…

    fatlittlepig wouldn’t say anything, unless someone asked me my opinion.

    #179495 Reply
    Hank Hank 
    Moderator
    Status: Attorney
    Posts: 1228
    Joined: 03/27/2017

    Curious how many stupid things are done in the name of Hungry, Hungry HIPAAs, yet hospital employees freely give out business and personal cell phone numbers and email addresses of residents and attending physicians to whole life insurance sales-weasels.

    As for this purported “contract” between the hospital and the life insurance sales drones: “may I see a copy of the contract?”

    We have limited visiting hours to see the admitted patients of the hospital.  Why are there so-called financial advisors and other people of questionable repute in the doctors’ lounge and elsewhere at odd hours of the day?  Just who decided it was within the scope of their job responsibilities to make doctors’ contact information available to unaffiliated insurance hucksters?  Is it the official position of the hospital administration and board to endorse and flog these permanent insurance products?  If so, does the hospital administration assume a fiduciary duty as employer that the insurance agents themselves won’t assume?  Inquiring minds want to know.

    #179496 Reply
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 7511
    Joined: 01/09/2016

    This is sad, but all so common. I am sure there are financial incentives in place for 1 or more in administration. Agree, tread carefully if you want to take on this project.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ 270-247-0555
    https://fox-cpas.com/for-doctors-only/

    #179509 Reply
    SerrateAndDominate SerrateAndDominate 
    Participant
    Status: Physician
    Posts: 401
    Joined: 02/01/2018

    Just send them the link to the Inappropriate Whole Life Policy of the Week.

    Earn everything.

    #179512 Reply
    Liked by Zaphod, LizOB, bean1970
    Avatar Merovinge 
    Participant
    Status: Physician
    Posts: 4
    Joined: 11/14/2018

    I’d love to let you lose on em Hank but it sounds like that discretion is going to be the better part of valor here.  I instinctively know by my age alone that I should just shut up and let my brethren get fleeced, hopefully someday I can use this as inspiration to combat this once I have a few more years of attendingdom under my belt.

    #179612 Reply
    q-school q-school 
    Participant
    Status: Physician
    Posts: 2361
    Joined: 05/07/2017

    Why would you think it is nefarious?

    only a tiny minority of physicians think like members of this board.  It is possible majority of physicians would benefit from some management and may come out net ahead.

     

    #179656 Reply
    MPMD MPMD 
    Participant
    Status: Physician
    Posts: 2155
    Joined: 05/01/2017

    agree with others who have said that you need to be careful, the CEO’s little prince might be be a regional sales manager for NWM or something. stranger things have happened, much stranger.

    also in my limited experience the NWM people do a pretty good job of setting the hook and establishing themselves as “my finance guy” so i wouldn’t be trying to quietly evangelize or form a #resistance either. they are trained salesman and part of landing the client is making them feel like they have done something really smart. it’s like seeing the new hospitalist you just met getting out of a new Mercedes and saying “gee Tom, can we talk about why your car is stupid?”

    #180105 Reply
    Liked by childay
    Avatar Forward 
    Participant
    Status: Physician
    Posts: 5
    Joined: 08/28/2018

    Completely infuriating. My system must have handed out my cell and pager to a NWM guy. He’d show up to the clinic. He’d call the clinic pretending to be a doctor and ask my staff to pull me out of clinic rooms. He’d call my cell every day. I finally told him I’d be call the police for harassment if he continued.

     

    Anyway, for this situation… if you’re feeling particularly charitable. Just buy 20 copies of WCI and leave them in the physician lounge or hand them out to the new docs and tell them that you found it very helpful, saved you hundreds of thousands of dollars, and it took all of 3 hours to read.

     

    EDIT: paperback is $12 on Amazon Prime. Your $240 could literally save millions for your colleagues.

    #180150 Reply

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