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A 401k plan helps you attract and retain quality employees to your practice. It can also save you money in the form of tax credits and deductions. Historically, 401ks were designed for large corporations. High fees and administration headaches kept them out of reach for small businesses like dental practices.
Today, however, they’re more affordable and manageable. We can help you set up a low-cost, low-maintenance plan that helps you:
To directly reach out to our investments team, please email retirement@practicecfo.com. To access our Client Relationship Summary (CRS), click here.
Researching investments, assessing options and executing decisions takes time and experience. It’s easy to feel overwhelmed and to procrastinate on taking action. But goals like funding your children’s education or planning your retirement are too important to risk getting wrong.
PracticeCFO takes a comprehensive look at your business and personal financial picture. We then provide a clear strategy for accumulating wealth, minimizing taxes, and navigating your financial future.
At PracticeCFO, our investment philosophy consists of a set of core principles and beliefs that provide a framework for the investment decision-making process. When put into practice, our investment philosophy becomes our investment strategy. The result is less taxes paid, more money in your account to compound and grow over time, and disciplined investing customized to meet your needs. All our portfolios are constructed with the following philosophy in mind:
“Diversify broadly, identify opportunities, avoid common pitfalls, keep costs at rock bottom, periodically rebalance, and remain disciplined.”
Diversify Broadly – We diversify to reduce volatility and maximize risk adjusted returns, commensurate with your risk tolerance and time horizon. The allocation of capital among asset classes (stocks, bonds, cash, etc.) and sectors (technology, consumer staples utilities, etc.) will have greater influence on the long-term portfolio results than any other factor.
Identify Opportunities – We use a hybrid investment management approach that combines passive asset management with tactical asset allocation. Low cost, passive exchange traded funds (ETFs) form the core of our portfolios. Tactical asset allocation may be used to capitalize on market opportunities. For example, we may overlay sector ETFs to take advantage of strong market sectors or increase the weighting of an asset class that we perceive to be undervalued.
Avoid Common Pitfalls – As your Investment Advisor, we can help you avoid costly mistakes. We keep you focused on the long-term investment objective so that you aren’t rattled by short-term fluctuations.
Keep Costs at Rock Bottom – Over time, high costs significantly erode your returns. With so many unknowns in the market, minimizing costs is one of the only guaranteed ways to boost portfolio performance. The average expense ratio for mutual funds is between .50% – 1%, many are much higher. Our portfolios have an average expense ratio of less than .15%. Further, we partner with the leading custodian in the Independent RIA space, Charles Schwab, so that your assets and data are secure and your trades are free. Charles Schwab has worked side by side with Independent RIAs for over 30 years. Below are some of the investment firms that PracticeCFO uses for low cost ETFs and Mutual Funds:
Periodically Rebalance – From time to time, market conditions may cause the portfolio’s asset classes to deviate from the desired allocation. These deviations leave you exposed to greater risk. We periodically rebalance your account, selling out of overweight positions and buying into underweight positions, so you aren’t overexposed.
Remain Disciplined – We believe that markets are generally efficient. Therefore, it is virtually impossible to predict the market or time the purchase or sale of investments to “beat the market”. We take a long-term buy and hold approach, consistently buying dips, periodically rebalancing to get the portfolio back in line with the desired allocation and sticking to the long-term investment objective.
Wes knows what's best for dental practices. He's been doing this for a long time and he sees lots of practices. He can tell me how our practice is doing, and what we can do to increase our productivity. With past CPA's, there were no ideas. It was all coming from me, saying "I think I can do better, but I don't know how." I come in to meet with Wes and he says "You CAN do better, and I know how."
PracticeCFO is in hundreds of dental offices around the country. They know what numbers should look like. They know what percentages of payroll, rent and supplies should be, and they will hold you accountable to those numbers, which will really help you stick to your plan and your path of growth and savings. That is invaluable
Whenever something comes up, whether it's building or practice related and we weren't sure where the numbers would go, PracticeCFO has been instrumental in helping us figure that out. I can't say enough of how important that is - that it goes beyond that initial partnership. They make sure this business marriage works.
When I go home from work, I don't spend a whole lot of time stressing about what my books look like, or how much I owe in taxes. By using PracticeCFO, the burden of keeping track of a lot of the big financial numbers and metrics are taken off my plate.
PracticeCFO helped me develop a plan for the future. I have colleagues that work with other accountants that don't have a plan - they just look at the numbers of the practice and that's it. There's no plan for 10, 20 years from now. But with PracticeCFO, you get that. PracticeCFO makes you feel like you're they're only client.
(In reference to his practice sale) What could've been super stressful, wasn't! When picking John and Wes, it was from word of mouth recommendations and other people's experiences from the past that really did it for me. And it turns out that those recommendations were right on the line.
Wes knows the business side of dentistry. His comprehensive plan will organize your personal and professional finances so you can focus on taking care of patients. Massive ROI.
I can’t say enough good things about everyone at PracticeCFO. Everyone on the team is professional, organized, knowledgeable, helpful and kind. They also respond to emails and phone calls immediately and are always happy to help. They have helped me navigate year-to-year as a business owner. PracticeCFO gives me peace of mind that my business is in good hands.
I love Practice CFO! They have helped me obtain a practice and maintain a practice. They are incredible people who are on top of everything and make owning and running the business portion of a practice easy. They couldn’t be better for my business and my sanity. They have every detail of the business and taxes taken care of where all I have to do is show up and follow their easy steps to success!
Practice CFO has the best tools I’ve seen for personal tax and financial planning in addition to top-tier corporate tax and accounting services. I have been very pleased with the level of quality service. They manage my monthly bookkeeping and accounts payable. It is a great system and saves me a ton of time, and it allows us to have monthly financial statements within a week of month end.
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