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Are you being well served by the financial professionals in your dental practice?

May 17, 2018

It’s unfortunate but true: not everyone has your best interests at heart, including financial professionals. While it would be counterproductive to approach every insurance, investment, or tax professional with complete mistrust, it is important to recognize red flags that may point to a less than ideal fit for you and your practice.

Insurance

Insurance is all about weighing risks, and no one knows this better than the insurance professional. While you need to be prudent in planning for your practice and your family, you don’t have to take your agent up on every offer.

Some products to watch out for are life insurance policies for unmarried people with no dependents. No matter how attractive those plans may sound, they aren’t worth the premiums. The same goes for long-term care insurance. The average person will need nursing care for two to three years, and many medical professionals are already prepared for these expenses without having to pour money into the rising premiums of long-term care insurance.

Investments

When it comes to investments, it’s all about those broker fees. Which products are worth the 1-2% fee? While the financial landscape changes from year to year (or even day to day), you would be wise to do some research regarding whether the following investments are, indeed, good “opportunities” for you and your practice:

  • Wrap accounts
  • Tax-deferred products like annuities
  • Retirement plans that require investment fees
  • Funding a defined benefit plan with proceeds from selling your practice
  • Managed stock funds run by a team of investment professionals  

Taxes

A tax consultant who looks out for your best interests will be thorough and aggressive, seeking out all possible deductions related to your practice. The experienced consultant will not be afraid to find ingenious, but legal, ways to find deductions, including adding your spouse and family to the payroll, deducting travel, auto, and home office expenses, and finding other ways to keep your practice profitable.

A good financial professional will put you and your practice first, making all recommendations with your best interests in mind. As trusted advisors for the dental profession, Collier & Associates prides itself on delivering expert advice on these topics and more in our twice monthly newsletter. Learn more about the newsletter and receive a sample of the Collier & Associates Newsletter with 2018 C&A Tax Guide for Dentists.

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