Updated: Sep 14
What has happened in the 3 years since Financial Freedom for Dentists was founded? Besides continuing to help dentists with financial planning & investment management, we have the following good news to share with you:
Registration with U.S. Securities & Exchange Commission (SEC) as we’ve grown
Clients are staying with us & how we are growing
Prepared for the future
"How can I save for retirement and minimize my taxes?" Presentation for Local Dental Associations & Study Clubs
Registration with U.S. Securities & Exchange Commission (SEC) as We’ve Grown
Once a Registered Investment Advisory (RIA) Firm like ours manages over $100 million dollars for clients, they can register with the U.S. Securities and Exchange Commission. Thankfully, as we have grown to manage more than assets than this for our clients, we went through the process of registering with the Securities & Exchange Commission last fall. Previously we were registered at the state level. What does this mean for clients? The SEC is the highest authority in the financial industry, setting the standards, laws and ordinances for compliance and prioritizing the needs of clients. As a fiduciary, we are committed to follow SEC standards and to continue to act in the best interest of our clients.
Clients are Staying with Us & How We Are Growing
We are grateful to report that over the last year, not one of our financial planning or investment management clients left our firm. Our retention rate among these clients was a perfect 100%!
Our business is built around serving financial planning clients. Thankfully over the last year, the number of financial planning clients we serve grew by 25%! This growth is attributed to new clients joining our firm and transferring at least $500,000 to our management, clients paying our financial planning retainer fee and existing clients continuing to invest with us until they reach $500,000 of investments with us (or close to it). We also serve many investment management clients, which are clients who have less than $500,000 invested with whom we expect to be financial planning clients in the future. In addition, we serve many relationship clients which are typically family members or employees of clients.
Previously, we have just offered our ongoing financial planning services, which includes a proactive financial planning meeting every six months, to clients who have at least $500,000 invested with us. However, for clients with less money to invest than $500,000, in addition to an initial financial plan, we now offer the option of receiving ongoing financial planning services for an annual financial planning retainer fee of $600, and several clients have taken advantage of that.
Prepared for the Future
Some people wonder how Financial Freedom for Dentists would fare if we officially slipped into a recession. As a stakeholder in the success of our company, it is important for you to know that we use the same financial principles which we teach our clients. For example, we keep adequate financial reserves in our company to prepare for leaner financial times. Also because we are growing, that would lessen any negative financial impact of a potential recession. In short, we expect that if we were to officially go into a recession that as a company, we would be just fine and would continue to be of service to you!
How can I save for retirement and minimize my taxes?
Presentation for Local Dental Associations & Study Clubs
After being asked to speak at the Washington State Denturist Association earlier this year, we have now developed a presentation specifically for practicing dentists and specialists. The presentation covers a variety of tax-saving strategies that dentists and specialists can use to save for retirement. If you have a study club or local dental association looking for a speaker to address financial strategies specifically targeting the needs of a practicing dentist or specialist, let us know.
We appreciate the trust that you place in us here at Financial Freedom for Dentists and look forward to celebrating many more anniversaries with you!