Short answer: choose a fee-only fiduciary who works with dentists — and confirm it in writing. The word “advisor” is used by genuine fiduciaries and by product salespeople alike, so the job is to tell them apart. A few direct questions will do it.
Why is choosing the right advisor so hard?
Because the title “financial advisor” is nearly unregulated as a label. A fiduciary planner and a commissioned insurance salesperson can both hand you a card that says “advisor.” They operate under different legal standards and get paid in completely different ways — and those two facts determine whose interests come first.
What does “fiduciary” mean, and why does it matter?
A fiduciary is legally obligated to put your interests ahead of their own, at all times. That’s a higher bar than the “suitability” standard some salespeople operate under, where a product merely has to be appropriate — not best — for you. Always ask, plainly: “Are you a fiduciary 100% of the time?” and get it in writing.
How is the advisor paid?
This is the most revealing question you can ask, because compensation drives behavior. There are three broad models, covered in depth in our guide to fee-only vs. fee-based vs. commission:
| Model | Who pays them | Conflict of interest |
|---|---|---|
| Fee-only | You, directly (flat, hourly, or % of assets) | Lowest — no product commissions |
| Fee-based | You and product commissions | Mixed — can still sell commissioned products |
| Commission | Product companies | Highest — paid to sell |
Does dental experience actually matter?
A lot. A generalist may be excellent with a portfolio but unfamiliar with the things that dominate a dentist’s financial life: six-figure student loans, buying a practice, DSO offers, practice overhead, and transition planning. An advisor who speaks dentistry fluently spends less time getting up to speed and more time adding value.
What questions should I ask before hiring one?
- Are you a fiduciary 100% of the time — will you put that in writing?
- Exactly how are you paid, and do you earn any commissions or third-party compensation?
- What is your experience working with dentists and practice owners?
- What services do I get — investment management only, or comprehensive planning (tax, insurance, transitions)?
- Who will I actually work with, and how often will we meet?
- Can you show your Form ADV and disclose any disciplinary history?
How do I verify what an advisor tells me?
Trust, then verify. Registered investment advisers file a Form ADV you can read, and you can look up any advisor’s registration and disciplinary record through the SEC’s and FINRA’s public tools. A genuine fiduciary will hand you these before you ask.
Frequently asked questions
For most dentists, a fee-only fiduciary who specializes in working with dentists. Fee-only means they’re paid only by you, with no product commissions; fiduciary means they’re legally required to act in your best interest; and dental experience means they understand practices, dental debt, and transitions.
Fee-only advisors are paid solely by their clients and accept no commissions. Fee-based advisors charge fees but can also earn commissions from selling products, which reintroduces the conflict of interest fee-only is designed to avoid. The names sound alike but the incentives differ.
Ask for their Form ADV, and use the SEC’s Investment Adviser Public Disclosure site and FINRA’s BrokerCheck to review their registration and any disciplinary history. A trustworthy advisor will offer this information proactively.
Sources
Founder & Financial Planner · Investment Adviser Representative · Series 63 & 65
Ian McGinnis is the founder of Dental Wealth Partners and a fee-only financial planner dedicated to dentists. As an investment adviser representative (Series 63 and 65), he built the firm to give dentists coordinated, fiduciary advice across their practice, taxes, investments, retirement plans, and long-term goals — the whole picture in one strategy. A graduate of Belhaven University, Ian previously worked at Davis Private Wealth, MML Investors Services, and Northwestern Mutual, and is based in the Jackson, Mississippi area. He is the author of The Wealthy Dentist and hosts the Smiles & Cents podcast.
Keep reading
- Fee-only vs. fee-based vs. commission: how financial advisors get paidThe three ways financial advisors get paid — commission, fee-based, and fee-only (non-commission) — and why the difference matters for the advice you receive.
- The most common financial mistakes dentists makeHigh income doesn’t guarantee wealth. The recurring financial mistakes we see dentists make — lifestyle creep, under-saving, bad insurance, and no plan.
- Term vs. whole life insurance: what do dentists actually need?Most dentists are best served by term life insurance plus investing the difference. When whole life makes sense — and why it’s so often oversold.