Wealth management for dentists is a life-long process that is far more than the sum of its parts. It’s a “way of life” model for confidently bridging those distracting gaps among your competing financial goals. The result is that you are freed to devote your energy to getting the most out of your practice, your personal life and your wealth. (However you personally define “the most.”)
To drill in a little further, wealth management includes four key, advanced planning areas to coordinate, to ensure that your and your family’s individual life goals are being addressed:
- Wealth enhancement – Using appropriate, low-cost investment vehicles tailored to match your unique willingness, ability and need to tolerate market risk, in pursuit of expected, long-term market returns. Included in our definition of “low-cost,” are efforts to maximize tax efficiency, as among the most significant, and often-overlooked drags on end returns. A wealth manager is expected to be well-versed in applying these and related tenets of sound investing.
- Wealth transfer – Finding and facilitating the most tax-efficient way to pass assets to succeeding generations in a way that meets your wishes.
- Wealth protection – Protecting your wealth against potential creditors, litigants, children’s spouses and potential ex-spouses, as well as protecting yourself against catastrophic loss.
- Charitable intent – Helping you plan for and fulfill your charitable goals in concert with the preceding three interests.
Clear Process Is Your Guide
In a previous post, “Wealth Management for Dentists in Action”, I explained that wealth management also includes coordinating relationships and establishing ongoing oversight. The secret ingredient to success here is having a clear process in place to guide your way. I’ll discuss process-building in a future Wealth Extractions post.
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