What if you knew that your doctor was more highly trained to sell you a specific drug that paid him much more money than any other suggestions he could make for you, even if it wasn’t in your best interest? On top of that, what if you knew that this doctor had sales targets where his income would increase drastically for selling enough of this medicine each month? He could provide you with advice and receive his standard fee, or he could suggest that you take this drug and he would receive $70,000. In addition, if he sold enough of this in a certain time period, the drug company would send him and his family to an all-expense paid, posh trip to the Bahamas. Does he maintain his ongoing education as a doctor? Sure, he does—enough to maintain his license. But more of his training these days is put toward attracting ‘customers’ into his office to convince them to buy this drug. I mean, why wouldn’t he? The opportunity is to make millions more per year, so he’d prefer to hone his skills with talking you into buying more of this drug, and getting to know your friends and family so he can sell it to them too.
Here’s a question for you: would you work with this doctor?
You might say “of course not!” And I certainly wouldn’t either. But what if I told you that this is exactly what is going on in the investment industry? > SEE MORE
Pete Dixon, CFP®
Partner and Advisor