You’ve expanded beyond traditional dentistry to seize a larger business opportunity. Now you need a quarterback to execute your playbook; a first mate to help you run a tight ship; a conductor to lead your financial orchestra. Whatever your analogy, you need a go-to advisor to manage all your personal financial affairs.
We’ll be the advisor who sees the whole picture, talks to the other professionals in your life, and runs point on your financial strategy.
Beyond the fundamentals of proactive planning, we can deliver a service experience that matches your level of complexity.
Your unique planning needs might be related to business expansion, partnerships, estate planning, legal counsel, business financing, business management, tax planning, or real estate. Regardless, you just want someone who can help you coordinate all the jobs to be done.
So let’s look at your growth strategy — and let’s make a customized plan to simplify your life, delegate your financial obligations, and make the most of your wealth building opportunity.
Personal CFO Service Features
Fee-only, fiduciary advisor
Fee-only, fiduciary advisor
As a fee-only firm, we are never paid commission for selling financial products. This means your advisor is free to explore the entire marketplace and focus on exactly what you need. We'll build on what you have, using some of your existing solutions and then recommending improvements. You’ll have confidence knowing that our compensation only comes from you, our client.
Our compensation structure also allows us to provide advice you wouldn’t typically receive from other financial advisors. Whether you want to purchase a piece of real estate, restructure your estate plan, save for kids’ college, or analyze an associate agreement, your advisor is here to help you get organized, analyze options, and implement the right solutions.
Coordination with your other service professionals
Coordination with your other service professionalsSave time by authorizing Dentist Advisors to gather data directly from your CPA, attorney, office manager, payroll provider, and other contacts
Using a limited power of attorney, we will establish lines of communication with each of your professional contacts to request data and documents on a regular basis. In essence, we’ll be the quarterback of your service provider team and make sure your financial playbook includes the most up-to-date information from all the right sources. This allows us to complete much of our analysis behind the scenes without disrupting your busy schedule.
Dental-specific financial coaching
Dental-specific financial coaching
In our experience, most financial advisors try to take generic solutions intended for the broad population and make them work for dentists. We see this happen with retirement plan design, lending, insurance, investments, budgeting, and other critical financial planning decisions. Whether you're an associate, a practice owner, or a large enterprise, we've built a planning process that is customized to the challenges and goals you have for your career.
Our advisors have access to financial statistics for hundreds of dentists, and they often know what course of action has been most successful for someone in your situation. Instead of paying a generalist advisor to learn the nuances of your profession, you’ll benefit from the experience we’ve gained over the years as dental-specific advisors.
Understanding the growth and trajectory of your practice is critical for an investment advisor. Sometimes it makes sense to invest in equipment, expansion, or an associate. Other times it makes sense to save for retirement or pay down debt. Making investments in the right place at the right time requires visibility into all the moving parts of your personal and practice finances.
Because all of our advisors are dental-specific, we can leverage our collective experience to make more insightful recommendations. Our advisors meet often to discuss cases, changes, and new trends. As dentistry evolves, so do our advisors and their intellectual capital.
By Reese Harper, CFP® , CEO of Dentist Advisors
Debt management strategy
Debt management strategyReduce your debt-related anxiety by choosing the right loans and following a payoff schedule that aligns with your net worth goals
Debt is a major source of financial stress for a dentist. Between student loans, practice loans, and mortgages, the pile of debt can seem insurmountable. But debt doesn’t have to be a bad four letter word. We will show you how debt factors into your overall financial strategy and help you find the right balance between paying it down and saving for the future.
Upfront, and as part of our ongoing planning services, we will analyze your loans and provide recommendations to secure the best financing options, preserve enough cash, and build your net worth. Our network of lenders who specialize in dentistry often gives us access to creative and responsible solutions to grow your net worth as quickly as possible. As your net worth increases, and you build personal liquidity, you can also begin to borrow against your own liquid assets, often at very competitive rates which may allow your net worth to compound even faster.
Monthly Elements® financial evaluations
Monthly Elements® financial evaluationsUse our Elements® planning process to complete all your financial tasks and make proactive adjustments to your plan
Our Elements® planning methodology turns complex questions into simple calculations and gives your advisor a 360° view of your financial picture. The 12 key indicators of your financial health will be continually measured and benchmarked against a large sample of other dentists.
Insurance evaluations and policy selection
Insurance evaluations and policy selectionProtect your family with cost effective insurance policies and the right amount of coverage
Within your initial financial plan, you’ll see a thorough analysis of your existing insurance policies and our recommendations for improvement. We’ll take a look at your life insurance, personal and practice disability, business overhead disability, buy-sell, key person, personal liability, and business liability. Each of these policies will be reviewed on an annual schedule so we can make adjustments as your spending and net worth change.
An investment advisor who gets it
An investment advisor who gets itAchieve better results with a personalized, diversified, and long term approach to investing
It might surprise you that Vanguard estimates for some people, using the right kind of advisor can add 3% in net returns each year; much more than a typical financial advisor may charge to help you. Read Vanguard's full report here to see how a combination of behavioral coaching, asset location, proper rebalancing, trading, and withdrawals can substantially alter your performance over time. Unfortunately, it's not as easy as just buying cheap index funds and putting things on autopilot.
At Dentist Advisors, once your dashboard is built, and we have a complete and accurate view of your entire financial picture, we'll make adjustments to your current strategy, or put your strategy in motion for the first time. We'll build on what you already have—especially if it's already well positioned. We'll be cautious as we analyze the tax impact of any changes, and start to position your portfolio with cost-effective investments and a highly disciplined approach that captures value across countries, companies, currencies, and real estate. Your tax rate, liquidity, cash flow, personality profile, time frames, and risk tolerance will all be factored into your investment strategy. As markets go through ups and downs, we’ll be your voice of reason to help you navigate adjustments and stay consistent when it's difficult to do so.
Retirement plan optimization
Retirement plan optimizationChoose, monitor, and adjust your retirement plan to maximize tax benefits
A retirement plan is one of the most proactive ways to reduce and defer taxes, and to attract the best employees. This could mean a SIMPLE IRA, Safe Harbor 401(k), profit sharing plan, cash balance plans or other pension plan designs. It's important to get advice from someone who is not incentivized to sell you a retirement plan. In many cases, the timing and type of plan you establish will either accelerate your growth or hold you back. We will provide an independent voice of reason to help you understand all the options available in the marketplace—not just the ones available through a single provider.
As technology and service models change, the best-of-class retirement plans also change. We can work with your existing provider to enhance the investment selection and design of your existing plan, or we can recommend a more optimal solution with a new servicing partner that might be a better fit for your situation. The optimal design is often different for each practice. Every year, we'll collect a new practice staff census and analyze your retirement plan to see if we can increase your tax deductions. This is particularly important as your collections and personal income reach new levels and higher tax brackets.
Continuous net worth tracking
Continuous net worth trackingKnow your wealth is growing fast enough to fulfill your long term goals
Along with a real time net worth summary, which you can always view on your dashboard, we will deliver quarterly net worth progress reports to show a historical view of your progress. The report includes a detailed breakdown of your assets and debts so it’s clear which factors are contributing to growth (or decline).
Estate planning coordination
Estate planning coordinationProtect your family with updated wills, trusts, and proper documentation of all your assets
Estate planning is the management of your affairs upon your death. As the party who has access to a comprehensive picture of your financial details, we are in a unique position to help your attorney develop and update your estate plan as changes to your financial life require it. When you have children, obtain new real estate assets, apply for additional loans, or reach new levels of liquidity and net worth, you’ll need to make adjustments to your existing estate plan. This might be as simple as a will or trust, but may be as complex as an asset protection trust, or even a Charitable trust. In most cases, you'll need to establish a basic estate plan early in your career, and then enhance that plan as your wealth increases—which is always a combination of good insurance planning and timely additions of new trusts and business entities to your financial profile.
Due to the state-specific nature of many legal issues, it's important to hire a trustworthy general counsel attorney who is familiar with your state laws, but it's also important to have an estate planning specialist who is familiar with this area of law. We'll help work with your existing attorney, or help you decide on a new team that will best meet your needs. We will make sure that the ownership and titling on all of your investment accounts and insurance policies are in line with your existing estate plan. As your assets continue to grow, we will also recommend at specific times for you to have asset protection conversations with your attorney that may not have been relevant when your income and net worth were at lower levels.
Personal dashboardOrganize all your personal and practice finances in one place
You and your advisor will collaborate using real-time information from your personal dashboard. You’ll be able to view all your account activity, assets, and debts in one place. The dashboard gathers data from your various financial institutions in real time, which means you can see your net worth on demand. Instead of relying on hunches and assumptions, you and your advisor can make decisions much faster, and with greater precision. Whether you're deciding to pay cash or finance a new purchase, or looking to invest in real estate, you and your advisor can decide how to facilitate the right strategy faster than ever before.
Taxed-advantaged charitable giving
Taxed-advantaged charitable givingUse your investment accounts to maximize the tax benefit of your donations
Beyond the normal deduction you receive from donations, sometimes you can receive additional tax benefits when you give to a great cause. As opposed to simply writing a check to your church or favorite charity, we can do an audit of your investment accounts to find specific lots of securities that have the most significant capital gains. Then we can donate those shares to charities who accept in-kind contributions, and eliminate the capital gain taxes owed on those highly appreciated mutual funds, stocks, bonds, or ETF's. If you are saving money on a regular basis, we can often make these donations with minimum impact to your portfolio diversification. As with all tax matters, it's important for us to collaborate with your CPA to have a discussion if we are contemplating a large donation and explore any unknown variables specific to each tax year.
For Personal CFO service, we charge a monthly planning fee and a separate investment management fee.
|Ongoing comprehensive planning||Custom monthly fee|
Build dashboard, prepare personal net worth statement, gather data from your other service professionals, make upfront diagnosis, and deliver formalized plan.
Personal CFO Fee Schedule
Investment Fee for
Personal CFO Service
For Associate, Practice Owner, Advanced Owner, and Dental Enterprise services
|Investment Balance||Annual Fee|
|First $1M||$0 - $1M||1.5%|
|Next $1M||$1M - $2M||1.0%|
|Next $1M||$2M - $3M||0.75%|
The cost of planning will be offset by a monthly fee until your investment fee covers the cost of our planning service. See monthly fee reduction schedule below.
|Investment Balance||Monthly Fee Reduction|