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Hiring a Financial Advisor?
Check ‘Em Out First
With the multiple investment opportunities available in the marketplace and numerous companies that tout their financial expertise to consumers, how do you know which firm or investment advisor would be the best fit for you and your financial needs. Choosing a financial advisor who is suitable for your situation needn’t be complicated, but a little homework and a small investment of your time up front will yield both a much better match and, most likely, a better return on your financial investments as well.
Start your search the old fashioned way – word of mouth. Talk with friends, family, business associates, and others to gather a few names of individuals with whom they’ve worked and had positive experiences. Another valuable source for names and contact information is the Financial Planning Association at www.fpanet.org or the National Association of Personal Financial Advisors at www.napfa.org.
Once you have a list of names in hand, check them out, urges Don McKinney a principal with Neidiger, Tucker, Bruner, Inc and an investment advisor with NTB Advisors, a full-service Registered Investment advisory firm. “You want to be sure that the advisor you choose has never had disciplinary action taken against them for unethical or unlawful practices.” He notes that one of the best sources is the NASD, which has long served as the primary private-sector regulator of America's securities industry. A wealth of information can be found online at www.nasd.com where individual financial advisors can be researched for any violations under BrokerCheck.
Next, Mr. McKinney recommends interviewing a few investment advisors to determine who will be the best fit for your needs and interests. “You want to know how they ensure that their clients’ interests come first before their own. Ask them several questions, including, do they act in a fiduciary capacity? Do they provide full and fair disclosure of all material facts regarding investments? How do they manage conflicts of interest? How long have they been in practice? Do they have other clients whose needs and interests are similar to yours? How are they compensated? Be sure to ask for references and follow-up with them. Ask the references about the type of investment advice they sought and if the advisor met their needs and expectations.”
Mr. McKinney urges dentists to pay particular attention to how the financial advisor is compensated. Typically, financial advisors receive their compensation in one of three ways. They may receive an annual percentage of the assets managed. This is usually one percent and does not include brokerage costs or expenses and sub-advisory fees of mutual funds. Or the compensation may be based on either an hourly fee or a flat fee per project. Or the advisor’s compensation may be commission based and contingent upon the sale of specific products to clients. The commission may be as high as 5.0-6.0 percent for annuity products or 4.75 to 5.0 percent for mutual funds.
“The fee arrangement should put the advisor on the same side of the table as the client,” emphasizes Mr. McKinney. “For example, if the arrangement provides that the financial advisor receives one percent of the assets then the better the investments do the more the advisor will make. If the assets go down the advisor makes less. There’s no conflict of interest with this arrangement where there might be if the broker is selling a specific product on commission,” explains Mr. McKinney.
However, if your goal is simply to make periodic investments, then a commission-based fee arrangement may be perfectly suitable. If you have the need for a full range of asset allocation and ongoing management services, then an annual fee basis may be the better fee structure. And if your situation is a specific one-time need then a flat fee may be the best approach.
In working with your investment advisor, Mr. McKinney says that you should be able to expect that your needs and interests always come first. “The advisor must act in the client’s best interest and in good faith. Under no circumstance should an advisor mislead a client or act in their own interests. They should expose all conflicts of interest, and provide full disclosure of all material facts of any investment recommended as well as sources of compensation that come to the advisor.”
For more information contact Don McKinney a Branch Manager of Neidiger, Tucker, Bruner, Inc (Member NASD/SIPC) and NTB Advisors: 1442 Camino Del Mar # 213, Del Mar, CA 92014 at 866-794-7300 or via email at DMcKinney@ntbinc.com.
This article shall not constitute a solicitation in any state or jurisdiction in which such solicitation would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
Sally McKenzie is CEO of McKenzie Management. a nationwide dental management, practice development and educational consulting firm. Working “on-site” with dentists since 1980, McKenzie Management provides knowledge, guidance and personalized systems that have propelled thousands of general and specialty practices to realize their potential. Sally can be reached directly at 1.877.777.6151
Interested in speaking to Sally McKenzie about your management concerns? Email her at Sally@thedentistsnetwork.net
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I Can See Clearly Now…
In a previous issue of The Dentist’s Network newsletter, we looked at the different forms of digital radiography: scanners, phosphor plates, and digital sensors. Obviously, there are many different systems and some are better than others. However, I do want to back up a moment as there is another, even more important issue that needs to be discussed.
Most offices spend so much time choosing their digital radiography system, evaluating components for resolution, line pairs/mm, comfort, size, and of course, cost. However, many of those dentists will then install the systems on older computers with even older monitors, and are often disappointed with the results. The problem is that many do not realize that the computer monitor is the limiting factor in these situations. Dentists purchase digital systems to not only eliminate film and chemicals and mounts, but to also allow the patient to participate in the diagnosis of their disease. When your monitor doesn’t allow you to see the images clearly, you will be fighting an uphill battle. So, it would be wise to evaluate your monitors and see if a replacement is warranted.
When looking at new monitors, there are many factors that should go into the process of picking the best monitor for your office:
LCD vs. CRT
Up until about 3-4 years ago, CRT, or cathode-ray tube monitors, dominated the marketplace. These are the large, bulky, TV-type monitors that are still being used in many offices. Over the past couple of years, though, LCD, or flat panel monitors, have become increasingly popular. These monitors take up considerably less space and by mounting them to an articulating arm, dentists can easily position the monitor wherever they choose. As prices have continued to drop and image quality has improved, the majority of offices installing new monitors are using flat panels. Dentists should be aware, though, that LCD monitors work differently than CRTs. For example, if you use a light pen with your older monitor, you will not be able to use this with an LCD. A decent 17” monitor can be found for around $200.
Size
Basically, I recommend getting the largest monitor that you can afford. Recently, the monitor that seems to give the best “bang for the buck” is the 17” LCD. While 15” models have dropped below $150, the 17” costs, on average, only $50 more and the extra screen size is noticeable for most people. One thing to consider with LCDs is the “native resolution”. This is the resolution that the monitor is meant to run; any other resolution tends to produce a fuzzy image. For 17” monitors, it is typically 1280 X 1024. The reason this is important is that as the monitor size increases, so does the native resolution…which makes the icons smaller. Some people will have trouble seeing and working with small icons.
Brightness and Contrast
Although most monitor manufacturers will tout the brightness of their monitors in their marketing materials, for dental offices, the contrast ratio is actually the more important number. Brightness is measured in candela per square meter (cd/m2). Ideally, a monitor should be at 250 or greater. Contrast ratio, though, is the key issue. A contrast ratio measures the difference in light intensity between the brightest white and the darkest black. High contrast ratio represents a much better color representation on the monitor than a lower contrast ratio. Obviously, this will come into play when trying to identify incipient interproximal caries on the monitor. You should look for a monitor with at least 500:1 contrast ratio. Some of the better monitors have 700:1 ratio or better.
Dot Pitch
Another specification that is often discussed with monitors is dot pitch. Dot pitch, or pixel pitch, is the amount of space, in millimeters, that separates two phosphors of the same color. If a monitor has a dot pitch of 0.27, there are 0.27 millimeters from one red phosphor to the nearest red phosphor in an adjacent pixel. Smaller is better. Most CRTs win this game, as the better monitors have a 0.22 dot pitch. That is why, at most dental meetings, the vendors demonstrating intraoral cameras will almost always show them on a small CRT monitor. LCDs, on the other hand, average about 0.27 to 0.29 mm dot pitch.
Dentists who are looking to become paperless should evaluate all aspects of their systems as they move towards a primarily digital dental office. Monitors are a key, but often overlooked, part of this process.
Lorne Lavine, DMD is the Founder and President of Dental Technology Consultants. Dr. Lavine holds two prestigious certifications, the A+ Certified Technician designation and the Network+ Certified Professional. These designations demonstrate proficiency in computer repair, operating systems, network design and installation. Dental Technology Consultants provide dentists a full range of services relating to the implementation of technology.
Dr. Lavine can be reached directly at 1.866.204.3398.
Interested in speaking to Dr. Lavine about your technology concerns? Email him at Drlavine@thedentistsnetwork.net
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