By Kelley Caponigro
Assistant to the Chairman & CEO
When you hear “Financial Advisor,” you certainly don’t simultaneously think, “Dentist.” Nor do you hear “Dentist” and think “Financial Advisor.” However, the two professions have similar qualities and conundrums. Outlined below are just four similarities that dentists and financial advisors have in common.
1. To Be Your Own Boss? Or Not To Be Your Own Boss?
Dentists and financial advisors alike must decide if they will work as an associate of an already established business, or go it alone. On both occasions, this decision can be made straight out of school, or later in life after becoming a seasoned professional. If either decides to go it alone, finding and funding the right location, employees and equipment are all part of the joys of business ownership. They also never get a lunch break.
2. Times They Are a Changin’
Technology truly is an amazing thing. While the financial industry is feeling its way through things like Robo Advisors, and regulatory changes, the dental industry is facing things like medical-dental collaborations, digital x-rays and lasers in place of anesthesia. In addition, both of their clients are more educated, ask better questions, and want to know that they, as the professional, are up-to-date on the latest and greatest, too.
3. Dealing With Fear.
As with any industry, the unethical practices of the few can compromise the integrity of the whole. This holds true for both the financial and dental industry alike. For financial advisors, the few bad apples have made it increasingly difficult to gain the trust of the investing public. At the same time, dentists must manage patients who fear them as a result of a bad past experience. In both situations, coping with these issues is often resolved simply by being transparent, listening, and understanding a client’s reservations.
4. Succession Plan.
Although they spend their lives planning others futures, ask any financial advisor what their plan for retirement is and you will probably get a response like, “I’m never retiring.” While dentists often would like to retire, they don’t always have a set plan on how to do it. Many rely on the idea of selling their practice with the hopes of still working – but with a reduced schedule. Others just assume they’ll save during their working years and will have enough for retirement. The trouble is that both dentists and advisors need to have a succession plan in place – and early on in their career. Knowing where your business will end up, and exactly how much money you’ll need in retirement are key factors in living comfortably in your golden years. Planning ahead will also help to avoid any unexpected situations along the way.
If you should have any questions regarding your financial future, please contact us at 631.218.0077 or at email@example.com for a complimentary consultation. One of our knowledgeable Senior Wealth Advisors would be happy to assist you, your family, and your business.