BY REESE HARPER, CFP
CEO AND FOUNDER, DENTIST ADVISORS
A few weeks ago, I walked past the conference room at our ofce and couldn’t
help but overhear statistics like these coming from two advisors in our frm who
were compiling the most recent statistics from our client dashboards. Tey were
fnishing quarterly progress reports, identifying red fags, and trying to improve
our clients’ fnancial health.
If these stats are news to you, you’re in the same boat as the majority of
fnancial professionals who advise dentists all over the country. But Dentist
Advisors has a unique value proposition: Only fnancial planning. Only dentists.
One of the advisors in the conference room said something like, “I can’t believe
how helpful it is to have this much comparative data about each client. It would
be hard to deliver high-quality advice without it.”
It’s true. Good advice is very hard to deliver—especially when you’re giving
advice to someone you know very little about.
Did you know that both general practitioners and specialists consistently
rank among the most successful working professionals in the United States, yet
half of all dentists believe they will have to postpone retirement?1 Tat’s because
good income doesn’t guarantee a successful retirement.
Since 2003, I’ve been working on a solution to this problem, one client at a time.
I’ve identifed 12 key indicators of fnancial health among dentists and developed
a scientifc methodology called Elements to address each indicator in detail.
Viewing fnancial planning within the Elements
framework enables my team and me to diagnose
the fnancial state of each dentist we work with and
prescribe a detailed plan that addresses individual
weaknesses on a comparative basis.
As a thought leader for fnancial planning in the
dental community, and as the premier fnancial planning frm for dentists, we
leverage extensive industry expertise and our network of specialists to advise
some of the most accomplished dentists across the United States.
I’m excited to take a similar approach with my Apex360 column. I know that
the best advice comes from people who know their audiences. I will cover a
range of fnancial challenges unique to dentists, as well as some surprising
statistics and stories to keep things interesting. I hope this column will be a
valuable resource to dentists, vendors, and practice managers who seek to gain
additional insight into the fnancial psyche of dentists across the country.
1. Dental Economics / Levin Group Annual Research Report. Dental Economics website.
economics-levin-group-2014-annual-research-report.html. Published November 20, 2014.
Accessed January 12, 2015.
Reese Harper, CFP, is the founder and CEO of Dentist Advisors.
He lives in Salt Lake City, Utah, with his wife and four kids. Sign up
for the DentistMoney newsletter at dentistadvisors.com, or tune
into the DentistMoney Show on i Tunes to learn more. To book him
for your next event, call (800) 890-8095.
DID YOU KNOW THAT FROM
THE AVERAGE NET WORTH
AMONG DENTISTS INCREASED
BY $48,183? DID YOU KNOW
THAT, DURING THE SAME
TIME PERIOD, AVERAGE
PERSONAL SPENDING AMONG
DENTISTS WAS $13,705
PER MONTH? DID YOU ALSO
KNOW THAT TOTAL DEBT FOR
THE AVERAGE MIDCAREER
DENTIST IS APPROXIMATELY