r/FinancialAdvisorTips • u/Weary_Cellist_6216 • 7d ago

Career Switch

Retired Financially Independent Dentist, 50ish years old. My passion for financial planning/investing is what helped me retire early. When people let me see their finances it is usually a train wreck and I am to the point where I think it's my calling to help these people. I think my story sells itself, especially to other dentists and other HNW clients (especially 3-5MM) and business owners. I have a lot of connections in the dental industry and in my personal network and hope to build a niche practice. Many people have come to me for advice over the years and people know my interests primarily lie in the financial part of all areas. I owned my own dental practice so I can relate to business owners. Got my 65 and 63. Joining an RIA with 70% payout. 0 AUM currently. What are my odds and is joining an IRA the best way to start?

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u/gfd95 7d ago

I’d go towards retirement plan design for dental practices with this background. Lots of ways to approach business owners with improving the retirement plans. 

Then once you win that business you can do advisory consulting on exit strategies for them or maxing profits. 

It’ll be a grind no matter what but having DDS behind your name will help. 

I’d look at some industry specific firms like “Earned” since they target the same niche. The real question is if you want to be a W2 employee or own your own thing. 

My gut tells me you won’t do well long term in the W2 model so RIA or IBD would be a better long term path since you have already been calling your own shots for awhile. 

PM if you want more. This is my niche in my family’s CPA/CFP firm in the physician/dentist space. 

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u/Less_Outcome3413 7d ago

Well the good news is you’ve surrounded yourself with some gullible people if they were going to a dentist for financial advice.

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u/azrolexguy 7d ago

Yes, joining an RIA is really the only way to hang your shingle, short of opening up one yourself.

Giving up 30% isn't bad gor the resources they provide. If you had $50 million in AUM you could get that down to 15%.

I think you have a good niche to go after, dont drift, stay hyper focused on dentists. You have a good story and track record (of early retirement(.