need a strategy
Designing the right one for you
and your practice is not. You
have distinct goals; we’ll help you
realize them. We take a strategic
approach to wealth management
that integrates your practice and
You take care of your passion.
We’ll take care of your fnancial plan.
www.twdadvisors.com | 877.939.2500
Is taking your time such a crime?
BREAKTHROUGH FINANCIAL PLANNING
J. Haden Werhan, CPA, PFS
Not so fast. There also are times when it’s
best to slow down.
TAKING YOUR INVESTMENT TIME
Investing is one of those times. We often speak
of embracing a patient, long-term approach to
managing your money. Why is that? Beyond the
ample academic evidence supporting the strategy, I’ve seen it with my own eyes. I’ve met with
countless dental professionals who have been
saving and investing for decades. Every so often,
someone who’s been impatiently playing the
market gets lucky and comes out ahead. But
most of the successful investors I’ve met have
built “sleepy” portfolios of low-cost, indexlike
funds allocated according to individual risk tolerances . . . and putting them on snooze control.
MAKING BIG BUSINESS DECISIONS?
GO SLOW AND STEADY
Your practice development is also often best
served when you embrace a patient approach.
I’m not suggesting you should stop improving
your business! But it’s usually worth sleeping
on big decisions before you make them.
If anything, this advice is more relevant
today than ever. I remember in the 1980s and
1990s, when consultants would tell private
practice dentists that they weren’t competing
with one another, but with other ways to spend
disposable income—such as at the nearest
Not anymore. There are so many external
business factors, it’s difficult not to feel you
must react and restructure your practice at
every turn. Corporate dentistry and large
group practices, lower reimbursements and
higher costs, unknown legislative possibilities
. . . these factors and more are contributing to
a competitive commoditization of dentistry.
Whether you’re thinking about adding a PPO
plan, dropping insurance altogether, increasing
hygiene days, relocating your practice, or making
YOU MAY HAVE HEARD the Latin expression tempus fugit, which is often translated to “time flies.” A better translation
would be “time escapes,” like a fugitive. Either way, time is a fast-moving culprit. If you snooze, you lose, right?
Continued on p. 86
More FREE Facts Circle 24 on card