Call the doctor: financial planning partnership targets medical sector

An enterprising partnership melding business and financial advice with a broader education program is proving a profitable client acquisition tool for ANZ-owned licensee Financial Services Partners (FSP).

For the last six months, FSP has been engaged by the Fintuition Institute, a subsidiary of financial planning practice Fintuition, which is in turn part of Fortnum.

“They teach doctors how to stop being [just] practitioners and to be better business owners. We’re the endorsed provider of financial advice,” says Matt Brown, general manager of FSP

While targeting wealthy professionals to generate business is nothing new for the financial planning industry, the systematic approach adopted by FSP and Fintuition is.

“We’ve set ourselves apart by having brought a partnership that the medical professionals trust,” Brown says.

Professional bodies

He highlights their work directly with specialist medical professional bodies as a particularly unique aspect of this. It currently has formal relationships with 14 specific medical practice groups, including a number that are part of the Royal Australasian College of Surgeons. Among these are groups such as the Australian College of Thoracic Surgeons and the Australian College of Orthopaedic Surgeons.

“We have expertise in our business, so that whatever niche or specialist market you want to target…we have the framework within which you can advise [them]…and the methodology to penetrate it,” says Brown.

While it might sound relatively simple, he emphasises that “it’s not easy to do, it takes a lot of time. For people to trust you…they’ve got to understand you and you have to do your homework.”

“You have to understand their financial needs and what makes that group tick. And unless you get that, you’re not going to be successful,” Brown adds.

Education and resource

Steven Macarounas, director of the Fintuition Institute, describes the organisation as a business and financial education and resource centre for medical professionals.

“Essentially, FSP are sponsoring our programme, they’re ‘paying’ a platform fee, for want of a better term, over a period of time.

“In return for that, we have worked with FSP to determine the most appropriate financial advisers within their network to present at our courses, to provide editorial and other resources via our website, magazine and other publications,” Macarounas says.

“They receive referrals or requests for contact from the attendees and subscribers, who are seeking connection with a medical specialist advisor,” Macarounas says.

“Their connection, from the perspective of FSP, is one of assisting with business engagement and ultimately lead referral into the healthcare professions,” he adds.

Core areas

Fintuition Institute’s program encompasses a range of other areas beyond financial planning, spanning three core areas of business management, financial management and lifestyle management.

“It’s morphed into something more than that. We have on our agenda courses that have nothing to do with financial planning, such as a one day course in business planning, or medical practice marketing, human resources and business succession planning,” Macarounas says.

“So yes, it is an extension on the traditional education as a lead in to client acquisition, but it’s more than that.”

It also opens up alternate streams of revenue for Fintuition Institute, as Macarounas explains.

“Yes, the initial idea was about market engagement, and about developing relationships and ultimately client acquisition, but what we’ve done has grown to the extent that it’s a business in its own right.

“Revenue streams come in other than through financial planning client acquisition. Our revenue model is that we receive sponsorship and advertising from those who want to engage with doctors, also the fees [medical specialists] pay to attend our sessions and presentations.”

Constantly expanding

Its number of partnerships is constantly expanding. “It’s a movable feast…that’s growing all the time, as we’re being engaged by a growing list of medical specialties and the bodies that represent them.”

While Macarounas says they are working only within the medical arena, Brown suggests a similar approach could be employed in creating inroads into other professions.

“You’ve got to pick markets that make sense for advisers economically,” Brown says, also indicating they need to have some sort of association or governing body, “so you can understand their needs deeply and build solutions for them.”

Asked whether they’re planning to use a similar approach to engage with other professions, he declines to elaborate. “Until they come off, I don’t really want to say…but you can target any group that has a unique offering and specific challenges or needs.”