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Four Financial Factors: The Key To Practice Advising · The Millionaire Dentist™

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  Speaker 1: Hello, everyone, Welcome to the Millionaire Dentist Podcast, brought to
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  Speaker 1: you by four Quadnans Advisory. On this podcast, we break
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  Speaker 1: down the world of dentistry, finances and business practices to
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  Speaker 1: help you become the millionaire dentists you deserve to be.
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  Speaker 1: Please be advised we do speak with an honest tongue
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  Speaker 1: and may not be safe for work.
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  Speaker 3: Hello and welcome.
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  Speaker 2: This is Casey Hires back at the Millionaire Dnist podcasting
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  Speaker 2: studio with co host Jared Bridgeman.
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  Speaker 3: Casey, how are you. It's Valentine's Day that they were
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  Speaker 3: recording this.
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  Speaker 2: Yeah.
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  Speaker 3: Do you have any special plans with the wife? Yeah?
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  Speaker 2: I met her for a nice lunch. Actually ordered a
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  Speaker 2: steak in the middle of the day. Yeah, and that's
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  Speaker 2: what she was kind of busting my chops and then
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  Speaker 2: I ordered it rare plus and it came out raw
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  Speaker 2: and I got the I told you so luck But
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  Speaker 2: they got it right, all right. If your problems are
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  Speaker 2: steak temperature, it's okay. That's a cross all birds, That's right.
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  Speaker 2: More big plans really are? I have my kids, so
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  Speaker 2: we're gonna do like a little thing with the kids. Yeah,
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  Speaker 2: nothing too crazy, that's fun. That reminds me need to
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  Speaker 2: go get a single rose for my young daughters. That's important. Yeah,
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  Speaker 2: good reminder.
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  Speaker 3: Better get out there sooner than later. Every dad and
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  Speaker 3: husbands out there hunting for flowers.
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  Speaker 2: So I'm going to pay fifteen bucks for one rose.
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  Speaker 3: That's right. You know, Casey, today I wanted to talk
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  Speaker 3: to you. You know, we kind of bounce around on
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  Speaker 3: our topics, but always stay in our lane. One of
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  Speaker 3: the things that you know is something more of a
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  Speaker 3: generic broad topic and kind of information I wanted to
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  Speaker 3: get out there is we'll say, maybe the top four
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  Speaker 3: things to kind of consider or look at when you're
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  Speaker 3: wanting to hire or work with a financial advisor.
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  Speaker 2: Yeah, that's a good topic, right, Like we're comprehensive. We
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  Speaker 2: do a lot of things, but let's get more specific
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  Speaker 2: with the the financial advisor aspect of it. I've heard
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  Speaker 2: before in your life and you want to have a
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  Speaker 2: really good doctor, a really get attorney, and a really
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  Speaker 2: good investment or financial advisor. Those are very important things.
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  Speaker 2: So let's dive into that, especially for a dentist who
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  Speaker 2: has the opportunity to save a lot of money. Yeah,
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  Speaker 2: and have that money grow for sure.
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  Speaker 3: And you know if you're listening to us, and maybe
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  Speaker 3: you're not in the spot yet where we were able
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  Speaker 3: to help you. This will this part at least help
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  Speaker 3: you kind of start to make the right steps towards
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  Speaker 3: the right direction. Yeah. One of the things I was
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  Speaker 3: looking up and it's something I'm not super familiar with.
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  Speaker 3: I've heard the term I passed around, but it's fiduciary, fiduciary,
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  Speaker 3: fiduciary Yeah, yeah, can you kind of tell me a
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  Speaker 3: little bit what you may know about that? And then
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  Speaker 3: why is that important for an advisor.
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  Speaker 2: To have that? Yeah, I mean being a fiduciary, you
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  Speaker 2: were bound to act in the best interest of your client. Right.
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  Speaker 2: It sounds like a common sense thing, but as a fiduciary,
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  Speaker 2: that is it's a more formal responsibility. You know, they
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  Speaker 2: can be conflicts of interest or you know, sometimes there's
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  Speaker 2: firms that have their Bernie made off, have your own
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  Speaker 2: funds and do weird things, you know. So if you're
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  Speaker 2: looking for an advisor, you do want a fiduciary who
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  Speaker 2: is bound to act in the best interest of the client.
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  Speaker 3: So this is almost like the oath that that that
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  Speaker 3: doctor's sake.
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  Speaker 2: Yeah, yeah, no, absolutely, there's there's a there's a formality
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  Speaker 2: to it, and it's important that that question is asked
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  Speaker 2: and that again most are yes.
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  Speaker 3: But this this really stems on the ethical side of
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  Speaker 3: the equation. Yeah.
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  Speaker 2: Yeah, it's not just hey, give me your money and
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  Speaker 2: you know, we'll we'll tell you how it goes. It's
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  Speaker 2: it's there's strategy, and there's things you do and there's
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  Speaker 2: things you stay away from. And I think that's important
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  Speaker 2: for anybody, dentist or non dentist. Right, if you're going
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  Speaker 2: to have somebody handle your money, you want them to
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  Speaker 2: be a fiduciary, that is.
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  Speaker 3: Someone who's promising to work in your best interest, not
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  Speaker 3: their own.
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  Speaker 2: Yeah, I mean it's it's like if you go to
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  Speaker 2: somebody that works on your teeth, you probably want them
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  Speaker 2: to have d d S or d m B at
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  Speaker 2: the end of their at their name and you know,
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  Speaker 2: again this is more of a layup one. But yeah,
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  Speaker 2: that's a common sense ask it. Be sure that they
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  Speaker 2: are very important.
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  Speaker 3: It does seem to be common sense. But if you
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  Speaker 3: if you've never had a financial advisor before, you this
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  Speaker 3: may not be something you've ever even dealt with.
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  Speaker 2: Yeah, sometimes you don't know what question do I ask?
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  Speaker 3: Right, or like with an account a CPA versus just
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  Speaker 3: a standard accountant. You know, those are some things too. Yeah.
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  Speaker 2: Well, no, we've seen that that people have their taxes
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  Speaker 2: executed by someone who's not even a CPA. They work
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  Speaker 2: at a firm. I can't remember what the right We
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  Speaker 2: only have CPAs here, but.
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  Speaker 3: I think there's a pe public account there's another.
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  Speaker 2: Yeah, yeah, and it's shocking. We'll see people with you know,
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  Speaker 2: a million dollar practice that they don't have an actual
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  Speaker 2: CPA doing their taxes. Again, probably because they're just they're unsure, just.
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  Speaker 3: Rolling into one of the software, you know, and they
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  Speaker 3: you see the commercial for right now, casey with with
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  Speaker 3: our firm here, we are very niche. We are very specialized.
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  Speaker 3: We only specialize and you know, practice owners. And I'm
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  Speaker 3: assuming out there in the world there are other specialties
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  Speaker 3: like the other firms and other and other advisors and
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  Speaker 3: things that work with other fields. What can be a
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  Speaker 3: disadvantage to possibly choosing or at least not knowing if
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  Speaker 3: your your financial advisor is in a specific specialty.
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  Speaker 2: Yeah, clearly they're not all created equal, number one, but
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  Speaker 2: number two that there are different ones. There are some
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  Speaker 2: that only work with high net worth people right there
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  Speaker 2: are there are may be others that their focus is
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  Speaker 2: maybe somebody starting a family, or that they can't have
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  Speaker 2: an advisor. You can have a niche, Well what is
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  Speaker 2: there's Well the nice thing for us, we only work
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  Speaker 2: with dentists and specialists, so you know that that's checked off.
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  Speaker 2: But you know, ultimately, even within that, how we're going
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  Speaker 2: to help people grow their money is going to be
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  Speaker 2: different depending on some variables. Again, custom you want to
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  Speaker 2: be customed. You don't want a cookie cutter approach, but yeah,
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  Speaker 2: you know, making sure you and so if you're a
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  Speaker 2: practice owner who has an advisor and maybe they're with
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  Speaker 2: high net worth people, that's great, you've checked a box.
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  Speaker 2: Do they understand dentistry and dittal practices and all of that,
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  Speaker 2: that's a that's a big one.
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  Speaker 3: What if you know this is like you know point
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  Speaker 3: number three, you kind of covered it a little bit.
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  Speaker 3: What if the plan they've given you or are trying
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  Speaker 3: to maybe shoehorn you in is incompatible with with your practice?
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  Speaker 3: Again you said almost like cookie.
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  Speaker 2: Cutter, Yeah, yeah, what how does your advisor view money
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  Speaker 2: that retirement? Right? I think that's important to understand that,
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  Speaker 2: you know, if you're out there with us as we
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  Speaker 2: go through our process. It's real clear. We want to
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  Speaker 2: learn what people want out of their life, out of
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  Speaker 2: their practice. What are your retirement goals? You know, what's
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  Speaker 2: that look like? Timing family, maybe there's a special needs
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  Speaker 2: child or something that you have to account for. Really
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  Speaker 2: having a custom plan and strategy. You know, we're at
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  Speaker 2: square peg round hole.
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  Speaker 3: Yeah.
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  Speaker 2: Right, if you're working with somebody who doesn't have a
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  Speaker 2: strategy or it's the wrong one, you need to know that.
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  Speaker 2: How do you learn conversation at your interviewing people? We
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  Speaker 2: call it a mutual betting process. But right, we have
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  Speaker 2: people coming here with you know, five six, eight million
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  Speaker 2: dollars already. Yeah, and so these questions are important, but
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  Speaker 2: it's almost like.
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  Speaker 3: You know, a first date or data in general, you
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  Speaker 3: want to find out and talk to somebody and see
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  Speaker 3: if things align the way you would like them to be.
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  Speaker 2: It's incredible the amount of people I talk to I
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  Speaker 2: rarely get asked some of these questions. I end up
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  Speaker 2: bringing it up to them to you know, to make
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  Speaker 2: sure there's a good amount of clarity. But a lot
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  Speaker 2: of times, you know, civilians or practice owners, they don't know,
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  Speaker 2: they don't know what to ask, right, And that's okay, But.
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  Speaker 3: That's just why I say, Oftentimes, when when you're out
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  Speaker 3: presenting and speaking with owners, they just ask you straight up, well,
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  Speaker 3: how do you do that? How do you how do
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  Speaker 3: you make the money?
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  Speaker 2: Yeah? You know, what do you do? How do you
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  Speaker 2: do it? It's like what depends? It's it's it's very different,
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  Speaker 2: I mean, and it feels like it's because their experience
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  Speaker 2: may have been cookie cutter planners.
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  Speaker 3: Yeah.
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  Speaker 2: I mean, we just wrapped up the NFL season. It
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  Speaker 2: would be like saying, well, what kind of offense? Oh,
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  Speaker 2: here's a better example? Actually want to Purdue got a
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  Speaker 2: new football coach. With the media was asking the new
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  Speaker 2: offensive coordinator, Hey, what what's your offensive scheme? And he goes, well,
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  Speaker 2: we're still compiling our players, so we have to assess
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  Speaker 2: their skills, talents, attributes to determine which scheme is best
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  Speaker 2: for them, not for us to just have one and
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  Speaker 2: force it down. Somebody's throw. Same thing with the four.
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  Speaker 3: Right, you can't say my our plan is to you know,
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  Speaker 3: kick a bunch of field goals and to have a
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  Speaker 3: terrible kicker.
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  Speaker 2: Yeah, how do you get touchdowns? Well, sometimes you throw
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  Speaker 2: a fifty yard pass. Sometimes you run it in because
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  Speaker 2: you're on the two yard line. It's situational. Again, you
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  Speaker 2: want somebody who is adaptable, and it is custom of
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  Speaker 2: course we are. But you want a strategy that's that
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  Speaker 2: that you're compatible with. You know, some people, yes, they
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  Speaker 2: want to grow their money, but other things are important
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  Speaker 2: to them, right, So it's it's that's really important that
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  Speaker 2: you align. Normally it comes out through conversation, yes, and
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  Speaker 2: it's a feeling, which we talk about that right, yep,
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  Speaker 2: that's great, but you need more than just a feeling
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  Speaker 2: of they seem fill in the blank, they seem nice.
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  Speaker 3: Great, Yeah, yeah, casey with one of the things that
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  Speaker 3: and it does come up, and it should come up
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  Speaker 3: no matter what you're doing, what you're buying, who you're
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  Speaker 3: paying services for, is really understanding or not understanding how
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  Speaker 3: your planner is paid. You know what I mean, it's
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  Speaker 3: what is their structure and how does that come about?
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  Speaker 2: Yeah, the biggest issue with that is sometimes people have
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  Speaker 2: advice is that again they like and they're afiduciary ish
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  Speaker 2: and and and some of those things align, but there's
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  Speaker 2: a lot of commissions and different mutual funds and a
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  Speaker 2: lot every move they make they're getting hit with another
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  Speaker 2: high commission.
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  Speaker 3: I want to say nickel and diming.
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  Speaker 2: But we're bigger than that now, Yeah, but I mean
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  Speaker 2: being real clear on what that is. And again this
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  Speaker 2: is something else. A lot of people I talk to
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  Speaker 2: they have money invested, right, And when I talk about
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  Speaker 2: our fee structure, well, number one, it is custom because
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  Speaker 2: we deal with a lot of different simplicity or complexities.
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  Speaker 2: But it's a percentage of assets under management, which is important.
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  Speaker 2: But I'll bring that up of what the what those
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  Speaker 2: percentages are. And I say, listen, do you have a
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  Speaker 2: broken tree? Yeah, I've got something that schwab. I've got
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  Speaker 2: something that you know what? And and I go, well,
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  Speaker 2: you're paying a percentage fee. It's typically hidden in a statement.
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  Speaker 2: We bring it to the forefront. Is a high integrity firm.
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  Speaker 2: I tell you up front, that's right, and all our
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  Speaker 2: other services it's a flat fee, so it's unlimited. You know,
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  Speaker 2: we're not taking owners like some there's some wild formulas
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  Speaker 2: out there. You get you get a cut of this
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  Speaker 2: or that or ownership or as it grows. It's you know, listen,
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  Speaker 2: we want a percentage of assets under management. So what
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  Speaker 2: we have people that have ten and fifteen million dollars.
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  Speaker 2: We all win, right, right. A lot of people have
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  Speaker 2: maybe four or five million, and their guy wants a
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  Speaker 2: bunch of those people that they're making a lot of
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  Speaker 2: different moves and getting all those commissions. That is not
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  Speaker 2: the path in my opinion, to grow money. You can
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  Speaker 2: grow money, maybe grow money for the person making all
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  Speaker 2: the moves. Yeah, not so you. Yeah, I mean we'll
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  Speaker 2: look at the different strategies people have and we go, oh,
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  Speaker 2: that's interesting. Those are the highest paying commission things that
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  Speaker 2: so and so can do, right that their old advisor
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  Speaker 2: And it's unfortunate to see. But you know, really understanding
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  Speaker 2: how they're paid, that's really important. You want a strategy
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  Speaker 2: that's compatible with you. You know, both how how you're
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  Speaker 2: going to grow money and what what that looks like,
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  Speaker 2: but and how you're going to get there as well.
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  Speaker 3: And also what your end goals. Again, it may not
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  Speaker 3: be to have the most money. Ever, maybe you wanted
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  Speaker 3: some more free time at home, you know, or whatever
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  Speaker 3: the case may be.
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  Speaker 2: It's fascinating how many people, I call it wealth adverse.
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  Speaker 2: They have head trash about money and they almost feel guilty,
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  Speaker 2: and they they they're uncomfortable talking about having X millions
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  Speaker 2: of dollars. And I've said this before. You need to
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  Speaker 2: be a good steward of your skills, talents and opportunity
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  Speaker 2: to make money. What you do with it is up
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  Speaker 2: to you. So if you want to go give away
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  Speaker 2: five million dollars, then do that, sure, But to not
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  Speaker 2: your excuse of being wealth adverse to then not have it,
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  Speaker 2: grow it and work hard to build it. To me,
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  Speaker 2: that's very mediocre.
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  Speaker 3: I agreed for folks who want more information maybe on
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  Speaker 3: this kind of thing, more of what we do, or
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  Speaker 3: just things to look out for ways to grow their money.
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  Speaker 3: You and your team of ladies and fellows are going
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  Speaker 3: out across the country and teaching people and doing presentations.
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  Speaker 3: We've got a guy out in Hershey, Pennsylvania right now.
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  Speaker 3: You're going to the Thomas p Henman meeting. So we
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  Speaker 3: have all these really cool fun socials and fun bourbon tastings.
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  Speaker 3: But you know, again, the main goal is to help
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  Speaker 3: you and help your practice and also to kind of
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  Speaker 3: scare away those dsls out there. Casey, what is one
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  Speaker 3: of your favorite takeaways from this presentation?
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  Speaker 2: Anytime we give back to the dental community and present
• 12:24
  Speaker 2: some ce and Let's say I have a one on
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  Speaker 2: one conversation down the road with somebody who attended. I'm
• 12:30
  Speaker 2: always like to ask what drew you to this? And
• 12:32
  Speaker 2: I heard one recently. They said I didn't even know
• 12:34
  Speaker 2: what it was. It was ce and it was bourbon
• 12:36
  Speaker 2: and it sounded cool, and they go, you guys did
• 12:39
  Speaker 2: a really good job. I learned more than I ever
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  Speaker 2: thought I did, and now I realize how important this
• 12:43
  Speaker 2: side of my my life is, the business side. It
• 12:47
  Speaker 2: can it will make or break you. And you know,
• 12:50
  Speaker 2: I'm so happy I went. But it wasn't because of
• 12:52
  Speaker 2: the subject matter. Other people will will go because of
• 12:55
  Speaker 2: the subject matter. But there's two things with our course,
• 12:58
  Speaker 2: you know. One we dive into dso because it's a
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  Speaker 2: hot topic, but yep, few understand it and we like
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  Speaker 2: to explain it in some detail. But the other is
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  Speaker 2: how many headwinds practice owners have to be profitable retire
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  Speaker 2: on your terms with millions of dollars. So we cover
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  Speaker 2: both sides of it. Right, what's it looked like to
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  Speaker 2: go corporate? What's it looked like to stay doing what
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  Speaker 2: I'm doing? And what's it look like if I master
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  Speaker 2: this or have somebody help me master this and the
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  Speaker 2: answer is millions of dollars.
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  Speaker 3: That's right, Casey. Thank you so much. Folks. If you're
• 13:25
  Speaker 3: listening out there, and you should be otherwise you're not
• 13:27
  Speaker 3: hearing this fun fact. But go to four Quadrants Advisory
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  Speaker 2: Because we have Well, as a dentist, you hate no call,
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  Speaker 2: no shows as screws your day. Well, guess what, we're
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  Speaker 2: in demand and we need to it's the equal wiser
• 14:00
  Speaker 2: to get people to either not register or to attend.
• 14:03
  Speaker 3: It feels good to be in demand. It's never happened
• 14:05
  Speaker 3: to me. This is great. Welcome to the show. Thank you.
• 14:10
  Speaker 1: That's all the time we have today. Thank you to
• 14:13
  Speaker 1: our guests for their insight and for sharing some really
• 14:15
  Speaker 1: great information, and thank you to you the listener. For
• 14:17
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