In a previous post, “What’s Wealth Management Got to Do With It?” we paused to understand the theoretical benefits of wealth management for the busy dentist. Now let’s talk about how these ideas work in practice.
Here’s my three-step plan for wealth management for Dentists in action. It’s my prescription for helping you reach your individual goals, while delivering the highest quality oral health care that your family of patients expect and deserve:
- Coordinate personal and professional – Combine the broad solutions of personal wealth management with dental-specific practice- and tax-management expertise.
- Coordinate consultative relationships – Form a close, collaborative relationship among you, your wealth manager and your collective team of specialists.
- Build in ongoing oversight – Continue expanding on the process and the relationship throughout your evolving career.
Drilling into personal wealth management, I’ve identified four key, advanced planning areas to coordinate, to ensure that your and your family’s individual life goals are being addressed. These are: wealth enhancement, wealth transfer, wealth protection and charitable intent. In a future Wealth Extractions post, I’ll explore each of these in a bit more detail.
Image courtesy of scottchan / FreeDigitalPhotos.net