Wes Read and his team at Practice CFO help doctors build an economic plan for financial independence, defined as having enough assets to cover living expenses with inflation adjustments. You get a single CFO advisor backed by CPAs, investment specialists, and vetted providers who handle tax planning, bookkeeping, payroll, retirement setup, insurance, and budgeting all in one place.
What we believe is that every doctor should have on day one, really, even in dental school, but especially as they get out of dental or medical school, that on day one they've got an economic plan for financial independence. And I define financial independence as that point in life when you have enough assets of investments or real estate or business ownership or cash that will support your living expenses for the rest of your life, factoring in inflation. And so what we're trying to help doctors do is have a plan, a financial plan to get there and hopefully get there earlier in life by balancing their consumption now with their consumption later and having a financial system as a client.
You should expect full service from one point of contact, your CFO advisor. You know that advisor will be will help you organize and implement a plan and help you through that as different changes and inflection points occur in your life and help you navigate the complexities of those. Behind that CFO advisor though, is a team of tremendous specialists, a team of CPAs handling the tax work and bookkeeping as well as transitions if you're working with practice CFO in that manner, and also in investment specialists as well. Beyond that, we have well vetted third party service providers for payroll, insurance and other offerings that we align very, very well with. But the service is all run through one point of contact to provide an easy, simple solution for you and whatever your unique needs may be.
So when you come into us, you should expect that we're working to earn your trust and work in your best interest. And the other thing is too, we want you to feel like you're part of our network. We're kind of a family type atmosphere. Even though we have the tools of a major corporation, people come to us because word of mouth, they trust us. And we try to put our clients in touch with each other or in touch with vendors, whatever they need. We try to be a focal point. So they should feel part of a collective group of providers who come to us or reach out to other people through us.
There's really two primary advantages of having.
A centralized source of your financial advice in a place like practice cfo, it's number one is that a lot of the administrative work that you do, not all of it, but a lot of it, we're able to take on ourselves. We're able to oversee how you structure your payroll, we're able to oversee how your retirement plan is set up and when you fund it and how you fund it. We're able to do your tax planning, we're able to file your taxes, we're able to give you advice on the proper amounts of life and disability insurance, for example, and setting a budget. We're able to help with all of that in one place. And so that simplifies your life, number one. And number two, the benefit is that when it's coordinated together like that, it creates a much better outcome for you because you get rid of a lot of the holes in the boat, a lot of these inefficiencies that are created in our finances. And ultimately that benefits you by you having.
An earlier retirement date or you becoming financially independent. You know that that point in time when you can stop working if you want to, because you have enough resources to take care of you for the rest of your.
