We earn our living when times are good. We prove our worth when times are bad.

Dentists

Dentists. We get you. We know that dental practices often mirror other types of small business. The challenges can be similar – finding and keeping good employees; managing expenses; tackling the ever-changing rules that govern the protection of patient or customer privacy. The list goes on and on. These day to day tasks can take up too much time, leaving the professional, who may also be responsible for managing the practice, little room for financial planning and ensuring asset protection.

We may not know exactly what you’re thinking but we have a pretty solid idea of what issues most concern you.

How can I maximize my retirement?

There is an old military axiom that says a poor to mediocre plan boldly executed has a far more likely chance of success than a brilliant plan executed poorly. So here’s our first suggestion – If you haven’t already started planning for retirement, start today.

There are numerous qualified retirement options to choose from (i.e. 401k, SEP, defined benefit, defined contribution, etc.). Some require participation of all your employees, some do not. Additionally, you don’t have to use qualified plans exclusively. Individually owned real estate, stock, bonds, mutual funds and permanent life insurance are all effective retirement planning tools to optimize the financial effects of your various retirement assets.

Our second suggestion – Don’t make your decisions in a vacuum. Separating your retirement planning decisions from your personal planning decisions could be counterproductive. Work with a professional who is qualified to look at the big picture of your life and is also qualified to recommend what retirement tools to use and under what circumstances.

What can I do for my employees that won’t break the bank?

Have you considered offering a “menu of benefits” giving your employees the opportunity to make “ala carte” selections based on their own personal needs? Perhaps your receptionist is covered under her husband’s medical insurance, but she needs dental insurance for the entire family. There are a variety of options to consider, whether the cost is absorbed by the employer, shared between the employer and employee or offered at a discount through a group benefit plan. Allow us to assist you in finding the solution that works best for your employees and your bottom line.

How important is disability insurance?

We all rely on our regular income for current monthly living expenses as well as for our future obligations and retirement planning. Disability insurance can replace a significant percentage of your income during the time in which you are unable to work. After all, your greatest asset is your ability to earn a living. At Hurley Associates, we realize how vital it is to protect you and your family against severe financial hardship. A quality insurance plan can help you maintain your current lifestyle, safeguard your future and honor your financial obligations.

The first line of defense is a personal disability insurance policy; one that will take care of you, your family and the household. Additional lines of disability insurance protection are also available to help cover retirement contributions and business obligations. If you own a practice, you have a lot to lose if a disability occurs. Not only do lose income, but you could potentially lose the business that you worked so hard to build. Ask us about the options for protecting both.

Should I invest in term life insurance because it’s less expensive than whole life?

First of all, you don’t invest in term insurance. Term insurance is a cost item, much like your auto insurance is a cost item. There is no return on investment; only death benefit. Term insurance certainly is less expensive than whole life, at least in the short term. However, over the long haul, it could be costly. That doesn’t mean it isn’t a valuable financial tool used in the right circumstances. On the contrary, term insurance is a great way to get a lot of protection for not much cost. For young families who need high death benefit but don’t have a lot of financial resources to pay for it, term insurance provides a very good solution. It can also be a good way to cover a specific obligation or particular need for a limited period of time; for example, indemnifying a loan. Since every individual and every family is unique in their needs and their goals, we recommend purchasing insurance and all other financial products based on the value they bring you and not just on the price. There is no one size fits all. At Hurley Associates we can help you determine what fits you best.

Why call us? We specialize in you!

Hurley Associates understands the inner-workings of a dental practice. We are familiar with the fiscal responsibilities you face and we have significant experience working with small businesses, including dental practices. We’ve even worked with dental professionals as they’ve made the necessary decisions that are relevant to setting up a new practice. Hurley Associates can handle everything from employee benefits and disability insurance to lifelong financial strategies and services. We’ll follow you and offer you the benefit of our experience and our resources wherever your journey takes you. Contact us today.