Building Generational Wealth by Mark Murphy
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. If building generational wealth were easy, everyone would do it. In truth, it takes focus, discipline, and proper guidance each step along the way. Perhaps most importantly, your mindset will determine your fate. For those in their mid-to-late 40s, and perhaps early 50s, there are still steps you can take to create lasting prosperity for yourself and your family, provided you’re prepared for the challenges ahead. Moving forward, we’ll consider five tasks a formidable wealth-builder should undertake immediately. Maintain Your Health Perhaps nothing is more important than staying on top of your physical and mental health. I don’t separate the two aspects because each one affects the other; thus, it’s vital to maintain both facets of your overall well-being. It’s nearly impossible to make money when you’re sick. In fact, the opposite is true. Poor health, and the accompanying medical bills, will rapidly erode your savings. Health insurance can protect you to a certain extent, but it’s not a panacea. Your main priority should be to only see doctors (and your dentist) for routine check-ups. If anything abnormal appears, tend to it immediately before it becomes a more serious issue. Ideally, your focus remains on daily maintenance, ensuring proper nutrition, adhering to an exercise regimen that elevates both your heart and your mood, and feeding your brain a steady diet of helpful information rather than fruitless headlines about politics that are beyond your control. Wealth-builders acquire new skill sets while everyone else remains glued to television and social media. Later on, your increased know-how will pay enormous dividends. Know Your Cost of Living Your next order of business is to find out how much your life costs so that you can effectively manage your income. Tally up your monthly necessities, everything including housing, car payment, gas, insurance, utilities, groceries, and your gym membership if you use it. Consider these as non-negotiables since you have to pay them no matter what. After these bills are paid, any money that remains is where all your power resides — it’s your discretionary income, what you can control. As an aspiring wealth-builder, you want to develop a limitless appetite for investments and a relentless habit of cutting expenses. If you don’t need it, trim it from your budget. Anticipate eating out a lot less. In doing so, you’ll not only retain a significant portion of your earnings, but your health will likely improve since you’ll have complete control over every ingredient you ingest. Also, keep tabs on your alcohol consumption, understanding that it’s an expensive habit with a list of potential detriments to both your physical and mental well-being. Since our first priority is our health, and our second priority is saving, it only makes sense to ensure that we’re not overindulging. An occasional drink with clients or fellow business associates is likely harmless. However, keep in mind that you can almost always order something nonalcoholic without offending anyone in the process. Save & Invest Now that you’ve established a framework for increased savings, it’s time to ramp up investments. If you don’t already have a sufficient emergency fund (three to six months’ worth of living expenses) set aside in a high yield savings account, focus on building up those reserves first. Relying on credit cards in an emergency is a recipe for disaster. Even debt as little as $4,000 financed at 24% APR can spiral out of control if all you do is pay the minimum, particularly when more emergencies creep up and force you to add to the growing balance. Once you’ve got adequate liquid savings, your job is to then start filling your retirement account buckets, focusing on any employer-matched 401(k) first to reap the maximum risk-free gains inherent in the company match. If you haven’t already done so, the other buckets you’ll want to begin filling will include a Roth IRA and a Health Savings Account. The yearly maximum contributions for those accounts are $7,000 and $4,150, respectively, but if you’re 50 or older, you can include an additional $1,000 annually in catch-up contributions to your Roth IRA. (When you turn 55, the same goes for your Health Savings Account.) A Roth IRA is especially critical for generational wealth because proper withdrawals from it during retirement will be tax-exempt. As for the Health Savings Account, its tax benefits are even more significant, being the only type of savings vehicle to offer the elusive triple-tax advantage, meaning that contributions are tax deductible, growth is tax deferred, and usage is tax exempt. Select Your Advisor Hopefully at this point, you’ve established a rhythm with regard to your earning and saving. Assuming that you’re bringing in enough to adequately save and invest, it’s time to seek professional guidance. Wealth-building is a full-time job in and of itself independent from your employment. The vast majority of those intent on generating massive wealth will need the expertise of a fiduciary — an advisor who is beholden to your interests above their own. In most cases, you’ll want to rely on them for much of your investment portfolio. In addition to your monetary investments, a good advisor will lend you their expert opinion on a variety of subjects related to your wealth, whether it be pointing you in the direction of a suitable accountant, an attorney, or even classes for your professional development. In many instances, they’ll even assist you in forming effective strategies to get a business off the ground. In short, there’s no reason to go it alone. As humans, we need proper guidance, specifically from those who have a broader scope of the financial world and its myriad complexities. Even if you have an MBA, it would be foolhardy to close yourself off from an outside perspective. No matter how brilliant you are, you can only know so much. Give yourself the benefit of listening to an expert who undoubtedly sees things you can’t. The cost of
A dentist’s oracle: The accountant
When it comes to success for private practitioners, money management often takes a backseat as a focal point. I’m an ardent believer that your core values must remain front and center, however, your ability to properly budget cannot be ignored. Yes, you need to make company culture the top priority, but your financial wherewithal should be embedded in the fabric of who you are, right alongside your commitment to service and leadership. To gain a better understanding of the most common financial pitfalls dentists encounter, I met with renowned CPA John P. Cataldo, founder of Cataldo Financial and Consulting Group. As a representative of independent dentists from coast to coast the past 40 years, Cataldo has built a reputation for maximizing efficiency and implementing systems that allow small private practices to not only hold their own but thrive among the large DSOs. He spoke about the Tale of Two Practices, his video series and a real-world analogy of how two dentists, each bringing in $1 million in yearly business, can end up with starkly contrasting profits. In short, the first dentist took home more than $500,000 while the other barely eked out half that amount. Regardless of which camp you’re in, the story behind the allegory is that all of us can make smarter decisions that ultimately lead to greater profitability. Perhaps most helpful of all, Cataldo asserted that if you were forced to write out a weekly check that totaled all the inefficiencies your practice cost you that week, you’d quickly eliminate those pesky snags. But since you don’t write that check, and since those costs remain hidden from plain view, most inefficiencies are ignored for far too long. Your accounts receivable may not be ideal Perhaps the biggest problem plaguing dentists who have a steady stream of business, yet struggle to make ends meet, revolves around their accounts receivable (AR). Ideally, your ledger of receivables should be about a page long and resolved within about 45-day rolling increments. If your list is longer, and your repayment calendar is closer to 90 days, that may be a sign of serious trouble. If this is a struggle for you, it’s hard to know where to begin. First, keep in mind that there’s nothing wrong with asking for payment when a service is rendered. Patients understand that when they purchase something at a department store, they can’t leave and explain that they’ll pay the bill when they get around to it. Even if they use a credit card, the terms and conditions are outlined from the beginning. To be fair, receiving payment from insurers requires a different set of tactics, but the premise is basically the same. You not only need a method of payment, but it must be based on fair market value, and you need to ensure that it’s collected in a timely manner. For some dentists, collecting payments might be less of an insurance problem and more of a staff issue. If you haven’t made sure that everyone on your team understands their duties, make those responsibilities perfectly clear. An organizational chart goes a long way toward clearing up any confusion, specifically regarding payment collection. If your staff has questions about what they should be doing, make a list and place it in everyone’s hands. Require the AR person to draft a weekly log of all payments received, balances outstanding, and communications to capture said revenue. You usually won’t have to read the log each week. Even if you read it once every three weeks, the fact that your staff is focused on physically documenting accounts and updating them regularly in the process will ensure that most outstanding balances are collected on schedule. Think before increasing your patient base For dentists actively seeking to increase their patient base, keep in mind that if the issues here aren’t addressed, boosting your workload will be a hindrance rather than a blessing. The last thing you want to do is use up more of your time and resources without the requisite systems in place to collect revenue. But let’s assume you’ve gotten that aspect of your office in working order. Now it’s time to increase your marketing efforts. Tread with caution. The most effective marketing shouldn’t cost you anything. Your best advertisement is in the form of patient satisfaction. This is particularly true in upper class markets where the cost of your services is not much of an issue. These people care most about the quality of your work and the care with which you deliver it, and they’ll reward you with referrals. Your reputation is worth infinitely more than the $20,000 you might shell out to chase new patients on social media. In fact, before you sign any money over to Facebook, consider advertising in your local paper, which is significantly less expensive and more likely to reach the demographic you’re seeking. Or you might want to eschew traditional advertising altogether and increase your community involvement, perhaps by sponsoring a local 5K race or a charity event. Regardless of the investment you make in your business, you need to understand the overall impact it will have on your bottom line. Whether it’s investing in new equipment, growing your staff, or increasing your marketing budget, you should have a grasp of the added value before you write the check. Unfortunately, if your big strategy to justify your latest equipment upgrade is a huge upfront tax deduction, you’re doing nothing to alleviate the future interest payments on that expenditure in the coming years. Don’t let such investments turn into burdensome liabilities. Empowering yourself with knowledge makes all the difference. An accountant can give you access to critical insights long before you shell out precious capital. No money should ever be spent on a whim. You don’t have to foresee every monetary entanglement along the path to greater profitability. You simply need to befriend an accountant who can spot them for you. Editor’s note: This article appeared in the March 2024 print
A Holistic Approach To Building Wealth with Northeast Sequioa Private Client Group’s, Mark B. Murphy
Mark Murphy is the founder and CEO of Northeast Sequoia Private Client Group, a national financial planning and wealth management firm. As the Chief Executive Officer of Northeast Sequoia Private Client Group, Mark is a highly sought-after key business strategist and critical thinker. Mark is an accomplished CEO, author, speaker, motivator, and podcast host, who is transforming the financial planning and wealth management industry with his innovative and forward-thinking approach. He is passionate about empowering entrepreneurs to achieve multigenerational wealth by providing personalized strategies that focus on emotional fitness, wealth accumulation, and a plan that can work under all circumstances. Mark has been ranked #1 in New Jersey and #3 in the nation on the 2023 Forbes America’s Top Financial Security Professionals List.In addition, he has achieved the status of being the #1 best-selling author on Amazon, and his third book, The Ultimate Investment: A Roadmap to Grow Your Business and Build Multigenerational Wealth, has been ranked as the #1 new release on Amazon. Mark is a frequent guest speaker on topics ranging from practice merger/acquisition strategies, estate planning, charitable giving, and strategies to build multi-generational wealth. To top it off, Mark’s podcast, The Hero of the Hour, has earned a spot in the Top 40 in the United States, securing its place in the highly competitive categories of Business and Entrepreneurship. A sneak peek of the things you’ll learn: Links mentioned in this episode: Sponsor for this episode: This episode is brought to you by LeBrun Advisory Group. LeBrun Advisory Group provides executive level, advanced education, and training on purchasing a franchise. The options for purchasing a franchise are increasing exponentially, coupled with the amount of information available on each concept, creates a great deal of data for franchise buyers to sift through. LeBrun Advisory Group recognized that there was a real need to assist the franchise buyers, therefore, provides advanced research tools, consultative services, and due diligence assistance, but also help prospective franchisees qualify for the franchises they desired to invest in. Rich LeBrun has partnered with experts in the industry and created a company that is built on helping you achieve your dreams of business ownership. Rich will make this easy for you throughout the research and award process. To learn more about LeBrun Advisory Group, visit https://www.rlebrun.com/. Editor’s note: This article appeared in the March 2024 print edition of LeBrun Advisory Group – Franchise Consulting Specialists magazine: https://www.rlebrun.com/2024/03/a-holistic-approach-to-building-wealth-with-northeast-sequoia-private-client-groups-mark-b-murphy/. Dentists in North America are eligible for a complimentary print subscription. Sign up here.Mark B. Murphy, CEO of Northeast Private Client Group, is an accomplished author, speaker, and motivator who’s revolutionizing the financial planning and wealth management industry. He helps entrepreneurs achieve multigenerational wealth through personalized strategies, leveraging his strategic planning and financial engineering expertise. Forbes has ranked him as the number one financial security professional in New Jersey and number 15 nationwide. Additionally, his book, The Ultimate Investment, is a number one bestseller and new release on Amazon.
My Two Cents: How dentists can create wealth in 2024
The financial world is awash with the latest ways to accumulate more wealth, especially now that it’s 2024, a year that promises swift and abundant change. While most analysts are talking about dividend stocks ripe for the plucking, opportunities in real estate, or the power of side hustles, I encourage people to start from a more nuanced premise. Instead of focusing on how to grow one’s bank account, I encourage people to focus inward, to consider themselves as their primary investment. Let me be clear: I don’t eschew traditional wealth building, and I’ll include some examples here. Money is foundational to what we do, but it’s second to the most important component of your business—people. So, if you’re in a position where you don’t yet have your own fortune, if you’re still figuring out how wealth works, my message is for you. You might also be interested in: How to create wealth by owning your office location and other real estate Some good investments It’s tempting to focus your energy on chasing dollars, but that’s going about it the hard way. You can read a hundred different stories about how everyday people went from zero to hero, and attempt to imitate their success, but it won’t necessarily work for you just because it worked for someone else. Your path to success is unique to you and your circumstances. Thankfully, there’s a common thread among everyone who achieves lasting prosperity. It involves mindset. Confidence is key. But if you don’t have much confidence, what should you do? Simple. Start small. Understand that the single best investment you can make is in yourself. If you have $20 to invest every month, you might put it in a high yield savings account where it could earn as much as 5% with no risk, one of the few benefits of an economy marked by sky-high interest rates. After one year, you’d have about $250 saved. Impressed? Me neither. Keep wellness top of mind Let’s keep the $20 parameter but shift the focus from money to well-being. If you have the fortitude, a gym membership is an investment that would yield you infinitely more value than a mere $250. Optimal health is priceless. Obviously, if you can’t find it in you to exercise regularly at the gym, then don’t go this route. Save your money. What about an activity that doesn’t cost much money, only the cost of a pair of good athletic shoes? You could have almost zero money to invest and still become “wealthier” as a result of walking each day. Such a simple habit does many things, among them, clears your thoughts and allows you to focus, all while improving your cardiovascular system and state of mind. The bigger story revolves around those who try to build wealth before they have good health. That’s backward. You don’t have to become a triathlete before you invest in the stock market or real estate, but you should have a solid foothold on your wellness before making any big money moves. So many people think they’ll get healthy once they get money, but that’s putting the cart before the horse. Prosperity comes as a result of supreme clarity. Clarity stems from ample energy and a joyous frame of mind. When it’s time to make deals and collaborate with others in the big leagues, you need sufficient stamina of body and mind. Wealth-building isn’t a spectator sport. If you own a house, then you already have a sense of the endurance required. The work of homeownership doesn’t stop after you close the deal. You also must maintain this huge asset. When it comes to devoting time and energy, career growth may be the most underrated investment. If you’re a curmudgeon who frequently complains about fatigue or back aches or is drowsy at work, then there’s no advancement for you. If you consider yourself a go-getter, but you still aren’t making career strides, you might be barking up the wrong tree. One secret to moving forward may involve taking on a role nobody else wants. The competition is steep, but oftentimes, you can step immediately into an area that nobody else is vying for because it looks like hard work. That’s when your stamina comes into play. When you’re physically and emotionally fit, then hard work won’t deter you. As a result, you become indispensable in the eyes of your patients. Technology and real estate are both viable For those destined to be their own boss, AI is becoming more accessible. The caveat? You must learn the technology that will allow you to scale your business. Whether it’s enrolling in a CE course or watching videos online, you’ll need to invest time and energy into honing new skills. Programs such as ChatGPT are robust tools that are expected to become even more powerful, but they’re useless to those who don’t know what to do with them. If technology intimidates you, there’s still promise in good old-fashioned real estate. In fact, there might not ever be a better time to buy a home, specifically in some large metropolitan areas that haven’t reached unattainable price points. Cincinnati is one that comes to mind, but there are many others. While a temporary dip in prices across the board isn’t out of the question, don’t expect a replay of 2008. If you’re waiting on the sidelines for a complete collapse before you become a homeowner, it’s not likely to happen. Interest rates are forecasted to drop later this year, and that could signal a rush back into the market. If you’re mentally and financially prepared to become a homeowner now, don’t wait. If your current city or town feels just out of reach, don’t get discouraged. Look for sellers who need a quick sale and are offering a significant discount. Those deals go quickly, so it’s all about timing and agility. Alternatively, if you’re willing to move to another state, you may find a perfect
Matching dental team members to your values
No one can be in two places at once. I bring up this conundrum because solving it would seemingly fix most of your problems. You could handle your own patient scheduling and accounting, as well as practice dentistry all day. I know myself and my capabilities, and when I set out to do something, it invariably gets done just the way I like it. The challenge? I’ve only got one body, and on any given day, I have a hundred and one things that need to get done and done well. I’m hardly unique. Everyone understands this pesky impediment and reckons with it the best they can. I want to reveal my secret for getting around this limitation, and no, it doesn’t involve advanced computer programming or AI technology. On the contrary, it’s much simpler than you might believe. You see, having a multitude of things done your way has less to do with you and your capabilities and more to do with your core values. Once you’ve identified the heart of what you’ve set out to do and why, then you can lead a cohort that will effectively carry out your mission. If you’re struggling in this arena, don’t feel bad. I struggled for more than a decade to find a suitable team to accomplish what I had set out to do, which was to be a top financial advisor serving a wide range of clients from coast to coast. It took reading a book called Traction by entrepreneurial guru Gino Wickman for it to really click. This short work packs a punch, outlining best practices for goal setting, meetings, and accountability. The piece of wisdom that got me right away revolved around employees: “Who is doing the work, and do they get it, want it, and have the capacity to do it well?”1 To put it bluntly, not everyone you meet is a match to your vision. If you’ve ever put out a help wanted ad, you know what I mean. You might also want to read Finding the right hire, despite staffing challenges Getting a good team in place Assembling your team can be slow-going at first. Without an established reputation, you might feel like you’re begging people to work for you. However, you can’t be desperate. Know your core values, and don’t compromise. Anyone who seeks a job with me must meet with me personally to go over each one of my core values. Does the person have the wherewithal to create a wow experience? Can they bring more value than our competition by developing solutions specifically tailored to the wishes and dreams of our diverse clientele? Do they have it within themselves to never say “no” to a fellow team member? Are they willing to constantly strive for improvement on a never-ending quest for greatness? While enumerating my company’s core values with each job candidate, I vet them by watching how they react to each demand. If they roll their eyes, it’s an obvious no-go. If they don’t exhibit any spark or enthusiasm, I know they won’t fit the bill. However, anyone who lights up at what I’m asking understands something truly important: since I’m requiring this of them, they can rest assured that they’re going to receive the same consideration from me and my staff. Everyone I hire does. As a result, we all excel when we come to work. We’re excited to be there. We know our individual goals and we smash them. When we break records, I “kidnap” my staff (they come willingly) off to the mall and pass around a pillowcase with mystery envelopes filled with cash that they must spend completely on themselves in an afternoon. The only requirement is an afterparty featuring show and tell where everyone reveals their treasures. My company no longer relies on help wanted ads. When there’s an opening, we have a long list of candidates eager to fill it. Word travels fast when you run a business that’s worth working for. You want your employees to be so jazzed about coming to work that they tell their friends and family. When you’ve really got it going on, then your employees do the recruiting for you. There’s no shortage of people willing to go above and beyond when you know their talent and they know they’ll be rewarded for it. You set the standard You have to be the one to set the standard. It’s your business. Once you know you’ve hired good employees, they’ll follow your lead. That’s a double-edged sword, by the way. Even great employees will turn on you if you’re not great to them. You can’t expect them to take care of your patients if you don’t take care of your employees. And if you happen to commit the cardinal sin of not caring properly for your patients, then there’s absolutely nothing your employees can do to save you. I make sure that all my job candidates know immediately that if they don’t come to work prepared to do their job, they’re going to feel highly uncomfortable. There’s always room for growth, but we have zero tolerance for laziness. My team works way too hard to have to pick up the slack of even one rotten apple. Imagine if that one rotten apple were a manager. What would that do to morale? Of course, I learned that I couldn’t be in two places at once, but I also learned that I couldn’t rest until I made certain that all my leaders espoused my core beliefs. There is no other workaround. An effective organization has too many moving parts for you to pull all the levers and push all the buttons yourself. Take the time to ensure that the people you put in place aren’t there solely to collect a paycheck. Your carefully honed principles are nonnegotiable, and they safeguard every stakeholder throughout your organization, from the managers to the employees to the patients you all serve. Know your core values, practice them, spread them, and
Is a second dental practice right for you?
In the quest for greater profitability, growth seems a foregone conclusion. If you’re fortunate enough to be at the center of a thriving private practice, purchasing a second location might be on your radar. For many dentists, such a move could pay out massive gains in the long run. For others, it could be an unnecessary risk that leads to ruin. How do you know if expanding your practice to include a second location is the right decision for you? Is it a venture worth exploring, or a gamble to avoid at all costs? The answer depends on you, or more specifically, your motivation, your core values, and your level of preparedness. What’s your motivation? Let’s examine why a private practitioner would choose the complex task of managing two operations at once. If you’ve got great systems in place and you want to give competing DSOs a glimpse at how personalized dentistry can hold its own against the corporate model, you might be able to prove your point while making a hefty profit. If you have solid systems in place and your current business is robust, then incorporating a second practice would provide the perfect opportunity to not only replicate your success, but more importantly, do so in conjunction with much of your existing overhead, particularly your computer systems, accounting, and back-office staff. Ideally, those costs would not increase. Other costs would increase, however, and you’d have to be prepared to shoulder those expenses. You’d be paying for two buildings, which means double the maintenance. While your staff wouldn’t exactly double, it would expand considerably since caring for more patients necessitates more hands on deck. More insights from Mark B. Murphy Understanding the life cycle of your practice Financial takeaways for dentists from the last three years: Being adaptable is key More challenges of a second practice This brings me to the biggest challenge: you can’t be in two places at once. You’d want a partner with some skin in the game. Why is having a business partner so critical, particularly when you’ve already proven your industry prowess? In short, you’d need someone on site who not only can put out brush fires, but who wants to put out brush fires as soon as they occur to minimize any potential damage. Do you have a sense of how your overall role would shift once you brought a second practice online? You’d no longer just be managing an office. You’d be leveraging well-run systems to run a larger enterprise whose components are managed by people you can trust. If you’re having second thoughts, that’s a good thing. It doesn’t mean you can’t purchase a second practice. It simply means you must prepare yourself first. Start by knowing your core values. People come first. I often say that we’re in the people business. Abundance and prosperity are a natural by-product of caring for people. Make sure that everyone on your team abides by this philosophy. Second, make sure that you’ve surrounded yourself with people who have integrity, which means they do the right thing even when no one is looking. When managing a small operation, some of my philosophy can fall by the wayside without interfering with profitability. You can run on inertia alone, meaning that organized chaos may reign supreme, but the bills still get paid on time. However, that sloppy work ethic will inevitably kill your attempts to grow profitably. Small cracks in the work become magnified tenfold under the weight of sudden expansion. If you’re struggling to find the right people for your practice, you’re not close to being ready. What if you do have the proper staff? You’ve managed to secure a team of go-getters who come to work excited, you have a full roster of patients who must schedule months in advance, and you’ve got a fire in your belly for success. Now what? A second practice might very well be your ticket to formulate generational wealth. Time to put a plan in place Do you have a business coach? If not, you should seriously consider a trusted advisor who has experience with mergers and acquisitions in dentistry. You’ll also need an accountant who understands dental business integration. You want guidance from professionals who have successfully navigated these ventures before, and who are confident they can help expand and train your team when the time comes. If you’re serious about moving forward, then you must have cash competence. Fear of remaining solvent must never be an issue. You need assets and liquidity so there are no hiccups in securing proper financing. Taking on a second practice isn’t something you do on a whim, a hope, and a prayer. It’s a calculated decision that, when executed properly, rewards your stakeholders (employees and patients) with greater efficiencies while contributing mightily to your bottom line. Ultimately, every benefit of taking on a second location stems from greater efficiency. The cost of running both offices must be less than the cost of running each location independently. If it isn’t, then the venture is a no-go. Thankfully, the tools to ensure these efficiencies already exist to some extent. Your main job is to focus on the continued optimization of your current practice. You’ll know when you’ve reached the limit of your office’s profitability and when a second location would be the next logical step. The thought of expansion will elate you instead of scare you, and the people to make it happen will become accessible when you decide to reach out to them. You’ll witness a natural unfolding of events, with the right opportunities coalescing at the right time. If you work diligently toward that end, your success will be the only outcome worth considering. Author’s note: Expanding your business requires deft precision. If you would like guidance on how to best grow your practice, contact us at (973) 422-9140 or nepinfo@northeastprivate.com. Our greatest satisfaction comes from lending you the insight on how to effectively achieve your highest potential. Mark B. Murphy, CEO of Northeast Private Client Group, is
Mark B. Murphy
Mark B. Murphy, CEO of Northeast Private Client Group, is an accomplished author, speaker, and motivator who’s revolutionizing the financial planning and wealth management industry. He helps entrepreneurs achieve multigenerational wealth through personalized strategies, leveraging his strategic planning and financial engineering expertise. Forbes has ranked him as the number one financial security professional in New Jersey and number 15 nationwide. Additionally, his book, The Ultimate Investment, is a number one bestseller and new release on Amazon. Disclosure: Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 200 Broadhollow Road, Suite 405, Melville, NY 11747, 631-589-5400. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. Northeast Private Client Group is not an affiliate or subsidiary of PAS or Guardian. CA Insurance License #0B36048, AR Insurance License #741545. (Pinpoint: 2023-156598. Exp 06/2025) Material discussed is meant for general informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. By providing this content Park Avenue Securities LLC and your financial representative are not undertaking to provide investment advice or make a recommendation for a specific individual or situation, or to otherwise act in a fiduciary capacity Updated June 9, 2023 Editor’s note: This article appeared in the June 2024 print edition of Dental Economics magazine: https://www.dentaleconomics.com/resources/contact/14223851/mark-b-murphy. Dentists in North America are eligible for a complimentary print subscription. Sign up here.Mark B. Murphy, CEO of Northeast Private Client Group, is an accomplished author, speaker, and motivator who’s revolutionizing the financial planning and wealth management industry. He helps entrepreneurs achieve multigenerational wealth through personalized strategies, leveraging his strategic planning and financial engineering expertise. Forbes has ranked him as the number one financial security professional in New Jersey and number 15 nationwide. Additionally, his book, The Ultimate Investment, is a number one bestseller and new release on Amazon.
Financial Advisor and CEO of Northeast Private Client Group Mark Murphy Releases New Practice Management Book
With his third book, financial advisor and industry expert Mark B. Murphy aims to help entrepreneurs and business owners to build prosperity for their future. Financial Advisor and CEO of Northeast Private Client Group Mark Murphy Releases New Practice Management Book hief Executive Officer of Northeast Private Client Group and financial advisor Mark B. Murphy has written a new book, “The Ultimate Investment: A Roadmap to Grow Your Business and Build Multigenerational Wealth,” that is available for order now. In it, Murphy leverages 35 years of industry experience to offer insight on practice management and entrepreneurship, according to a press release. Murphy’s insight is focused on building, not just acquiring, according to the author. “The roles of the entrepreneur and business owner are different–they require different sets of skills,” Murphy says in the press release. “True entrepreneurialism is about freeing yourself from the constraints of time. Instead of ‘clocking in’ at your own company to make sure the money keeps coming in, a true entrepreneur is able to spend more time growing the business, accumulating wealth, and leaving a legacy for future generations.” Murphy’s mission with his third book is to help entrepreneurs and business owners create generational wealth and prosperity in the face of potential economic pitfalls such as the potential for a recession. The book is available for order now. Editor’s note: This article appeared in the February 2024 print edition of Dental Products Report magazine: https://www.dentalproductsreport.com/view/financial-advisor-and-ceo-of-northeast-private-client-group-mark-murphy-releases-new-practice-management-book. Dentists in North America are eligible for a complimentary print subscription. Sign up here.Mark B. Murphy, CEO of Northeast Private Client Group, is an accomplished author, speaker, and motivator who’s revolutionizing the financial planning and wealth management industry. He helps entrepreneurs achieve multigenerational wealth through personalized strategies, leveraging his strategic planning and financial engineering expertise. Forbes has ranked him as the number one financial security professional in New Jersey and number 15 nationwide. Additionally, his book, The Ultimate Investment, is a number one bestseller and new release on Amazon.
A compelling and informative self-help business book
Entrepreneurship coach Murphy presents a guide for current and aspiring entrepreneurs. This book is aimed at entrepreneurs in any field, offering firsthand advice for achieving success. It opens with Murphy’s definition of what an entrepreneur is: namely, the person running the show—but, pointedly, not in a hands-on manner. The overall purpose of this manual, he says, is to “teach you…how to create a business that eliminates or reduces costs and competition. But that takes getting the organization to grow to where it’s no longer centered around the entrepreneur’s ability to produce a function or do the work.” Along the way, Murphy offers such concepts as his four core values for building wealth; the importance of having coaches, mentors, and advisers; dealing with almost-certain roadblocks; and, as a recurring theme, the notion that successful entrepreneurs need not bother themselves with the minutiae of a business: “If you’re not focused on the issues that truly matter.…you’re essentially wasting your time.” Murphy’s advice runs the gamut, from the psychological to the practical, concisely covering familiar ideas—such as surrounding yourself with the right people—that are often handled clumsily in other guides. It’s an excellent read for people who want to be entrepreneurs or CEOs, but it will be equally valuable for people who want to know more about the mindset of such people, either to better work with them or to better understand the business world in general. Murphy’s skillful writing will keep all these audiences engaged. A compelling and informative self-help business book. Pub Date: Jan. 31, 2023ISBN: 9781955884259Page Count: 137Publisher: ForbesBooksReview Posted Online: Feb. 6, 2023Kirkus Reviews Issue: April 1, 2023 Review Program: Kirkus Indie THINKING, FAST AND SLOW Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our… Apsychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking. The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds. Pub Date: May 27, 2014ISBN: 978-1-61039-250-1Page Count: 288Publisher: PublicAffairsReview Posted Online: April 15, 2014Kirkus Reviews Issue: May 1, 2014 GOOD ECONOMICS FOR HARD TIMES by Abhijit V. Banerjee & Esther Duflo ‧ RELEASE DATE: Nov. 12, 2019 Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal. Quality of life means more than just consumption”: Two MIT economists urge that a smarter, more politically aware economics be brought to bear on social issues. It’s no secret, write Banerjee and Duflo (co-authors: Poor Economics: A Radical Rethinking of the Way To Fight Global Poverty, 2011), that “we seem to have fallen on hard times.” Immigration, trade, inequality, and taxation problems present themselves daily, and they seem to be intractable. Economics can be put to use in figuring out these big-issue questions. Data can be adduced, for example, to answer the question of whether immigration tends to suppress wages. The answer: “There is no evidence low-skilled migration to rich countries drives wage and employment down for the natives.” In fact, it opens up opportunities for those natives by freeing them to look for better work. The problem becomes thornier when it comes to the matter of free trade; as the authors observe, “left-behind people live in left-behind places,” which explains why regional poverty descended on Appalachia when so many manufacturing jobs left for China in the age of globalism, leaving behind not just left-behind people but also people ripe for exploitation by nationalist politicians. The authors add, interestingly, that the same thing occurred in parts of Germany, Spain, and Norway that fell victim to the “China shock.” In what they call a “slightly technical aside,” they build a case for addressing trade issues not with trade wars but with consumption taxes: “It makes no sense to ask agricultural workers to lose their jobs just so steelworkers can keep theirs, which is what tariffs accomplish.” Policymakers might want to consider such counsel, especially when it is coupled with the observation that free trade benefits workers in poor countries but punishes workers in rich ones.Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal. Pub Date: Nov. 12, 2019ISBN: 978-1-61039-950-0Page Count: 432Publisher: PublicAffairsReview Posted Online: Aug. 28, 2019Kirkus Reviews Issue: Sept. 15, 2019 THE DYNASTY by Jeff Benedict ‧ RELEASE DATE: Sept. 1, 2020Smart, engaging sportswriting—good reading for organization builders as well as Pats fans. Action-packed tale of the building of the New England Patriots over the course of seven decades. Prolific
Pro Connect – Mark B. Murphy
Mark B. Murphy is an accomplished CEO, author, speaker, motivator, and podcast host, who is transforming the financial planning and wealth management industry with his innovative and forward-thinking approach. As the Chief Executive Officer of Northeast Private Client Group, a national financial planning and wealth management firm, Mark is a highly sought-after key business strategist and critical thinker. He is passionate about empowering entrepreneurs to achieve multigenerational wealth by providing personalized strategies that focus on emotional fitness, wealth accumulation, and a plan that can work under all circumstances. Mark’s expertise in strategic planning and financial engineering has benefited a diverse range of clients, including closely held businesses, mid-size companies, celebrities, athletes, hedge fund managers, doctors, dentists, and other high net worth individuals. His unwavering commitment to delivering a “wow” experience has earned him a reputation as a trusted expert in the industry. Mark has been recognized as the #1 financial security professional in New Jersey and the #15 nationwide by Forbes. In addition, he has achieved the status of being the #1 best-selling author on Amazon, and his third book, The Ultimate Investment: A Roadmap to Grow Your Business and Build Multigenerational Wealth, has been ranked as the #1 new release on Amazon and is now available in major airports across the country. Moreover, Mark’s podcast, The Hero of The Hour, has earned a spot in the Top 40 in the United States, securing its place in the highly competitive categories of Business and Entrepreneurship. Mark B. Murphy is a registered Representative & Financial Advisor of Park Avenue Securities, Financial Representative of Guardian, CA Insurance License ID #0B36048 & AR Insurance License ID #741545, Forbes award is not issued or endorsed by Guardian or its subsidiaries. “It’s an excellent read for people who want to be entrepreneurs or CEOs, but it will be equally valuable for people who want to know more about the mindset of such people, either to better work with them or to better understand the business world in general.”– Kirkus Reviews SELF-HELP THE ULTIMATE INVESTMENT BY Mark B. Murphy • POSTED ON Jan. 31, 2023 Entrepreneurship coach Murphy presents a guide for current and aspiring entrepreneurs. This book is aimed at entrepreneurs in any field, offering firsthand advice for achieving success. It opens with Murphy’s definition of what an entrepreneur is: namely, the person running the show—but, pointedly, not in a hands-on manner. The overall purpose of this manual, he says, is to “teach you…how to create a business that eliminates or reduces costs and competition. But that takes getting the organization to grow to where it’s no longer centered around the entrepreneur’s ability to produce a function or do the work.” Along the way, Murphy offers such concepts as his four core values for building wealth; the importance of having coaches, mentors, and advisers; dealing with almost-certain roadblocks; and, as a recurring theme, the notion that successful entrepreneurs need not bother themselves with the minutiae of a business: “If you’re not focused on the issues that truly matter.…you’re essentially wasting your time.” Murphy’s advice runs the gamut, from the psychological to the practical, concisely covering familiar ideas—such as surrounding yourself with the right people—that are often handled clumsily in other guides. It’s an excellent read for people who want to be entrepreneurs or CEOs, but it will be equally valuable for people who want to know more about the mindset of such people, either to better work with them or to better understand the business world in general. Murphy’s skillful writing will keep all these audiences engaged. A compelling and informative self-help business book. Pub Date: Jan. 31, 2023ISBN: 9781955884259Page count: 137ppPublisher: ForbesBooksReview Posted Online: Feb. 6, 2023Kirkus Reviews Issue: April 1, 2023 ADDITIONAL WORKS AVAILABLE Extraordinary Wealth: The Guide To Financial Freedom & An Amazing Life n Extraordinary Wealth, the authors present the three levels of wealth creation, and an outline to help you reach them: LEVEL ONE You have enough passive income from your assets to replace your paycheck when you stop working. Reaching this level means you have a stable retirement. LEVEL TWO You have free capital or “playchecks,” which are income-producing assets that are not responsible for maintaining your lifestyle. Reaching this level means you have financial freedom. LEVEL THREE You have earned income beyond retirement and continue to earn substantially more than you spend. Reaching this level means you have multigenerational wealth. Many people would love to reach that first level. Sadly, almost no one does. If you’re dedicated and disciplined, this book will teach you how to progress through levels one and two and ultimately reach the third level, creating multigenerational wealth. Published: July 30, 2019ISBN: 9781949639483 VIEW ON AMAZON → The Win-Win Outcome: The Dealmaker’s Guide To Buying And Selling Dental Practices The profession of dentistry has changed enormously. From the heyday of single practitioners working four days a week, corporate dentistry now provides consumers with more convenient hours, better locations, and care that’s covered by insurance. Today, the easiest hygiene appointments to sell in metro areas are between 6:00 p.m. and 9:00 p.m. Consumer demand has changed, and private practitioners who don’t evolve to meet this new demand will see their profits continue to erode. The solo model no longer works if dentists want to compete with corporate shops. In The Win-Win Outcome: The Deal Maker’s Guide to Buying and Selling Dental Practices. Mark Murphy and Bernie Stoltz explain that the future of dentistry is to practice in groups. With a combined half century of experience, the authors believe that where the profession is heading offers enormous opportunity for dentists-to run better practices, lead better lives, and create lasting wealth. The Win-Win Outcome shows you how. Private doctors can merge into a more efficient business model without giving up their private-practitioner status or the opportunity to build equity in a practice. Borrowing strategies from the corporate model-such as extended hours, modern technology, and multiple specialists under one roof-private practitioners have the tools to outperform their corporate competition. By forming group practices through mergers and