Do financial advisors specializing in dentistry have a special secret that a general financial advisor doesn’t know? Perhaps.

To better explain, hiring a dental financial advisor is similar to a patient walking in with a unique case and needs a referral. Say their 3rd molar is impacted. Not the best example of unique, but roll with me.   Sure you know how to do it, but you know the oral surgeon is well seasoned and extensively trained in this area of dentistry and will provide the highest quality of care for this case.  This may not have been the best of examples, but the point is dentists are a unique case and dental financial advisors are the well-seasoned specialists.

What makes dentists unique

Dentists are not the average client for a financial advisor, with a corporate job and stock investments. Dentists are often….

• Self-employed
• Have massive debt burdens
• Experience a lot of expenditures
• Higher earnings
• May start investing at a later age
• May acquire / sell practices
• May form partnerships

You come out of the gate with massive amounts of debt; exuberant student loans, likely business loans, a mortgage, and so on.   Additionally, the long length of your education followed by massive debt and starting your own practice often gives dentists a later start on saving compared to others. However, earnings are also generally higher. This is a factor in creating retirement investments that makes sense for you.  At some point, a dentist may start or acquire a practice, make large equipment purchases, consider bringing on an associate, and sell off the practice.

A dental financial specialist understands these scenarios and is not in uncharted waters. They understand your need to pay off debts, manage and assess the quality of expenditures, help determine the right time to make large purchases, properly prepare taxes to maximize what you retain, and can assess varied investments to help you achieve your goals.

Finding a quality financial advisor can calm financial fears and help you achieve goals by advising and creating a plan of action to get you where you want to go.   It’s very common for dentists to not have enough saved for retirement. Don’t let this be a hindrance to start, it is never too late to start or to be advised. Dentists have an advantage of higher earnings opening doors for more diverse investments with quicker turnaround times.  For instance, gaining ownership of your building and retaining ownership after retirement, bringing in an associate, investing in a startup practice, and so forth. A dental financial advisor with this type of experience can aid you in assessing the quality of investments.

Services a Financial Advisor in Dentistry May Provide

To give you an idea of what a Dental Financial Planner / CPA can do for you, these are the services we provide for our dental professionals

• Accounting
• Financial planning
• Tax services
• Practice valuations for buying and selling
• Assistance in planning for expansions
• Advising on timing to make large equipment purchases
• Retirement
• Bringing on a new doctor

And more...

How to find a Dental Financial Advisor

Determine your needs and seek out a professional that is easy to communicate with and provides the services you need.

We are a member of the Academy of Dental CPAs (ADCPA) and receive specialized training unique to dental practices. The ADCPA is a great resource to find dental financial specialists in your area. If you have further questions give us a call.