Getting your financial planning on the right track as an associate dentist is easier with our dedicated financial advice team.
As a PFM Dental accountancy client, you have access to our independent financial planning service. We offer an initial discussion and the reviews detailed below at no cost. The financial advice service is fully independent, which will ensure that you receive impartial advice. As with all professional services from PFM Dental our advisers deal exclusively with dentists. Where a fee may be applicable, we will let you know in advance.
Your dedicated adviser is Lyndsey Pickering.
The key review areas that we currently offer to our accountancy clients and which you may benefit from are:
Income Protection Policy Review
Many associates pick up an income protection policy at university but fail to review it when starting a new associate or salaried post. This can lead to insufficient cover or simply a policy that won’t pay out when you need it. Some of these policies take account of NHS sick pay entitlement and some do not.
If you have a Wesleyan or Dentists Provident policy, we suggest you ask us to review the suitability of the cover. As we are independent, we can select the most suitable occupation specific cover from a wide range of insurers. Our review will ensure you have the correct cover in place.
NHS Pension Review
We can help with questions, calculations, and submissions, guide you through your annual pension limits and help you understand any NHS projections. We can check your payslip, so you are confident that the practice is deducting the correct NHS pension contribution.
We will explain how your NHS pension builds up and run through the additional contribution options. If you are concerned that the NHS pension age is linked to State Retirement Age (likely to be age 68), we can help you plan an earlier retirement.
Saving & Investments Review
We can help you make the most of your savings allowances and guide you through the advantages of saving into a LISA (Lifetime ISA) especially if you are planning to buy a property in the next few years. For longer term investing we can help you set up an investment portfolio using the latest risk profiling and the widest independent investment choices available.
Mortgage Advice
Many associates aim to get on the property ladder soon after qualifying. Finding a mortgage if you are a self-employed dentist can be a challenge, especially if you have a limited accounting history and qualified in the last 2 or 3 years.
We understand which mortgage lenders offer a more flexible lending criteria. We may be able to use your NHS associate-principal agreement, or your practice pay statements as evidence of income in place of the standard accounting history.
We offer a fully independent mortgage advice service exclusively for dentists.
Personal Pension Planning Review
Saving into a personal pension (SIPP) is an excellent way to reduce your tax liabilities and save for a more flexible retirement. If your income is in excess of £50,000 pa, then every £1000 you pay into your pension will only cost you £600. If your income is over £100,000 pension contributions can mitigate the loss of your personal tax allowance.
We can advise on what level of contribution might be suitable and how to invest for the long-term. This is especially important if you have private fee income from dentistry or plan to have private fee income in the future. We can build your NHS pension into our projections and forecasting. We can recommend one off or regular pension contributions depending on your circumstances. Pension legislation can be complex and changes regularly. We can guide you on the most recent changes, specifically to the annual and lifetime allowances and how these affect dentists.
Whole Career Support- Why PFM?
PFM Dental aim to deliver a long-term financial planning service for our associate clients. The advice is always independent and we offer a highly competitive fee structure. Our advisers won’t charge you for individual meetings, phone calls or emails and the advice we offer will always be in your best interests. These principles added to the dental specialism make for a winning combination.
The accountancy team and the financial advisers work hand in hand allowing your financial and tax planning to work together in harmony.
Lyndsey Pickering Independent Financial Advisor
Lyndsey is an experienced financial adviser, taking responsibility for our new associate dental clients, working closely with the PFM Accountancy team. Lyndsey strives to keep her clients’ needs at the forefront of her advice process, specialising in mortgages, income protection, regular pension and savings advice . A rewarding aspect of Lyndsey’s role is to help clients purchase their first home, or move onto their forever homes. Lyndsey will get you the right mortgage based on your circumstances for the right cost. Lyndsey holds a diploma in financial planning (DipFA).
Lyndsey has been a speaker on the Yorkshire and Humber DF1 programme for a number of years, offering an impartial view on the financial issues facing dentists at an early career stage. She has also delivered presentations to post graduate dentists, specifically on pension planning.
FAQs
Can you support me planning towards practice ownership?
Over the years we have seen many of our clients move from associate jobs to practice ownership. Our guidance here is a great example of how we can provide advice on multiple fronts. Our specialist dental accountancy team are on hand to provide financial projections for a proposed practice purchase and to help you understand different trading structures such as partnership and limited company options.
Our practice valuations team can offer a second opinion on the value of your target practice, to ensure you don’t pay over the odds. We also have an inhouse legal team to advise throughout your practice purchase transaction and best protect your interests.
What type of advice do you offer associates?
Typically, we will advise on dental specific income protection, pension planning and saving.
Why do I need a financial adviser who understands dentistry?
We can help ensure you have an occupation specific income protection policy and have specialist knowledge on areas such as the NHS pension scheme.
Do I need a personal pension?
With the NHS pension age now linked to state retirement age (67) we advise all dentists to have additional pension planning. A personal pension is currently the most tax efficient way to save for retirement.
