We hope you are settling in well to dentistry and are enjoying work in your new practice with your new patients.
Financial planning is important at any stage of your career but even more so as you start out. With our help you can develop good financial habits, learn from our expertise and build a solid financial plan that will grow with you.
As a newly qualified dentist we are aiming to create a long term working relationship with you. In the same way that your patients require check-ups and ongoing maintenance so does any financial plan.
We offer comprehensive advice on the most effective strategies to manage your financial health and protect you, your loved ones and your future.
We wish you every success and look forward to helping you with your financial strategy
As you begin on your career path there are some important financial decisions to make.
The list below, although not exhaustive, shows the most relevant aspects of financial planning to you as a new dentist:
- Income Protection – One of your greatest assets right now is your “yet to be earned income” and it makes sense to protect it. Read more about income protection.
- Life Assurance – this type of insurance is essential if you are looking to purchase a house in the near future. The value of the life assurance can cover your outstanding mortgage liability. Read more about life assurance.
- Critical Illness Cover – this cover is designed to pay a lump sum on diagnosis of certain life-threatening, disabling or debilitating, but not necessarily fatal, conditions. It is worth noting there is a 5 times greater chance of suffering a critical illness than dying. Read more about Critical Illness
- Pensions – While working in the NHS you will most likely be a member of their pension scheme. It’s important that you work with an adviser that understands this scheme and will include it in your financial plan. Dentists in private practice who are no longer active members of the NHS scheme will need to consider alternative methods when saving for retirement. This would include personal pensions and SIPPS. Read more about pensions.
Surround yourself throughout your career with advisers and contacts that understand or work exclusively with the profession.