At the Greater New York Dental Meeting 2023, Dental Products Report had a chat with Aaidil Zaman of the Wall Street Alliance Group to discuss financial planning for dentists. [3 minutes]
Hello, my name is Aaidil Zaman. I'm a partner at Wall Street Alliance Group. Today I gave a talk about financial planning for dentists. What we realized with dentists is that the one commodity that they're very short on is time.
So, at Wall Street Alliance Group, we have a team of CFAs, CFBs, and we work in collaboration with attorneys and actuaries, so that under one umbrella we solve all the financial planning problems for dentists, and we save them time. So, for example, we work a lot with dentists and helping them set up trusts. Revocable trusts because what a lot of people don't realize is that after they die, if they don't have a trust set up, the state that they live in, it comes in and takes control of all the assets. And the estate goes through a very lengthy and costly probate process. And it takes a very long time before the children for example, can get the assets.
So, we can avoid that problem by simply setting up a revocable trust. We are working a lot with our dentist clients with year-end tax planning right now. So, for example, one of the best ways to save money in taxes in our opinion, is by contributing to a retirement account because for every $10,000 that you put in a retirement account if you're in a 40% tax bracket, and if that's a pre-tax retirement account, you save about $4,000 in taxes. So, helping you select the appropriate retirement plan is part of what we do.
And then asset protection is so important for doctors, and we help them identify what are the ways in which they can protect their assets, whether it's asset protection trust or whether it's LLCs. We help them evaluate the tools that are available to them. With the current volatility in the stock market, you know, a lot of people are struggling on how to preserve their wealth but grow it in the long term.
So, we work with clients as a fiduciary to guide them to take care of all these aspects of their financial life. So, it’s a 1-stop shop solution, so my talk today was based on that. We had a great talk, we had great reaction from the audience. If you'd like to find more information about us, you can go to wallstreetalliancegroup.com and you can click on Contact Us and fill in your information. Someone will reach out to you to set up a consultation. Thank you.