Where do you turn for financial advice?
In many ways, being a dentist is so much more than simply providing care. After all, the decisions that accompany owning a practice and running it successfully mean that you have to take on the role of a business manager as well as that of a medical professional, and this is something which can cause considerable stress.
That’s why it makes sense to seek the help of a financial adviser. But how do you know which firm will be best for your business or what type of financial adviser you need?
The many types of financial advisers
One of the first things you need to ascertain is what type of financial adviser you think will best benefit you and your practice. The first step is to look at whether an adviser is Tied/Restricted or Independent. Tied/Restricted Financial Advisers are only able to sell the products or services of one company, and therefore tend to have a rather limited perspective and not so much freedom of movement when it comes to helping you reach any financial goals/objectives. Therefore, in the majority of cases it’s likely you’ll want to seek the guidance of an Independent Financial Adviser, as they can assist you without being tied to a particular set of products from one company. Independent Financial Advisers are likely to have a higher level of expertise as well, as they are not only versed in one portfolio of offerings.
But how do you know if an adviser is tied? Just review their online presence or ask for their business card. These sources will usually state whether an adviser is attached to a firm and have these limitations. There are Multi-Tied Advisers, too. These individuals can offer a better selection of products and services, but they are still tied to various firms and therefore may be unable to do the best for you and your money due to these restrictions.
Independent Financial Advisers are the only type of adviser who can offer you a choice of all products on the marketplace – meaning there is far more flexibility. These individuals are governed by Financial Conduct Authority rules, meaning that they have to do what’s in your best interest, making decisions and giving guidance only once they fully understand your situation, your budgets and your future objectives. Any decisions need to be supported by written reasoning, and this way you can always ensure that every move these advisers make is approved by you.
Thanks to modern innovations changing the landscape of the financial world, today the marketplace is fast-evolving and constantly shifting. The widespread use of the internet alongside more frequent introduction of new government legislation surrounding this digital era is making it vital for financial advisers to be able to monitor each change as it happens and remain completely up to date.
Therefore, when you’re looking for a firm to turn to for advice, it’s worth considering whether they have the technology and resources in place to ensure that they are staying ahead of the ever-changing curve. Many firms will make this clear on their websites, but you can always call up and see what sort of databases these firms are able to access to ensure they understand the complete picture.
Communication is key
Good advice is one of the most precious things you will come by in business, but even the best advice is useless if there’s not the communication channels in place to be able to access it when you need it. Does the firm you are considering working with reply speedily to emails? Perhaps they have a telephone number which allows you to contact them out of normal hours?
It’s also a good idea to see if they have handy services such as a quick, instant messaging function on their website. This way you can ensure that you always have real time help available at your fingertips – something which could be crucial should you be faced with some interesting investment opportunities or need to decide whether to accept the terms and conditions attached to a practice sale, for example.
Understanding the industry
Another factor that’s important to bear in mind when choosing a Financial Adviser is how well the firm or advisers understand the industry you are in. There are plenty of firms with general advisers that can give guidance on a vast array of topics, however, when it comes to something like dentistry it makes sense to focus on a Specialist Independent Financial Adviser.
These individuals will have intimate knowledge in not only all of the financial aspects which are relevant to you, but also of the industry you work in, meaning they can make better informed decisions.
The team at money4dentists are all Specialist Independent Financial Advisers with years of experience working in the dental market. By working exclusively with dentists and their partners, the team has gleaned incredible insight into the industry and helped countless individuals achieve their financial and business goals.
Do what feels right
In the end, it’s important to find an adviser or firm that you think suits your business best. By weighing up the options and seeing who could be most beneficial, you can ensure that you have the right support on your side whenever you need to make a difficult financial decision.