As a fiduciary financial advisor in Winston-Salem, Holland Capital helps dentists and other practice owners choose the right retirement plan for the practice and build a complete financial plan around it. We work with clients in Winston-Salem by video and phone, and meet in person by appointment at the Regus center on Saint George Square Court.
The retirement plan is only one part of the picture.
Winston-Salem is a medical city. Atrium Health Wake Forest Baptist is its largest employer, and the Innovation Quarter downtown is built around medical research.
A practice owner’s first question may be about a 401(k) plan. It is a good place to start. But the plan for the practice connects to everything else: practice loans, the building, your household’s savings and taxes, and what happens when you sell or step back.
Choosing a Retirement Plan for the Practice
The right plan depends on how many people work for you, what you can afford to put in for them and how much you want to save for yourself.
A 401(k) with profit sharing lets the practice make employer contributions, and some plan designs can allocate more to owners while still meeting the testing rules. A safe harbor design can avoid some of those annual tests if the plan meets the safe harbor requirements, including required employer contributions. Some higher-earning owners add a cash balance plan to save more each year.
Once the plan is in place, you have duties to your staff as the plan sponsor, including choosing reasonable investments and keeping costs in check. Our guide on 401(k) plan design walks through the choices.
The Rest of the Plan
Practice income can be high but uneven from year to year. Loans for the practice, the equipment or the building may still be running.
If you own the building apart from the practice, the rent it pays you is a second source of income and a second asset to plan for.
At home, the questions are familiar ones: how much to keep in cash, how to lower the tax bill, and the order in which to pay down debt and save.
RETIREMENT ENGINEERING™
The Order Matters
Five retirement decisions and why timing matters.
Planning for the Sale of the Practice
Your practice may be one of your largest assets. It may one day be sold to an associate, a partner or a larger group.
The price, how it is paid over time and how it is taxed all shape what you keep. Those choices are easier to shape years ahead than in the months before a sale.
A written investment policy statement guides your savings outside the practice, so they do not depend on the same things the practice does.
At Holland Capital, investment management for a practice owner starts with the value already tied up in the business.
How We Work with Clients in Winston-Salem
Holland Capital Management is an independent registered investment adviser and a fiduciary. M. Chad Holland, CFA, CFP® works directly with clients and is responsible for the planning and advice.
Bring your latest business and personal tax returns, any current retirement plan documents, a staff list with ages and pay, loan statements for the practice and the building, and statements for your personal accounts.
We compare plan designs for your practice and show how each one fits the wider plan for your household.
The first conversation is free. If there is work worth doing after that, we will define the scope and cost before you decide whether to move forward.
Holland Capital is based in Charlotte. If you are looking for a fiduciary financial advisor in Winston-Salem, we meet by appointment at the Regus center at 615 Saint George Square Court in Winston-Salem, and handle shorter check-ins by video or phone. Holland Capital does not maintain a branch office in Winston-Salem.
We work with clients throughout North Carolina. You can see the other North Carolina communities we serve here.
Our what we do page explains how a planning engagement works.
RETIREMENT ENGINEERING™
The Order Matters
Five retirement decisions and why timing matters.
Frequently Asked Questions
What Does a Fiduciary Financial Advisor Do for a Dental Practice?
Holland Capital acts as a fiduciary when providing financial planning and investment advice. For a practice owner, our advice covers the practice’s retirement plan and your own finances together.
If we manage the plan or your personal accounts, our fee applies. We explain it before you decide.
Is a SEP IRA Enough for My Practice?
It can be, for a very small practice. A SEP is funded by the employer, and most SEP plans require the same contribution percentage for each eligible employee.
A 401(k) lets staff save their own money and can give the owner more room to save. Our guide on profit sharing contributions for business owners shows how the two fit together.
Where Do Winston-Salem Clients Meet with Us?
At the Regus center on Saint George Square Court in Winston-Salem. Meetings are by appointment.
Plan reviews between meetings work well by video or phone.
Photo: Indy beetle / Wikimedia Commons / CC0, cropped.
