Being a registered nurse at one of Manila’s prominent hospitals is fulfilling work, but Mardeo H. Vellon wanted more purpose from a career. He yearned for more significant challenges, more time to spend with family and opportunities to explore new places. This desire pushed him on a path to other medical-related positions, which also did not provide contentment but helped him amass the contacts and insights that the three-year MDRT member from Pasig City, Philippines, used to home in on a target market for his current profession.

From nursing, he transitioned to working as a medical representative for a leading pharmaceutical company, which offered lucrative opportunities but not the personal growth he longed for. Then he landed his dream job, or so he thought, on a marketing team for a large food and beverage company. But promotion opportunities there to become a leader and a mentor were years away.

As the pandemic shutdown ensued, Vellon realized that he couldn’t afford to be in career limbo. He needed to be more focused and motivated to be the breadwinner for his family. A friend invited him to preview a career as a financial services advisor, and he immediately saw the parallels with his role as a medical sales representative. Just as he educated doctors about medications, he could guide clients to secure their financial future. The potential to earn more income and travel also were attractive.

Finding direction

Becoming an advisor cured his lack of direction because the profession gave him the purpose and contentment he had been seeking. He would be helping individuals secure their financial future while providing the means to support his loved ones. Plus, he was bringing his previous experience working with health care providers, which made him intimately aware of their concerns regarding protecting their children and legacy planning.

“Many physicians are singularly focused on their work in the surgery room and only have a little time to learn new things outside the medical field,” Vellon said. “They tend to see financial planning as something they can handle later and manage independently. They believe their earnings were enough to secure their family’s future. But the reality is, without insurance and estate planning, they leave their loved ones vulnerable.”

Vellon initially encountered resistance in his efforts to target physicians. Doctors have very tight schedules, and he was having difficulty just setting up meetings. But he pressed on by adapting to the demanding workloads of his prospects.

“Doctors have hectic schedules, often working long hours and juggling multiple personal and professional responsibilities,” Vellon said.

There is estimated to be only one doctor for every 2,500 patients in the Philippines, well below the ideal 1-1,000 ratio recommended by the World Health Organization. Besides treating patients, they must invest hours in continuing medical education and learn about the latest health care innovations and practices to keep their licenses.

Just as doctors are on call to respond to emergencies outside their clinic schedules, financial advisors must be ready to provide the best service beyond conventional working hours. Even when inquiries arise in the middle of the night, Vellon promptly replies, knowing that time is of the essence.

“Being available to serve my clients whenever required reinforces our partnership and demonstrates my commitment,” Vellon said. “I had a doctor orphan client who wanted to clarify details about his current plan. During our meeting, which had been difficult to arrange due to his busy schedule, I allayed his concerns, and he became more comfortable with sharing details about his assets, current plans and life goals. Ultimately, he asked for advice on managing his hard-earned money. This client taught me that building trust and rapport requires flexibility
and dedication.”

Moving forward

For advisors seeking to target doctors as prospects and clients, Vellon, who handles 300 clients — 85% of whom are doctors — offers this advice:

Educate, don’t sell. Invest time in helping doctors understand why estate planning and insurance are crucial. Know your clients, and explore how your solutions address their challenges and help them envision how their lives could improve by adequately planning for the future and resolving those concerns. When you provide them with knowledge so they can picture a better life, they’ll begin to appreciate how these financial tools can protect their families and assets.

Be flexible. Recognize doctors’ demanding schedules and adapt to their needs. Their time is limited, and their priorities often focus on patient care and their families. Flexibility with meeting times and communication channels demonstrates your commitment to their well-being and securing their future. It strengthens their trust in you.

Provide great personalized service. Offer exceptional service tailored to the individual needs of each doctor client. Take the time to understand their specific financial goals, concerns and preferences. Some might focus on their assets, but some may need a comprehensive health plan, as doctors must also care for themselves. It is vital to offer personalized advice and solutions that align with their unique situation, whether answering questions promptly, providing detailed explanations, offering guidance during ungodly hours, or being reliable and responsive.

Don’t be a stranger. Keep your communications current so you don’t come in from the cold. Contact them periodically, even if only to ask how they’re doing. Greet them on their birthdays or anniversaries, and provide updates on their policies. When your clients do reach out, reply right away. Don’t wait.