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How to Choose the Right Financial Advisor as a Dentist

Updated: Mar 11

As a dentist, managing your finances is as crucial as offering quality dentistry services. A decision as important as choosing your financial advisor can have a significant impact on your long term financial stability. So, how do you choose the right financial advisor, who understands the intricacies of your profession and exceeds your specific needs? In this article, we will explore some practical tips to help you with this crucial decision.


1. Understand Your Specific Financial Needs


Before starting to look for a financial advisor, take the time to clearly define your specific financial needs as a dentist. Whether you are a beginner in the profession, mid-career, or about to retire, your financial goals will be unique. Identify if you have particular needs such as debt management, estate planning, or maximizing tax benefits.


2. Look for an Advisor Specializing in Medical Professions


Medical professions, including dentistry, have distinct financial aspects that require in-depth understanding. Look for a financial advisor with specific experience in providing financial services for healthcare professionals. An advisor who has worked with dentists before will better comprehend the challenges you face and can tailor their advice accordingly.

At Bélanger, Brosseau Fiscalité, Assurances et Placements Inc (BBFAP), we serve over 130 medical professionals for their insurance and/or investments, including more than 75 dentists, over 30 doctors, and more than 30 optometrists.

Frédéric used to work as a denturist, hence why he has a good understanding of the dental field.

3. Check Qualifications and Certifications


Trust is key when entrusting your finances to someone else. Ensure that the financial advisor you're considering is properly qualified and certified. When you are incorporated, it is even more important to be well-accompanied because your advisor must understand your corporate structure and the taxation that comes with it. Knowledge in taxation would, therefore, be a significant asset.


Look for certifications such as Pl. Fin. (Financial Planner) or CIM (Chartered Investment Manager), demonstrating a high level of competence and professional ethics.


An accounting title (CPA) or tax specialist title (M. Fisc or D. Fisc) are also certifications that add a lot of value to an advisory team.


Frédéric Babeux holds the CIM title, and Annie Bélanger holds the Pl. Fin. and M. Fisc titles.


4. Evaluate Fee Transparency


Fee transparency is crucial to establishing a trusting relationship with your financial advisor. Ask for a clear and detailed explanation of the fee structure, including management fees, commissions, and other associated costs. A transparent and honest financial advisor about costs will enable you to make informed decisions.


At BBFAP, regarding the management of your investments, we use a fee-only approach; all fees will be disclosed to you even before opening an account.


5. Consider Communication Style


Open and effective communication is essential in your relationship with your financial advisor. Make sure that the professional you choose communicates clearly, responds to your questions understandably, and is available for regular updates on the state of your finances.


Availability is at the heart of our service offering, which is also why we are very selective about the clients we serve.


6. Understand Their Approach to Investments

Your financial advisor must have an investment approach that matches your risk tolerance, financial goals, and time horizon. Discuss their investment strategies, philosophy, and how they adjust their recommendations based on market fluctuations. An advisor who understands your personal comfort with risk can help you develop a personalized investment strategy.

At BBFAP, we use a simple investment strategy, very similar to that of Warren Buffett. Therefore, we prioritize long-term holdings of quality companies and low portfolio turnover.

7. Check Their Commitment to Financial Education


A good financial advisor does not just provide advice; they also commit to educating you on various aspects of your finances. Look for a professional who takes the time to explain financial choices and their resulting implications. An in-depth understanding of your financial situation will allow you to make more informed decisions.

8. Examine Their Experience with Similar Cases


Ask the financial advisor if they have worked with clients having financial profiles similar to yours. Previous experience with dentists may indicate a more in-depth understanding of the challenges and opportunities specific to your profession. Ask for case studies or references to assess their track record of success.

At BBFAP, more than 75 dentists trust us for the management of their investments and/or insurance.


9. Check the Availability of Technological Tools


Technological tools can facilitate financial management. Ensure that the financial advisor uses modern platforms and software for real-time tracking of your investments, budget management, and easy communication. This can improve the efficiency of collaboration and allow you to stay informed proactively.

10. Consult References and Reviews


Before making a final decision, consult references and online reviews. Ask your potential advisor for references from current or past clients. Online reviews can also provide information about client satisfaction and service quality. A positive reputation is an important indicator of the reliability of a financial advisor.
In conclusion, choosing the right financial advisor as a dentist is a crucial step to ensure your financial well-being. Take the time for in-depth interviews, ask specific questions, and make sure the professional you choose aligns with your goals. By following these tips, you'll be on the path to collaborating with a financial advisor who will contribute to the safety and prosperity of your financial future. Stay tuned for more advice on financial planning specific to dentists.

Frédéric Babeux
Associate Portfolio Manager
Financial Security Advisor

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