Thursday, April 04, 2013

Deluded Doctors? Lazy Lawyers?

"I've never known a doctor who bought a stock." Back in the twentieth century a fellow physician made that declaration in a Medical Economics article. His point: Doctors didn't buy stocks; they merely allowed stocks to be sold to them.

These days, reports Paul Sullivan in his Wealth Matters column, doctors are more likely to think they can pick hot investments. Lawyers, by contrast, may be too busy even to read their brokerage statements. Not prudent, as we reported here.

Doctors' belief that smarts are more important than knowledge may carry over to estate planning. Julie M posted this comment on Sullivan's column:
As an estate planning attorney of 20+ years, I have to say doctors (specialists, not GPs) are my worst clients -- they know more than I do about tax law & asset protection because they went to a seminar in Las Vegas .... And, they are impossible to schedule because it all revolves around them and their demands. I've seen too many doctors taken in by scam artists because (1) doctors think they are smarter than everyone else and (2) they are unwilling to admit when they've made a poor decision and tend to throw good money after bad.
PS -- most lawyers are no better.

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