Wealth management is a common term that gets tossed around quite readily in the media and by financial pundits. Financial planning and wealth management are often used interchangeably, but they are not the same. Therefore, it is necessary for dental professionals to recognize true wealth management to be sure you receive the appropriate services.
In addition, wealth management demands specific knowledge that the average financial planner might not possess. Therefore, when advising wealthier dentists, the issues involved are very different and often more complex than with traditional financial planning.
Wealth management involves 13 important issues that need to be addressed:
It is common for dentists to handle only one or two issues, but all 13 require full attention. This is where the aid of a genuine wealth manager can be invaluable.
Since no single person is an expert in everything, a collaborative effort is needed to meet all of a dentist’s financial needs. Consultative wealth management involves a team of experts who work together to address your wants and needs. A genuine wealth manager knows the importance of this collective approach and will work with other advisors including insurance providers, estate planning attorneys, and CPAs to come up with the best solutions.
Most dentists want to find the right balance between work life and their personal time. Dentists strive for financial freedom and opportunity to spend more time with loved ones. The journey to a great quality of life begins with a financial plan.