Bring on the next recession! The beginning of 2016 tested investors with the S&P 500 falling 10.51% in just over a month, hitting a low of 1,810.10 on February 11. Since that time, the US Market Index has pulled back, almost breaking even with the January 1, 2016 starting point of 2,043.94 with a closing price on March 16, 2016 of 2,027.22. At this point, most investors are wiping the sweat off their brow, breathing a sigh of relief and saying “that was close.” During this volatile time period many of our clients called with concerns over the market decline. After recommending a new investing savings plan, one client texted me saying, “Looked at Schwab account last night…down $15,000…doesn’t make me want to jump into putting more money into stocks.” My response was simple: “When the market falls you should be more excited to buy ownership of companies, not less …
Did you know that your dental CPA is constantly getting offers to sell you out by referring products and/or services that may not be the best for you?
Check out part of this email I got from a web marketing guy who wants to show us his amazing SEO and traffic driving skills. His ultimate goal is to get us, at PFG, to refer our clients over to him. Watch how he phrases the offer:
I also wanted to reach out to see if any of your dental clients have any interest in a digital marketing campaign. I have been working with Dr. [redacted] for years now, and his SEO campaign has consistently brought new patients to his practice. If you’re able to connect me with any of your clients who want my support, I’d love to discuss a Finder’s Fee relationship with you for making the connection.
A “finder’s fee relationship?” That’s a polite way to say “we’ll pay you to tell your clients that we’re great.”
Another time a banker told us that in exchange for referring them clients, they would give us a “marketing allowance” in the amount of 1% of the amount of the loan. “Marketing allowance” is code for “kickback,” of course.
There’s some good news and some bad news here. First, the bad news:
In talking to young dentists all over the country, we get this question a lot: How can a New Dentists Find a Practice to Buy? Fortunately, the majority of dentists still understand the benefits of owning their own practice (far greater income and control/freedom over life and how you practice) and are courageous enough to take the plunge. But how to find the right practice? And what if you can’t find the right practice quickly? Several of your friends from dental school had connections or family that helped them get started. Some of your other friends have mentors they’ve found that have helped. But for whatever reason, you’re coming up dry. Or you don’t know where to start. What to do? Unfortunately there isn’t one easy answer. Finding a practice to buy is a lot like finding a spouse – you look and look and look, and then rely a …
We have two main jobs with our clients, understand their goals and help them reach the goals they set for themselves. It is inspiring work. Truly, we have one of the best jobs on the planet. We try and account for everything that will help or hinder a client in achieving those goals. However, there is often one person who cares the most about you goals and plans, but can’t do anything about it right now: your future self. In our work, we often try to advocate for this poor, unfortunate soul – you, but the older, feebler version. We want this version of you to live a good life with dignity and independence; but whether or not that happens will depend largely on the decisions the current version of you makes today. Two of these decisions include how much money to save, and when to start saving it. How …
Welcome to the PFG Blog. We invite dentists everywhere to subscribe. Our commitment to you: to keep the content relevant, practical, and worthwhile. We are constantly seeking to learn new information for our clients. When what we learn is valuable, we want to share. For example, we recently learned of a company called SoFi (www.sofi.com) who will refinance student loans at fixed rates as low as 3.625%. A blog post is a great way to get the word out to many of our younger dentists, and their friends, who are strapped with high debt loads and onerous interest rates reaching higher than 8%! Please follow and like us: