Prestigious medical schools have successfully used Radden Education Institute’s financial literacy and guidance program for several years. We represent a value added resource for your graduating medical students to help them get a handle on financial security planning right now, before they leave your school, and most importantly – before they even get their first paycheck.
REI will arrange a 90 minute presentation for your students who are about to graduate. Most schools have us come in from sometime around “Match Day” to sometime before graduation. This is the time when the students seem to have a more heightened awareness of the financial situation they’ve gotten themselves into and are anxious to figure out what to do. Many students are leaving your school with more than $150,000 in medical school debt alone. They’re anticipating not be able to pay that debit off until they have been practicing for 10, 15 or even 20 years.
The presentations are generic, do not promote any specific company or product and include an offer for everyone in your class, who wants one, to receive a complimentary education tutorial pertaining to financial planning. The plan can either be from a local advisor or via electronic communication with an advisor in our offices in Phoenix, Arizona. There is no charge to the school or the graduate for this service and there is no obligation to utilize the service. We’re just trying to help.
Our program assists your graduating students by educating them about financial security planning that allocates their funds between long-term and short-term savings, debt reduction and living expenses. This planning is comprehensive and, of course, does not limit itself to just managing their student loans – the focus of your Financial Aid Office and of the AAMC.
A single education can may be worth a dozen ideas. Accordingly, we provide instructions to help graduating physicians begin the journey to financial independence and financial security starting from day one. We include regular, semi-annual follow-ups.
If you would like to know more about this program and bringing REI to your campus, please contact us. Usually a good first step is for us to get acquainted with you and your school, understand something of your demographics and demonstrate our generic programming by means of a virtual meeting.
Some of your graduating students, who request a comprehensive education tutorial pretaining to financial planning, will likely go on to become individual clients of a financial advisor to whom we introduced them. Historically, enough physicians have done this that it allows us to continue offering this program without fees.
Teaching Hospitals/Healthcare Systems
What seems to be most effective in the hospital setting is to convene the interns sometime during their orientation. We offer to assist them with a quick education tutorial on the subject of financial security planning that would get them through residency. The earlier they receive this training the better. A 60 to 90 minute presentation is all it will take to help put them on the right track.
We will arrange for anyone in your house staff, from PGY 1 on through Fellowship, to receive this training. We want to make sure that every graduating physician in the United States gets the chance to learn what they have to do to make them and their families financially secure. It just doesn’t make sense that many physicians find themselves in the unenviable position of still paying off their own student loans when their children are entering college or university. We are determined to break that cycle.
Another time that makes sense to convene an entire class is when they are near to finishing up their training and about to become attending physicians. Again, this is a time of heightened awareness, anxiety, confusion and excitement as they prepare to leave the nest and go do what they’ve been training for. The financial implications of this cannot be overstated. Physicians go through, and therefore worry about, the same things everyone else does: distress over debt, balancing a budget, marriage, child rearing, saving for college, divorce, disability, employment issues, etc. We can help.
There is no charge to the hospital and no charge to the physician. We’re able to do this because a number of these physicians who graduate from training and go off to practice will one day become clients of an advisor to whom we introduced them. This is how Radden Education Institute is funded and why neither the school, hospital, student nor resident physician is ever billed for this service.