February 15, 2017 Brian

The Doctor – Patient Relationship

Sometimes people wonder what the difference is between what advisors at Dumont Financial do and, say, their accountant, or even their uncle who doesn’t work in finance at all (but is a really smart guy). I explain the difference with a question:

“If you had a toothache, would you call your podiatrist or your dentist?”

This seems like a ridiculous question, of course, which is part of the point. But then, if you think about it, it becomes clear why I’m asking it. Both the podiatrist and the dentist are doctors. Both are specialists who help with bodily systems, however, with very different focuses. And while it may be clear in your mind which doctor is best to fix your aching tooth, it may not be so clear to you why one financial special is better equipped to handle, say, an investment strategy rather than your tax return.

This is, in part, because with the body the different parts of the body are clear in someone’s mind, whereas, with finance, there is often overlap in areas. For instance, while financial planners do tax planning for the long term, an accountant who specializes in tax returns may be more concerned about an immediate tax benefit. Both are trying to leverage tax alpha for their client, but will do so in different ways.

At Dumont Financial, for instance, we specialize in financial strategies that, first and foremost, help prevent losses. That is because we believe you have more to gain by preventing losses (plug the holes, so to speak), than by simply chasing rates of return. This underpinning, however, is quite nuanced, and I have yet to meet someone who doesn’t have losses to help prevent – everyone can be more efficient! The question is how? The answer – or strategy – is unique to each, which is why we are specialists in this area, just as your particular doctor may be a specialist of a particular area.

Choosing the right doctor for you is important. Choosing the right financial strategist for you is also critical, and doing so often depends on your understanding of just what their specialty is.

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