40 | Volume 3 Issue 4 S upporting Y our P ractice Most dentists invest a portion of their earnings to increase their net worth and save for retirement or some other long-term goal. In our experience, however, we have found that many do so without a well-defined financial plan. We recently asked some dental professionals and family members who had developed a plan with an Investment Planning Advisor to share their thoughts about the experience. Their answers reflect comments that we often hear from people who have taken this important step to help secure their financial future. Although CDSPI Advisory Services Inc. (CASI) provides this service as a member benefit of your dental association, the observations expressed here are relevant for anyone who is currently working with a financial advisor or contemplating doing so. It helped me to look at the big picture rather than focusing on the day-to-day with investments. Dr. TomMarko , Newmarket, Ontario Dr. Marko is a relatively sophisticated, do-it-yourself investor who had taken the Canadian Securities Course. He was approaching retirement and wanted to get a better idea of where he stood in terms of financial security. His wife had been investing in CDSPI Funds for a number of years and was very happy with her returns, so they met a CASI advisor to look at the big picture and create a joint plan. “I was particularly impressed with some of the tax minimization strategies he talked about,” said Dr. Marko. “He suggested we talk to our accountant about how proceeds from an eventual practice sale, RRSPs, and other investments could be structured for tax efficiency. He also suggested moving some investments into Corporate Class funds, which provide additional tax benefits. Investing has always been fun for me, almost like a hobby, but now I can see the value of stepping back a bit and letting the pros do it.” I showed the plan to my accountant who couldn’t believe how detailed it was. Dr. TimMcManus , Windsor, Ontario Prior to working with a financial planner, Dr. McManus explained that he had been working with a stock broker, considering recommendations and investing accordingly, with no particular objective other than looking for the most growth possible. He and his wife, Dr. Lesli Hapak, a periodontist with whom he shares a practice, met a CASI advisor to develop a joint plan. “It was clear that my portfolio of investments didn’t match the profile determined by the plan,” said Dr. McManus. “Frankly, I was surprised to find out how over exposed I was in equities, which meant I was taking on a lot more risk than I needed to.” (This was a common theme among the people we spoke to.) Dr. McManus particularly liked the tables that clearly showed how much money there would be at age 70, 80 and 90, and where that money would come from, even under different market conditions. The Power of a Plan FOCUSINGON INVESTMENT GOALS Ron Haik MBA, CFP ® , CIM ® , FCSI ® , CIWM ® ,TEP Vice-President, Investment Advisory Services, CDSPI Advisory Services Inc. 1-800-561-9401, ext. 6859 email@example.com CDSPI isanot-for-profitorganizationwhosemission is toprovideafullrangeoffinancialsolutionsthatmeet theuniqueneedsoftheCanadiandentalcommunity throughouttheir lives.Ourmembers includetheCDAand participatingprovincialandterritorialdentalassociations.