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Financial Planning Handbook For Physicians And Advisors
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8 of 10 people found the following review helpful
on February 6, 2006
Format: Paperback
In his book Financial Planning Handbook for Physicians and Advisors, Dr. David E. Marcinko, MBA, CMP, CFP provides us with a simple and yet very complete view on the basics of financial planning that every physician should know in order to maximize our chances for success in the financial aspect of our medical careers and personal lives. The book is well structured, organized and easy to read. Divided in ten chapters, it covers important aspects of personal financial planning such as insurance, home mortgages, retirement plans, auto buying, taxes and more.

In an era where doctors must have a solid understanding of the basics of financial management, this book is a must-have on every physician's private book collection. Although not a substitute for a formal business education, this book will help physicians navigate effectively through the hurdles of day-to-day financial decisions with the help of an accountant, financial and legal advisors.

This book would make an excellent reference for teaching medical students and residents the basics of monetary management. I highly recommend this book and commend Dr. Marcinko and the Institute of Medical Business Advisors, Inc. on a job well done.

Manuel J. Colón, MD
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11 of 16 people found the following review helpful
on July 2, 2004
Format: Paperback
The "Financial Planning Handbook for Physicians and Advisors" is essentially a "how-to book" on finance, financial planning and related topics for healthcare providers. Fortunately for patients, medicine requires a high degree of professional training, both in terms of science and technology. Unfortunately for providers, it affords little time for learning about financial or investment planning.
More to the point, this is an unusual textbook on financial planning for two reasons. First, it is a detailed guide for physician's seeking the complex road to success and profit in the confusing healthcare industrial complex. Rarely does one see such clarity of presentation, without the usual jargon that often discourages those trying to learn such a foreign and forbidding subject, as finance. Second, the subject matter is focused for medical providers who work in one of the fastest growing industries in the United States. The contributors hope that by integrating the disciplines of financial planning, they will help foster affordable and profitable healthcare for our nation, which is so entrepreneurial, yet aging.
In my thirty-five years on Wall Street, I have observed that physicians are particularly disadvantaged when it comes to anything regarding finance. Most medical professionals have enough on their mind practicing their specialty and keeping up with healthcare technology and practice trends, that planning for their financial future is often forgotten. Financial planning and good investment practices require a solid background of how corporations work in the "real world", and an awareness of how they function within the economy. These economic essentials are vital to understanding practice, as principles like budgeting, risk management, cash flow analysis, fiscal benchmarking and rudimentary accounting are presented in this book. Furthermore, the necessity of keeping up with state and federal insurance legislation, tax laws, retirement, and estate planning is obvious, and included.
"Financial Planning Handbook for Physicians and Advisors" focuses on financial planning and how the healthcare professional can increase personal knowledge and skills in this area. The coverage is both broad and yet detailed, ranging from basic macroeconomic factors that affect our national economy, such as the Gross Domestic Product (a single figure that summarize the business activity of the US), to the more mundane activities of maintaining cash flow, college funding, tax reduction strategies, home mortgages and even correcting credit card reporting errors. More sophisticated topics include: debt and equity investment vehicles, derivatives, mutual fund and hedge fund investing, portfolio management and risk analysis, and the new laws on tax, retirement, and estate planning. The book rightly concludes with practice succession planning for doctors and a chapter on the psychological meaning of money itself.
It seems to me that all those in healthcare are well-served by reading this book with it's format and step-by-step setup process for financial success, in terms of starting and ultimately surviving in a complicated business full of pitfalls and misinformation. Most useful will be the extremely detailed table of contents that allows the user to quickly pinpoint an area of interest, and get started answering a problem.
Simply put, my recommendation is to read the: "Financial Planning Handbook for Physicians and Advisors", and "reap".
Frank A. Cappiello
President, McCullough, Andrews & Cappiello, Inc.
10751 Falls Road Suite 250
Lutherville, MD 21093
Distinguished Visiting Professor of Finance
Loyola College, Maryland
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1 of 1 people found the following review helpful
on February 25, 2014
Format: Paperback
Excellent book. Very easy read and valuable information. I am an orthopedic surgeon and have been expanding my business knowledge base utilizing Dr. Marcinko's books. I recommend it highly.
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on February 12, 2014
Format: PaperbackVerified Purchase
Financial Planning Handbook for Physicians and Advisors is a great overview of investing and financial planning for anyone, not just physicians. Dr. David Marcinko has a gift at distilling the information needed for a physician to feel more confident about investing and also lays out the pitfalls and areas that physicians should pay special attention to. His experience as a Doctor and a financial planner/advisor give him the authority and insight to talk about this area. He is also the Editor-in-Chief of the comprehensive text The Business of Medical Practice. The referenced tax law in the book is outdated in this edition and newer PP-ACA information I understand will be reflected in an upcoming edition.

I recommend this book to any physician that desires an honest no-sales approach to understanding the financial planning and investing world.
David K. Luke, MIM CMP
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2 of 3 people found the following review helpful
on August 23, 2010
Format: Paperback
This text is the best financial planning book I have found specifically written for the practicing physician. Although many planning issues are universal, Dr. Marcinko points out the unique considerations facing the physician. The subject matter covered is comprehensive, from basic definitions and debt management to complicated tax matters, and from early career issues to late career and post-retirement matters. This book will serve as a resource for many years to come.

Brian J. Knabe, MD CMP
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on March 25, 2014
Format: Paperback
I found a lot of useful information in this book and it was a worthwhile purchase and good value. A lot of the information is out of date and could use updating but I didn't count off for that. The only reason this doesn't deserve 5-stars if because of lot of the information can be found through a simple google search. If you're a financial advisor looking to better serve your doctor clients, it's a fairly good resource.
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