Buckingham Strategic Wealth LLC, a registered investment advisor in St. Louis, has agreed to acquire Bellevue, Wash.-based Dental Wealth Advisors (DWA) LLC, an RIA managing $141 million in assets for a niche clientele of dental practices, the company said.
DWA provides fee-only investment management support primarily to dentists and dental practice personnel during and after their professional careers. Sam Martin, senior wealth advisor of the firm, said in a news release that the partnership with Buckingham was a natural fit for his business.
“I’m thrilled to be joining a team of the best minds in the business, providing my clients with access to the latest financial tools and services, as well as Buckingham’s powerful collective wisdom,” he said. “Buckingham will also assume responsibility for our back office advisory functions, so my team and I can focus on what we do best—helping clients achieve their financial and life objectives. Buckingham’s evidence-driven methodology aligns with our philosophy on client service, and we can’t wait to be part of the team.”
In an email, Martin discussed the founding of his niche practice in 2003. He said his financial planning and investment management firm was a spin-off of a larger local CPA firm catering primarily to physicians and dentists, with the goal of targeting a broader range of services to a narrower audience of healthcare professionals.
“Our goal was to work with clients for whom we could make a profound difference in their financial lives,” he said in the email. “Dentists typically have small businesses, but higher earnings from them.”
Martin said that it soon became clear that although many of the firm’s dental clients earned a comfortable living from their practice, most did not have a financial plan for their future or a retirement plan once they stopped working.
“We started the practice by offering clients financial planning services,” he said, “but Buckingham is getting our RIA off the ground by enabling us to plan and implement long-term, evidence-based portfolio management that complements our existing services.”
Financial Advisor asked Martin what made his firm’s niche clientele so unique when it came to wealth management.
“The combination of a complex, but very small business, coupled with a high-earning owner lend themselves to coordinated planning,” he said. “Dove-tailing the practice cash flow with the personal financial planning funding goals is very powerful, especially having dental CPAs under the same roof who can make a difference in the profitability and cash flow of the dental practice.”
Financial Advisor asked Martin what Buckingham would be able to offer his practice that would elevate its client experience and scale its growth.