Associate and Principal

New Associate Dentists

If you are an Associate who has become self employed for the first time, initially we will look to coach you in the financial aspects of being self employed, typically an area that the dental schools overlook.

These areas include:

  • What are my tax responsibilities and the best methods to prepare for my tax bill?
  • How much should I save for tax and do I need an accountant?
  • How do I incorporate or fund a specialist interest in to my general practice career?
  • How do I go about owning my own practice one day?
  • Can I get a mortgage if I have just become self employed?
  • What protection should I have for my income and career?

Established Associate Dentists

As an established Associate, depending on your structure: private or NHS income we can advise you on the more advanced areas of financial planning to help maximise your wealth so you have greater life choices.

  • Developing a structured plan aiming to allow you to retire on your terms
  • Create tax efficiency with investments
  • Work with your accountant to structure tax efficient withdrawals from your limited company
  • Advise sole traders on ways to maximise their earnings
  • Organise mortgages for those with self employed or limited company income
  • Structure appropriate career protection to tailor to your working arrangements
  • How can I fund courses or masters to upskill?
  • Financing the purchase of your own practice*

Our advice at Professional Wealth Strategies is not only the traditional financial advice that others would give to you. Our programme, designed by Matt Rickard, Advice Director, is developed with his deep knowledge of the dental field. 

Our aim is to offer more than traditional financial advice; we aim to add value to your career with specialist knowledge, whilst improving your financial habits and overall wealth.

We also work closely with true specialist dental accountants and solicitors and members of the local area team in the northwest and beyond. We will be able to advise you as a team and cover every aspect of financial advice.

Your home may be repossessed if  you do not keep up repayments on your mortgage.

Principal Dentists

As a business owner and a dentist, your needs are varied and typically we find your time is stretched thin. It is vital you spend time out of your business to work on your business. A relationship with Professional Wealth Strategies allows you to form a bond of trust with a specialist financial adviser who is an expert in the niche of dentistry that will help you to maximise the potential of your business.

As well as the needs identified for an Associate, we can help in other areas that are specific to owning a practice.

  • Auto Enrolement Pensions Advice for members of staff
  • Financing expansion and equipment*
  • Lunch and Learn / CPD
  • Further practice acquisition funding*
  • Referral to specialist solicitors and Accountants

Our advice director, Matt Rickard says: “Most principals I meet for the first time are more clinically focused than business savvy. They therefore don’t always know the best ways to structure their business for tax and income maximisation and they miss out on opportunities. All of their time is consumed by their profession and without making time to meet an expert they miss out on opportunities they probably don’t even know exist.”

We believe that it is vital for our clients that they take time out once a year, or more, to meet with their adviser to focus on their business and personal finances as they can easily get lost in the busy world of running a practice.

The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances.

*This will involve a referral that is separate and distinct from those offered by St. James’s Place Wealth Management.