You were probably told that the purpose of your post-college education was to gain the knowledge necessary to practice your profession. Additionally, post-college education taught you where to find answers, since most most people don’t retain everything they're taught. Learning where and how to locate information and synthesize it is an important goal.
Successfully passing the requisite exams in professional school and the subsequent state and board exams, and completing the necessary clinical training, allows someone the opportunity to enter their field of endeavor. Now what happens?
For dentists, the choices are solo practitioner, associate, or joining a group practice. The importance of education is not only learning what to do, but also learning what not to do. Some may say this occurs only after years of practice and being exposed to a myriad of challenges. As a fiduciary, you are held to a higher standard of care and service, and charged with the responsibility of always doing what is in the best interest of your patients.
However, as much as patients may seek out your experience and knowledge, obtaining other professional opinions is an acceptable form of obtaining appropriate data in order to ensure you make proper decisions. Hiring a professional in matters foreign to you is cost effective, as you may not have the knowledge, time, or inclination to learn new information. In other words, hiring the appropriate expert is smart. Isn’t that what patients do when they visit a health-care professional? You’re paid for your time based on your knowledge and experience.
There are those who strive to maximize productivity and increase their bottom line. However, it’s difficult in many situations to “be in two places at one time” without increasing expenses and being productive vs. being in one location. In economics this is known as the law of diminishing returns. In other words, “As the number of new employees increases, the marginal product of an additional employee will at some point be less than the marginal product of the previous employee.” (investopedia.com/terms)
Often before a decision is made, we tend to do a cost-benefit analysis in our mind. It’s usually done quickly, as the brain processes the data. You may think decisions are made based on the information and events. If only it were that simple. Emotions often come into play, and may depend on if a person has had a good day or a bad day.
Fortunately, the early practice years provide the time to obtain additional knowledge and practical experience. Unfortunately, as careers move forward there is less time to do all the things we want to. A balance is needed to be successful and have enough personal time. With time and life experiences, the realization of not knowing everything becomes all too real. A professional should make an objective assessment to determine what’s best to reach your anticipated results.
If this is beyond your expertise and knowledge, a smart business decision is to hire and consult with trusted advisors who can help implement your desired goals and ensure your success.
The confidence and requisite trust placed in working with likeminded fiduciary professionals, i.e., Certified Financial Planners, CPAs, attorneys, and more, allows you to concentrate on what you do best. This allows your goals of family care and benefits, financial success and retirement, to become a reality.
