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News Bulletin : ADA News Bulletin May 2011
36 MAY 2011 Strategy is what takes up most of our time and where we'll demonstrate the most amount of value. Historically advisors have been likened to stock brokers -- they tell you where to invest. Today, trustworthy and independent advisors are more concerned with strategy and coaching, focusing on the "when, how, why, what if, what to do with cash flow" questions to ensure the client makes the best quality decisions (considering short, medium and long term implications and goals). The time poor concern is also an interesting one. Firstly, as a highly qualified professional with a strong income earning capacity, I would suggest that the best use of your time and focus would either be practising dentistry (or building your practice) or enjoying leisure time activities such as spending time with family or travelling. If you worked out how much you earn on an hourly rate, you are better off to outsource financial planning advice to a trusted advisor. Secondly, it does sound a little nonsensical to suggest that you are too busy working to spend any time working out what you are working so hard for. Make sense? It doesn't to me. Surely you'd want to know that you have the right investment strategy that is being implemented automatically so that you make the most out of all your hard work? I believe the day of an advisor selling a product (e.g. XYZ managed fund, share or property) on the basis that the advisor believes it will achieve certain returns are gone. People don't trust 'product salesmen' and are smart enough to realise they are better off investing in blue-chip stocks and property. Instead, advisors need to spend most of their time tailoring and refining an investment strategy to accommodate the clients (changing) circumstances and make sure the strategy is implemented on a timely basis through regular coaching. If this is achieved a huge amount of value is added. What value do you place on achieving your financial goals so that you can spend more time with family, travelling and enjoying hobbies? CHANGING ATTITUDES? To be honest, I am fascinated with the psychology of money, what drives people's decisions and why people act in certain ways. I found the response to these surveys interesting. I acknowledge that the financial services industry in Australia has done itself a huge disservice by failing to develop a business model focused on a client's best interest. This has resulted in a huge amount of mistrust and scepticism. Investors (dentists included) now feel like it's safer to go it alone as it avoids the risk of needing to trust someone. In summary, my response to dentists' attitudes towards seeking advice is to understand that deciding where to invest your money is only a small part of successful investing. I liken it to building a house without any foundations. It doesn't matter how well you build the house. Sooner or later the absence of foundations will affect the quality of the building and may eventually fall down. The same is true with investing. You can perfectly select the right assets to invest in but the absence of a strategy will eventually become evident. Stuart Wemyss is a qualified chartered accountant, financial planner and mortgage broker. Stuart founded financial advisory firm ProSolution Private Clients which helps dentists maximise their net worth by providing financial and mortgage advice. Contact: firstname.lastname@example.org Prices do not include gst and may be subject to change Orthodontics -- Current Principles and Techniques Dr Lee Graber, Dr Robert Vanarsdall, and Dr Katherine Vig ISBN: 9780323066419 • Mosby • Hardcover • 944 pages • 5th ed. $A305 ex gst This is one of the world's proven references on orthodontics. The 5th edition of this best seller provides the latest information from experts. It presents information on many emerging techniques in aesthetics, genetics, cone-beam and other 3-dimensional technologies, and evidence-based treatment, among others. Coverage of highly clinically relevant diagnosis and treatment ranges from basic to very complex situations, all in a concise, extensively illustrated format. A companion website with this edition includes an electronic version of all chapters, supplemental content in select chapters, and a complete image collection to help with research and presentations. Edited and written by Drs Graber, Vanarsdall and Vig, along with a team of expert contributors, this is your go-to book for the practical orthodontic information you and your team can use every day. business perspectives
ADA News Bulletin April 2011
ADA News Bulletin June 2011