Managing It All
THROUGH OUR PROCESS OF EDUCATION AND A THOROUGH UNDERSTANDING OF OUR CLIENTS’ UNIQUE SITUATION, WE WILL PUT TOGETHER A STRATEGIC PLAN TO ADDRESS ALL OF YOUR PERSONAL FINANCIAL GOALS. BEGINNING WITH DEBT REFINANCING AND REPAYMENT METHODS, AS WELL AS PLANNING FOR EMERGENCIES AND RISK MANAGEMENT, WE HELP TO CREATE A SOLID PLATFORM ON WHICH TO BUILD FOR THE FUTURE. MOVING FORWARD WE ADDRESS THE BREADTH OF FINANCIAL topics BY FOCUSING ON INVESTMENTS, TAXES, ESTATE PLANNING, CONTRACTS, BUDGETING, REAL ESTATE INVESTMENTS, MORTGAGES, RETIREMENT BENEFITS, DISTRIBUTION METHODS, AND EDUCATION FUNDING. OUR GOAL IS TO ESTABLISH A LONG-TERM RELATIONSHIP WITH CLIENTS AND TO BECOME A TRUSTED SOURCE OF OBJECTIVE FINANCIAL GUIDANCE FOR MANY YEARS TO COME.
Organize The World Around You
*Securities related services are offered only through registered representatives of MML Investors Services. Additional services are not products or services of, or endorsed by, MML Investors Services.
In the diagram above you see the many facets that dentists must plan for; however, rarely are all of these addressed. Our effort is to help dentists with a comprehensive strategy by providing them with the necessary education, tools, and relationships needed to address each of these areas with confidence. We often find that dentists have multiple relationships with multiple vendors and most of the time we see conflicting strategies, multiple fee arrangements for the same work, owning the same investments in different accounts, a lack of coordination between recommendations from all involved, and the list goes on. It is our intention to have adequate knowledge in each of these areas, and in turn, help dentists simplify and coordinate their planning efforts.
We recommend that each household have a central account for receiving and distributing funds. Automatic drafts and wire transfers will be directed to various places in an effort to meet the financial needs and goals of the client’s specific situation. This account will receive direct deposits and hold all Emergency Funds.
We discuss a very detailed budget for each client. Firstly, to judge the relevance of certain expenses going forward, and secondly, so we can transfer a very specific amount of money to the client's personal checking account for spending. Transferring an agreed upon amount is an integral part of spending discipline.
MANAGE RISK AUTOMATICALLY
It is critical that a dentist have all forms of insurance paid in a timely manner. We have all insurance premiums automatically drafted from your personal brokerage account to guarantee payments are easy to manage and always on time. In the event a family emergency does occur, coverage will not lapse due to missing a bill.
MANAGE DEBT AUTOMATICALLY
Most of our client’s will begin their careers with significant debt. We provide a clear strategy for each dentist after considering their cash flow and various holdings. The focus will be to reduce unproductive high interest debt. We discuss the various federal loan forgiveness options and the possibility of refinancing the debt and whether or not such a change would be helpful. Debt payments are typically drafted each month from the central account as a way of incorporating more discipline, which also helps with accomplishing a desired timeline.
MANAGE SAVINGS AUTOMATICALLY
Disciplined savings is the key to building wealth effectively. Our analysis of your situation will accurately determine how much should be saved on a monthly basis and to what type of account each dollar should be directed. This ensures that the goals and objectives of the client are being accomplished without requiring one to consciously thing through how much to save or where to save every month.
* WHITE & MCGOWAN FINANCIAL IS NOT A SUBSIDIARY OR AFFILIATE OF MML INVESTORS SERVICES, LLC OR ITS AFFILIATED COMPANIES.
** INFORMATION PROVIDED IS HYPOTHETICAL, AND IS ONLY MEANT TO SERVE AS AN EXAMPLE OF BUSINESS PROCESSES. INFORMATION DOES NOT REPRESENT ANY PARTICULAR INDIVIDUAL(S).