February 19, 2025 • 14 mins
The right financial advisor can make all the difference for dentists. In this episode, we explore four key factors to consider—from choosing a fiduciary to finding an advisor who understands the unique financial challenges of running a practice. Learn how to align investment strategies with your goals, avoid conflicts of interest, and access resources to build a thriving, financially secure future. Tune in and take control of your success!
Interested in more info on how to: Earn More, Save More, and Retire Early
Upcoming Tour Dates: Go to our EVENTS page for info
Facebook: Four Quadrants Advisory
Instagram: @fourquadrantsadvisory
LinkedIn: Four Quadrants Advisory
Interested in more info on how to: Earn More, Save More, and Retire Early
Upcoming Tour Dates: Go to our EVENTS page for info
Facebook: Four Quadrants Advisory
Instagram: @fourquadrantsadvisory
LinkedIn: Four Quadrants Advisory
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:04):
Hello, everyone, Welcome to the Millionaire Dentist Podcast, brought to
you by four Quadnans Advisory. On this podcast, we break
down the world of dentistry, finances and business practices to
help you become the millionaire dentists you deserve to be.
Please be advised we do speak with an honest tongue
and may not be safe for work.
Speaker 3 (00:25):
Hello and welcome.
Speaker 2 (00:26):
This is Casey Hires back at the Millionaire Dnist podcasting
studio with co host Jared Bridgeman.
Speaker 3 (00:30):
Casey, how are you. It's Valentine's Day that they were
recording this.
Speaker 2 (00:34):
Yeah.
Speaker 3 (00:34):
Do you have any special plans with the wife? Yeah?
Speaker 2 (00:37):
I met her for a nice lunch. Actually ordered a
steak in the middle of the day. Yeah, and that's
what she was kind of busting my chops and then
I ordered it rare plus and it came out raw
and I got the I told you so luck But
they got it right, all right. If your problems are
steak temperature, it's okay. That's a cross all birds, That's right.
(01:00):
More big plans really are? I have my kids, so
we're gonna do like a little thing with the kids. Yeah,
nothing too crazy, that's fun. That reminds me need to
go get a single rose for my young daughters. That's important. Yeah,
good reminder.
Speaker 3 (01:11):
Better get out there sooner than later. Every dad and
husbands out there hunting for flowers.
Speaker 2 (01:17):
So I'm going to pay fifteen bucks for one rose.
Speaker 3 (01:20):
That's right. You know, Casey, today I wanted to talk
to you. You know, we kind of bounce around on
our topics, but always stay in our lane. One of
the things that you know is something more of a
generic broad topic and kind of information I wanted to
get out there is we'll say, maybe the top four
things to kind of consider or look at when you're
wanting to hire or work with a financial advisor.
Speaker 2 (01:41):
Yeah, that's a good topic, right, Like we're comprehensive. We
do a lot of things, but let's get more specific
with the the financial advisor aspect of it. I've heard
before in your life and you want to have a
really good doctor, a really get attorney, and a really
good investment or financial advisor. Those are very important things.
So let's dive into that, especially for a dentist who
has the opportunity to save a lot of money. Yeah,
(02:04):
and have that money grow for sure.
Speaker 3 (02:05):
And you know if you're listening to us, and maybe
you're not in the spot yet where we were able
to help you. This will this part at least help
you kind of start to make the right steps towards
the right direction. Yeah. One of the things I was
looking up and it's something I'm not super familiar with.
I've heard the term I passed around, but it's fiduciary, fiduciary,
fiduciary Yeah, yeah, can you kind of tell me a
(02:26):
little bit what you may know about that? And then
why is that important for an advisor.
Speaker 2 (02:29):
To have that? Yeah, I mean being a fiduciary, you
were bound to act in the best interest of your client. Right.
It sounds like a common sense thing, but as a fiduciary,
that is it's a more formal responsibility. You know, they
can be conflicts of interest or you know, sometimes there's
firms that have their Bernie made off, have your own
funds and do weird things, you know. So if you're
(02:51):
looking for an advisor, you do want a fiduciary who
is bound to act in the best interest of the client.
Speaker 3 (02:58):
So this is almost like the oath that that that
doctor's sake.
Speaker 2 (03:02):
Yeah, yeah, no, absolutely, there's there's a there's a formality
to it, and it's important that that question is asked
and that again most are yes.
Speaker 3 (03:11):
But this this really stems on the ethical side of
the equation. Yeah.
Speaker 2 (03:16):
Yeah, it's not just hey, give me your money and
you know, we'll we'll tell you how it goes. It's
it's there's strategy, and there's things you do and there's
things you stay away from. And I think that's important
for anybody, dentist or non dentist. Right, if you're going
to have somebody handle your money, you want them to
be a fiduciary, that is.
Speaker 3 (03:34):
Someone who's promising to work in your best interest, not
their own.
Speaker 2 (03:37):
Yeah, I mean it's it's like if you go to
somebody that works on your teeth, you probably want them
to have d d S or d m B at
the end of their at their name and you know,
again this is more of a layup one. But yeah,
that's a common sense ask it. Be sure that they
are very important.
Speaker 3 (03:50):
It does seem to be common sense. But if you
if you've never had a financial advisor before, you this
may not be something you've ever even dealt with.
Speaker 2 (03:58):
Yeah, sometimes you don't know what question do I ask?
Speaker 3 (04:00):
Right, or like with an account a CPA versus just
a standard accountant. You know, those are some things too. Yeah.
Speaker 2 (04:07):
Well, no, we've seen that that people have their taxes
executed by someone who's not even a CPA. They work
at a firm. I can't remember what the right We
only have CPAs here, but.
Speaker 3 (04:15):
I think there's a pe public account there's another.
Speaker 2 (04:18):
Yeah, yeah, and it's shocking. We'll see people with you know,
a million dollar practice that they don't have an actual
CPA doing their taxes. Again, probably because they're just they're unsure, just.
Speaker 3 (04:25):
Rolling into one of the software, you know, and they
you see the commercial for right now, casey with with
our firm here, we are very niche. We are very specialized.
We only specialize and you know, practice owners. And I'm
assuming out there in the world there are other specialties
like the other firms and other and other advisors and
(04:46):
things that work with other fields. What can be a
disadvantage to possibly choosing or at least not knowing if
your your financial advisor is in a specific specialty.
Speaker 2 (04:57):
Yeah, clearly they're not all created equal, number one, but
number two that there are different ones. There are some
that only work with high net worth people right there
are there are may be others that their focus is
maybe somebody starting a family, or that they can't have
an advisor. You can have a niche, Well what is
there's Well the nice thing for us, we only work
with dentists and specialists, so you know that that's checked off.
(05:21):
But you know, ultimately, even within that, how we're going
to help people grow their money is going to be
different depending on some variables. Again, custom you want to
be customed. You don't want a cookie cutter approach, but yeah,
you know, making sure you and so if you're a
practice owner who has an advisor and maybe they're with
high net worth people, that's great, you've checked a box.
Do they understand dentistry and dittal practices and all of that,
(05:44):
that's a that's a big one.
Speaker 3 (05:46):
What if you know this is like you know point
number three, you kind of covered it a little bit.
What if the plan they've given you or are trying
to maybe shoehorn you in is incompatible with with your practice?
Again you said almost like cookie.
Speaker 2 (05:58):
Cutter, Yeah, yeah, what how does your advisor view money
that retirement? Right? I think that's important to understand that,
you know, if you're out there with us as we
go through our process. It's real clear. We want to
learn what people want out of their life, out of
their practice. What are your retirement goals? You know, what's
that look like? Timing family, maybe there's a special needs
(06:20):
child or something that you have to account for. Really
having a custom plan and strategy. You know, we're at
square peg round hole.
Speaker 3 (06:30):
Yeah.
Speaker 2 (06:30):
Right, if you're working with somebody who doesn't have a
strategy or it's the wrong one, you need to know that.
How do you learn conversation at your interviewing people? We
call it a mutual betting process. But right, we have
people coming here with you know, five six, eight million
dollars already. Yeah, and so these questions are important, but
it's almost like.
Speaker 3 (06:48):
You know, a first date or data in general, you
want to find out and talk to somebody and see
if things align the way you would like them to be.
Speaker 2 (06:56):
It's incredible the amount of people I talk to I
rarely get asked some of these questions. I end up
bringing it up to them to you know, to make
sure there's a good amount of clarity. But a lot
of times, you know, civilians or practice owners, they don't know,
they don't know what to ask, right, And that's okay, But.
Speaker 3 (07:10):
That's just why I say, Oftentimes, when when you're out
presenting and speaking with owners, they just ask you straight up, well,
how do you do that? How do you how do
you make the money?
Speaker 2 (07:19):
Yeah? You know, what do you do? How do you
do it? It's like what depends? It's it's it's very different,
I mean, and it feels like it's because their experience
may have been cookie cutter planners.
Speaker 3 (07:28):
Yeah.
Speaker 2 (07:28):
I mean, we just wrapped up the NFL season. It
would be like saying, well, what kind of offense? Oh,
here's a better example? Actually want to Purdue got a
new football coach. With the media was asking the new
offensive coordinator, Hey, what what's your offensive scheme? And he goes, well,
we're still compiling our players, so we have to assess
their skills, talents, attributes to determine which scheme is best
(07:50):
for them, not for us to just have one and
force it down. Somebody's throw. Same thing with the four.
Speaker 3 (07:56):
Right, you can't say my our plan is to you know,
kick a bunch of field goals and to have a
terrible kicker.
Speaker 2 (08:01):
Yeah, how do you get touchdowns? Well, sometimes you throw
a fifty yard pass. Sometimes you run it in because
you're on the two yard line. It's situational. Again, you
want somebody who is adaptable, and it is custom of
course we are. But you want a strategy that's that
that you're compatible with. You know, some people, yes, they
want to grow their money, but other things are important
(08:21):
to them, right, So it's it's that's really important that
you align. Normally it comes out through conversation, yes, and
it's a feeling, which we talk about that right, yep,
that's great, but you need more than just a feeling
of they seem fill in the blank, they seem nice.
Speaker 3 (08:38):
Great, Yeah, yeah, casey with one of the things that
and it does come up, and it should come up
no matter what you're doing, what you're buying, who you're
paying services for, is really understanding or not understanding how
your planner is paid. You know what I mean, it's
what is their structure and how does that come about?
Speaker 2 (08:56):
Yeah, the biggest issue with that is sometimes people have
advice is that again they like and they're afiduciary ish
and and and some of those things align, but there's
a lot of commissions and different mutual funds and a
lot every move they make they're getting hit with another
high commission.
Speaker 3 (09:17):
I want to say nickel and diming.
Speaker 2 (09:18):
But we're bigger than that now, Yeah, but I mean
being real clear on what that is. And again this
is something else. A lot of people I talk to
they have money invested, right, And when I talk about
our fee structure, well, number one, it is custom because
we deal with a lot of different simplicity or complexities.
But it's a percentage of assets under management, which is important.
(09:43):
But I'll bring that up of what the what those
percentages are. And I say, listen, do you have a
broken tree? Yeah, I've got something that schwab. I've got
something that you know what? And and I go, well,
you're paying a percentage fee. It's typically hidden in a statement.
We bring it to the forefront. Is a high integrity firm.
I tell you up front, that's right, and all our
other services it's a flat fee, so it's unlimited. You know,
(10:05):
we're not taking owners like some there's some wild formulas
out there. You get you get a cut of this
or that or ownership or as it grows. It's you know, listen,
we want a percentage of assets under management. So what
we have people that have ten and fifteen million dollars.
We all win, right, right. A lot of people have
maybe four or five million, and their guy wants a
(10:26):
bunch of those people that they're making a lot of
different moves and getting all those commissions. That is not
the path in my opinion, to grow money. You can
grow money, maybe grow money for the person making all
the moves. Yeah, not so you. Yeah, I mean we'll
look at the different strategies people have and we go, oh,
that's interesting. Those are the highest paying commission things that
so and so can do, right that their old advisor
And it's unfortunate to see. But you know, really understanding
(10:49):
how they're paid, that's really important. You want a strategy
that's compatible with you. You know, both how how you're
going to grow money and what what that looks like,
but and how you're going to get there as well.
Speaker 3 (11:02):
And also what your end goals. Again, it may not
be to have the most money. Ever, maybe you wanted
some more free time at home, you know, or whatever
the case may be.
Speaker 2 (11:10):
It's fascinating how many people, I call it wealth adverse.
They have head trash about money and they almost feel guilty,
and they they they're uncomfortable talking about having X millions
of dollars. And I've said this before. You need to
be a good steward of your skills, talents and opportunity
to make money. What you do with it is up
to you. So if you want to go give away
(11:31):
five million dollars, then do that, sure, But to not
your excuse of being wealth adverse to then not have it,
grow it and work hard to build it. To me,
that's very mediocre.
Speaker 3 (11:42):
I agreed for folks who want more information maybe on
this kind of thing, more of what we do, or
just things to look out for ways to grow their money.
You and your team of ladies and fellows are going
out across the country and teaching people and doing presentations.
We've got a guy out in Hershey, Pennsylvania right now.
You're going to the Thomas p Henman meeting. So we
(12:05):
have all these really cool fun socials and fun bourbon tastings.
But you know, again, the main goal is to help
you and help your practice and also to kind of
scare away those dsls out there. Casey, what is one
of your favorite takeaways from this presentation?
Speaker 2 (12:21):
Anytime we give back to the dental community and present
some ce and Let's say I have a one on
one conversation down the road with somebody who attended. I'm
always like to ask what drew you to this? And
I heard one recently. They said I didn't even know
what it was. It was ce and it was bourbon
and it sounded cool, and they go, you guys did
a really good job. I learned more than I ever
thought I did, and now I realize how important this
(12:43):
side of my my life is, the business side. It
can it will make or break you. And you know,
I'm so happy I went. But it wasn't because of
the subject matter. Other people will will go because of
the subject matter. But there's two things with our course,
you know. One we dive into dso because it's a
hot topic, but yep, few understand it and we like
to explain it in some detail. But the other is
(13:06):
how many headwinds practice owners have to be profitable retire
on your terms with millions of dollars. So we cover
both sides of it. Right, what's it looked like to
go corporate? What's it looked like to stay doing what
I'm doing? And what's it look like if I master
this or have somebody help me master this and the
answer is millions of dollars.
Speaker 3 (13:22):
That's right, Casey. Thank you so much. Folks. If you're
listening out there, and you should be otherwise you're not
hearing this fun fact. But go to four Quadrants Advisory
dot com slash events. We're we've got up through I
think April already books and ready to go. Click on
whichever city or event you want to go to and
just register for your ticket for your seat. It is
(13:42):
a fifty dollars registration fee, but that is refunded as
soon as you attend. Just really to save your spot
because these have been selling out like we were to
Scottsdale end. We have to turn people away.
Speaker 2 (13:52):
Because we have Well, as a dentist, you hate no call,
no shows as screws your day. Well, guess what, we're
in demand and we need to it's the equal wiser
to get people to either not register or to attend.
Speaker 3 (14:03):
It feels good to be in demand. It's never happened
to me. This is great. Welcome to the show. Thank you.
Speaker 1 (14:10):
That's all the time we have today. Thank you to
our guests for their insight and for sharing some really
great information, and thank you to you the listener. For
tuning in. The Millionaire Dennis Podcast is brought to you
by four Quadrance Advisory to see if they might be
a good fit for you and your practice. Going over
to four Quadrantsadvisory dot com and see why year after
year they retain over ninety five percent of their clients.
(14:31):
Thank you again for joining us and we'll see you
next time.
Hello, everyone, Welcome to the Millionaire Dentist Podcast, brought to
you by four Quadnans Advisory. On this podcast, we break
down the world of dentistry, finances and business practices to
help you become the millionaire dentists you deserve to be.
Please be advised we do speak with an honest tongue
and may not be safe for work.
Speaker 3 (00:25):
Hello and welcome.
Speaker 2 (00:26):
This is Casey Hires back at the Millionaire Dnist podcasting
studio with co host Jared Bridgeman.
Speaker 3 (00:30):
Casey, how are you. It's Valentine's Day that they were
recording this.
Speaker 2 (00:34):
Yeah.
Speaker 3 (00:34):
Do you have any special plans with the wife? Yeah?
Speaker 2 (00:37):
I met her for a nice lunch. Actually ordered a
steak in the middle of the day. Yeah, and that's
what she was kind of busting my chops and then
I ordered it rare plus and it came out raw
and I got the I told you so luck But
they got it right, all right. If your problems are
steak temperature, it's okay. That's a cross all birds, That's right.
(01:00):
More big plans really are? I have my kids, so
we're gonna do like a little thing with the kids. Yeah,
nothing too crazy, that's fun. That reminds me need to
go get a single rose for my young daughters. That's important. Yeah,
good reminder.
Speaker 3 (01:11):
Better get out there sooner than later. Every dad and
husbands out there hunting for flowers.
Speaker 2 (01:17):
So I'm going to pay fifteen bucks for one rose.
Speaker 3 (01:20):
That's right. You know, Casey, today I wanted to talk
to you. You know, we kind of bounce around on
our topics, but always stay in our lane. One of
the things that you know is something more of a
generic broad topic and kind of information I wanted to
get out there is we'll say, maybe the top four
things to kind of consider or look at when you're
wanting to hire or work with a financial advisor.
Speaker 2 (01:41):
Yeah, that's a good topic, right, Like we're comprehensive. We
do a lot of things, but let's get more specific
with the the financial advisor aspect of it. I've heard
before in your life and you want to have a
really good doctor, a really get attorney, and a really
good investment or financial advisor. Those are very important things.
So let's dive into that, especially for a dentist who
has the opportunity to save a lot of money. Yeah,
(02:04):
and have that money grow for sure.
Speaker 3 (02:05):
And you know if you're listening to us, and maybe
you're not in the spot yet where we were able
to help you. This will this part at least help
you kind of start to make the right steps towards
the right direction. Yeah. One of the things I was
looking up and it's something I'm not super familiar with.
I've heard the term I passed around, but it's fiduciary, fiduciary,
fiduciary Yeah, yeah, can you kind of tell me a
(02:26):
little bit what you may know about that? And then
why is that important for an advisor.
Speaker 2 (02:29):
To have that? Yeah, I mean being a fiduciary, you
were bound to act in the best interest of your client. Right.
It sounds like a common sense thing, but as a fiduciary,
that is it's a more formal responsibility. You know, they
can be conflicts of interest or you know, sometimes there's
firms that have their Bernie made off, have your own
funds and do weird things, you know. So if you're
(02:51):
looking for an advisor, you do want a fiduciary who
is bound to act in the best interest of the client.
Speaker 3 (02:58):
So this is almost like the oath that that that
doctor's sake.
Speaker 2 (03:02):
Yeah, yeah, no, absolutely, there's there's a there's a formality
to it, and it's important that that question is asked
and that again most are yes.
Speaker 3 (03:11):
But this this really stems on the ethical side of
the equation. Yeah.
Speaker 2 (03:16):
Yeah, it's not just hey, give me your money and
you know, we'll we'll tell you how it goes. It's
it's there's strategy, and there's things you do and there's
things you stay away from. And I think that's important
for anybody, dentist or non dentist. Right, if you're going
to have somebody handle your money, you want them to
be a fiduciary, that is.
Speaker 3 (03:34):
Someone who's promising to work in your best interest, not
their own.
Speaker 2 (03:37):
Yeah, I mean it's it's like if you go to
somebody that works on your teeth, you probably want them
to have d d S or d m B at
the end of their at their name and you know,
again this is more of a layup one. But yeah,
that's a common sense ask it. Be sure that they
are very important.
Speaker 3 (03:50):
It does seem to be common sense. But if you
if you've never had a financial advisor before, you this
may not be something you've ever even dealt with.
Speaker 2 (03:58):
Yeah, sometimes you don't know what question do I ask?
Speaker 3 (04:00):
Right, or like with an account a CPA versus just
a standard accountant. You know, those are some things too. Yeah.
Speaker 2 (04:07):
Well, no, we've seen that that people have their taxes
executed by someone who's not even a CPA. They work
at a firm. I can't remember what the right We
only have CPAs here, but.
Speaker 3 (04:15):
I think there's a pe public account there's another.
Speaker 2 (04:18):
Yeah, yeah, and it's shocking. We'll see people with you know,
a million dollar practice that they don't have an actual
CPA doing their taxes. Again, probably because they're just they're unsure, just.
Speaker 3 (04:25):
Rolling into one of the software, you know, and they
you see the commercial for right now, casey with with
our firm here, we are very niche. We are very specialized.
We only specialize and you know, practice owners. And I'm
assuming out there in the world there are other specialties
like the other firms and other and other advisors and
(04:46):
things that work with other fields. What can be a
disadvantage to possibly choosing or at least not knowing if
your your financial advisor is in a specific specialty.
Speaker 2 (04:57):
Yeah, clearly they're not all created equal, number one, but
number two that there are different ones. There are some
that only work with high net worth people right there
are there are may be others that their focus is
maybe somebody starting a family, or that they can't have
an advisor. You can have a niche, Well what is
there's Well the nice thing for us, we only work
with dentists and specialists, so you know that that's checked off.
(05:21):
But you know, ultimately, even within that, how we're going
to help people grow their money is going to be
different depending on some variables. Again, custom you want to
be customed. You don't want a cookie cutter approach, but yeah,
you know, making sure you and so if you're a
practice owner who has an advisor and maybe they're with
high net worth people, that's great, you've checked a box.
Do they understand dentistry and dittal practices and all of that,
(05:44):
that's a that's a big one.
Speaker 3 (05:46):
What if you know this is like you know point
number three, you kind of covered it a little bit.
What if the plan they've given you or are trying
to maybe shoehorn you in is incompatible with with your practice?
Again you said almost like cookie.
Speaker 2 (05:58):
Cutter, Yeah, yeah, what how does your advisor view money
that retirement? Right? I think that's important to understand that,
you know, if you're out there with us as we
go through our process. It's real clear. We want to
learn what people want out of their life, out of
their practice. What are your retirement goals? You know, what's
that look like? Timing family, maybe there's a special needs
(06:20):
child or something that you have to account for. Really
having a custom plan and strategy. You know, we're at
square peg round hole.
Speaker 3 (06:30):
Yeah.
Speaker 2 (06:30):
Right, if you're working with somebody who doesn't have a
strategy or it's the wrong one, you need to know that.
How do you learn conversation at your interviewing people? We
call it a mutual betting process. But right, we have
people coming here with you know, five six, eight million
dollars already. Yeah, and so these questions are important, but
it's almost like.
Speaker 3 (06:48):
You know, a first date or data in general, you
want to find out and talk to somebody and see
if things align the way you would like them to be.
Speaker 2 (06:56):
It's incredible the amount of people I talk to I
rarely get asked some of these questions. I end up
bringing it up to them to you know, to make
sure there's a good amount of clarity. But a lot
of times, you know, civilians or practice owners, they don't know,
they don't know what to ask, right, And that's okay, But.
Speaker 3 (07:10):
That's just why I say, Oftentimes, when when you're out
presenting and speaking with owners, they just ask you straight up, well,
how do you do that? How do you how do
you make the money?
Speaker 2 (07:19):
Yeah? You know, what do you do? How do you
do it? It's like what depends? It's it's it's very different,
I mean, and it feels like it's because their experience
may have been cookie cutter planners.
Speaker 3 (07:28):
Yeah.
Speaker 2 (07:28):
I mean, we just wrapped up the NFL season. It
would be like saying, well, what kind of offense? Oh,
here's a better example? Actually want to Purdue got a
new football coach. With the media was asking the new
offensive coordinator, Hey, what what's your offensive scheme? And he goes, well,
we're still compiling our players, so we have to assess
their skills, talents, attributes to determine which scheme is best
(07:50):
for them, not for us to just have one and
force it down. Somebody's throw. Same thing with the four.
Speaker 3 (07:56):
Right, you can't say my our plan is to you know,
kick a bunch of field goals and to have a
terrible kicker.
Speaker 2 (08:01):
Yeah, how do you get touchdowns? Well, sometimes you throw
a fifty yard pass. Sometimes you run it in because
you're on the two yard line. It's situational. Again, you
want somebody who is adaptable, and it is custom of
course we are. But you want a strategy that's that
that you're compatible with. You know, some people, yes, they
want to grow their money, but other things are important
(08:21):
to them, right, So it's it's that's really important that
you align. Normally it comes out through conversation, yes, and
it's a feeling, which we talk about that right, yep,
that's great, but you need more than just a feeling
of they seem fill in the blank, they seem nice.
Speaker 3 (08:38):
Great, Yeah, yeah, casey with one of the things that
and it does come up, and it should come up
no matter what you're doing, what you're buying, who you're
paying services for, is really understanding or not understanding how
your planner is paid. You know what I mean, it's
what is their structure and how does that come about?
Speaker 2 (08:56):
Yeah, the biggest issue with that is sometimes people have
advice is that again they like and they're afiduciary ish
and and and some of those things align, but there's
a lot of commissions and different mutual funds and a
lot every move they make they're getting hit with another
high commission.
Speaker 3 (09:17):
I want to say nickel and diming.
Speaker 2 (09:18):
But we're bigger than that now, Yeah, but I mean
being real clear on what that is. And again this
is something else. A lot of people I talk to
they have money invested, right, And when I talk about
our fee structure, well, number one, it is custom because
we deal with a lot of different simplicity or complexities.
But it's a percentage of assets under management, which is important.
(09:43):
But I'll bring that up of what the what those
percentages are. And I say, listen, do you have a
broken tree? Yeah, I've got something that schwab. I've got
something that you know what? And and I go, well,
you're paying a percentage fee. It's typically hidden in a statement.
We bring it to the forefront. Is a high integrity firm.
I tell you up front, that's right, and all our
other services it's a flat fee, so it's unlimited. You know,
(10:05):
we're not taking owners like some there's some wild formulas
out there. You get you get a cut of this
or that or ownership or as it grows. It's you know, listen,
we want a percentage of assets under management. So what
we have people that have ten and fifteen million dollars.
We all win, right, right. A lot of people have
maybe four or five million, and their guy wants a
(10:26):
bunch of those people that they're making a lot of
different moves and getting all those commissions. That is not
the path in my opinion, to grow money. You can
grow money, maybe grow money for the person making all
the moves. Yeah, not so you. Yeah, I mean we'll
look at the different strategies people have and we go, oh,
that's interesting. Those are the highest paying commission things that
so and so can do, right that their old advisor
And it's unfortunate to see. But you know, really understanding
(10:49):
how they're paid, that's really important. You want a strategy
that's compatible with you. You know, both how how you're
going to grow money and what what that looks like,
but and how you're going to get there as well.
Speaker 3 (11:02):
And also what your end goals. Again, it may not
be to have the most money. Ever, maybe you wanted
some more free time at home, you know, or whatever
the case may be.
Speaker 2 (11:10):
It's fascinating how many people, I call it wealth adverse.
They have head trash about money and they almost feel guilty,
and they they they're uncomfortable talking about having X millions
of dollars. And I've said this before. You need to
be a good steward of your skills, talents and opportunity
to make money. What you do with it is up
to you. So if you want to go give away
(11:31):
five million dollars, then do that, sure, But to not
your excuse of being wealth adverse to then not have it,
grow it and work hard to build it. To me,
that's very mediocre.
Speaker 3 (11:42):
I agreed for folks who want more information maybe on
this kind of thing, more of what we do, or
just things to look out for ways to grow their money.
You and your team of ladies and fellows are going
out across the country and teaching people and doing presentations.
We've got a guy out in Hershey, Pennsylvania right now.
You're going to the Thomas p Henman meeting. So we
(12:05):
have all these really cool fun socials and fun bourbon tastings.
But you know, again, the main goal is to help
you and help your practice and also to kind of
scare away those dsls out there. Casey, what is one
of your favorite takeaways from this presentation?
Speaker 2 (12:21):
Anytime we give back to the dental community and present
some ce and Let's say I have a one on
one conversation down the road with somebody who attended. I'm
always like to ask what drew you to this? And
I heard one recently. They said I didn't even know
what it was. It was ce and it was bourbon
and it sounded cool, and they go, you guys did
a really good job. I learned more than I ever
thought I did, and now I realize how important this
(12:43):
side of my my life is, the business side. It
can it will make or break you. And you know,
I'm so happy I went. But it wasn't because of
the subject matter. Other people will will go because of
the subject matter. But there's two things with our course,
you know. One we dive into dso because it's a
hot topic, but yep, few understand it and we like
to explain it in some detail. But the other is
(13:06):
how many headwinds practice owners have to be profitable retire
on your terms with millions of dollars. So we cover
both sides of it. Right, what's it looked like to
go corporate? What's it looked like to stay doing what
I'm doing? And what's it look like if I master
this or have somebody help me master this and the
answer is millions of dollars.
Speaker 3 (13:22):
That's right, Casey. Thank you so much. Folks. If you're
listening out there, and you should be otherwise you're not
hearing this fun fact. But go to four Quadrants Advisory
dot com slash events. We're we've got up through I
think April already books and ready to go. Click on
whichever city or event you want to go to and
just register for your ticket for your seat. It is
(13:42):
a fifty dollars registration fee, but that is refunded as
soon as you attend. Just really to save your spot
because these have been selling out like we were to
Scottsdale end. We have to turn people away.
Speaker 2 (13:52):
Because we have Well, as a dentist, you hate no call,
no shows as screws your day. Well, guess what, we're
in demand and we need to it's the equal wiser
to get people to either not register or to attend.
Speaker 3 (14:03):
It feels good to be in demand. It's never happened
to me. This is great. Welcome to the show. Thank you.
Speaker 1 (14:10):
That's all the time we have today. Thank you to
our guests for their insight and for sharing some really
great information, and thank you to you the listener. For
tuning in. The Millionaire Dennis Podcast is brought to you
by four Quadrance Advisory to see if they might be
a good fit for you and your practice. Going over
to four Quadrantsadvisory dot com and see why year after
year they retain over ninety five percent of their clients.
(14:31):
Thank you again for joining us and we'll see you
next time.
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