Why Dentists Need Financial Planning

Would you ever take a trip without having a destination in mind or planning how you are going to get there? 

Most people spend more time planning vacations than their financial lives (retirement, buying a home, etc.) which can cause a lot of uncertainty and a lack of clarity.  

A written financial plan is a roadmap that helps lead people toward reaching their life goals. Studies show only 1 in 4 Americans have a written financial plan. Of the Americans that do not have a written financial plan: some have thought about their plan in specific or general details, have not thought about it at all, or do not think that they need a plan. 

How Is Having a Written Personal Financial Plan Impactful For Dentists?

• Given that pursuing training in dentistry is both costly and time consuming, having a written financial plan can help you with debt management, retirement saving, and overall money management..
• Working with an experienced financial advisor using a written financial plan can help improve your investing behavior, with the potential for  improved portfolio diversification, less “performance chasing,” and increased discipline.
• It can result in increased confidence regarding financial health:
• Those who put pen to paper with written personal financial plans are more confident, more engaged with their wealth, and demonstrate more positive saving and investing behaviors than average Americans.
• Those with a written financial plan feel almost twice as confident in their retirement preparedness than those who do not have a written plan.

Why Don’t More Dentists Have A Written Financial Plan?

Dentists, like many other working professionals are understandably busy tending to their career, family and life. Creating a financial plan may not be their top priority. Here are a few beliefs that may be holding some people back from engaging with a financial planner.

• Feeling that financial planning for dentists is overwhelming, and not knowing where to begin.
• Not knowing that there are planners that specialize in creating financial plans for dentists. .
• Not understanding how the financial planner gets paid.
• Thinking that their situation doesn’t merit a written plan.
• Not knowing whether the advisor abides by fiduciary standards.

Does It Help To Have A  Financial Advisor Who Specializes In Helping Dentists?

Absolutely, it does! As a firm that has been working exclusively with dentist and specialists since 1959, we strongly believe that it is important to work with someone who understands the unique life and financial trajectory of dentists. If you have questions, please don’t hesitate to reach out. 

About Treloar & Heisel

Treloar & Heisel, an EPIC Company, is a premier financial services provider to dental and medical professionals across the country. We assist thousands of clients from residency to practice and through retirement with a comprehensive suite of financial services, custom-tailored advice, and a strong national network focused on delivering the highest level of service. 

TH-220050