Research Findings for the Wealthy Dentist Investor

July 1, 2012 | Dental |

Recently wealth management specialists, Greg Taylor and adrian Reynolds conducted extensive research in order to identify the concerns and challenges that
dentists and dental specialists face.

The goal was to determine if the knowledge gained from the research could be utilized to provide a more comprehensive wealth management process that would effectively address the concerns and challenges that dental professionals experience over their career.

The research process was completed over a two-year period through a series of interview meetings. participants involved in the included a wide variety of professionals who serve and work in the dental industry.  Participants represented were accountants, lawyers, insurance advisors, practice management consultants, practice sales firms, dentists, orthodontists, periodontists, oral surgeons and executives with provincial dental associations and colleges.

The result of this research has in essence produced a ‘white paper’ that effectively delivers guidelines for the wealthy dental investor.

Here is a summary of the findings based on the research and analysis:

  • Dental professionals are inundated with conflicting financial information and advice. often the advice is product oriented which does not really address the needs of wealthy individuals.
  • Successful dentists are time-challenged, they are very good at running their practice, which doesn’t leave much time to manage their personal financial affairs.
  • They have access to competent professional advisors such as accountants, lawyers etc. but typically these experts operate independently.  The result is that the advice they receive is fragmented rather than coordinated.
  • Successful dental professionals have above average income but lack the time or knowledge to effectively employ their discretionary income.

Greg and Adrian answered the following:

What surprised you the most from your research?

Adrian: A couple of things stood out:the first was that many dentists expressed a desire for a trusted single source to manage their key advisor relationships i.e. accountants, lawyers, estate specialists, bankers etc.  But when it came to managing their wealth they had multiple investment accounts with three or four different “brokers/financial advisors”.
Secondly, very few had a formal, written plan to achieve their personal goals and objectives.

Greg: When we probed deeper the dentists we interviewed indicated they would get significant value from having a ‘Road map’ to work from but couldn’t find a trusted advisor
who specialized exclusively with dentists and offered this service.  As a result of this finding, we created the dental wealth optimization process – a 5-step process to help identify, organize and address all their financial goals.this process can be found explained in detail in the “white paper”.

What didn’t surprise you with regard to dentists’ wealth management needs and considerations?

Adrian: When we spoke to dental professionals they indicated they were frustrated with constantly being pitched financial products by investment advisors who earn commissions.
This is a common concern expressed by many high net worth individuals.they aren’t sure if their advisor is recommending something because it is good for them or just in order to generate another sales commission.

Greg: That’s right, which is why we take a consultative approach in order to gain a deep understanding of the client’s needs and goals and then try to find a solution to a problem
that they might have.  High net worth individuals are looking for a collaborative relationship with a trusted advisor, that’s what we offer.

What is unique about your approach and philosophy for dental professionals?

Greg: Based on the key findings from our research, it is clear that busy, successful dental professionals are looking for a way to centralize the management of not just their financial
affairs but also a single contact to manage the different professional advisors they need for each aspect of their business and personal life.  This is the essence of the multi-Family office structure offered through dental wealth.

Adrian: We want our clients to see us as their personal CFO (Chief Financial officer) and to know that they can count on us to act as a single point of contact, working closely with
our clients’ existing professional advisors to integrate and coordinate all the issues related to their business and personal financial affairs.

Based on this comprehensive, detailed approach, describe a typical Dental Wealth client?

Adrian: Obviously this approach is not for everyone.  A typical dental wealth client has complex family needs that include investments, business and real estate interests that
require the independence, objectivity and counsel that only an independent wealth management firm can provide.

Greg: We only work with high net worth dentists (average net worth is $5 million +) who are serious about building wealth and preserving it for the benefit of their family and/or to establish a philanthropic legacy for generations to come.

Is there anything else from your research you’d like to share?

Greg: Yes, actually one of the more refreshing findings was the appetite that dentists had for knowledge.  I guess this shouldn’t be surprising considering the amount of continuing education requirements for successful practitioners to stay at the top of
their game.

Adrian: I agree, which is why we have a strong commitment to ongoing communication with our clients in the form of e-newsletters, conferences, and joint seminars with other
professional advisors in the dental industry.  Our best client is an informed client.

To download a free copy of the White Paper in its entirety, that contains guidelines for the wealthy dentist investor, go to

Bottom Line:This article offers insights from research findings about what wealthy dentists want from their wealth managers.