Dr James, 1s:

What is the advice gap? The advice gap is the difference between the group of people who are extremely lucrative for advisors to help whenever it comes to managing and planning their financial affairs and the subsection of people who, because they are not yet that wealthy usually because they're earlier in their careers actually don't really have that much capital around and therefore it's not that appealing for an advisor, at least from a financial point of view, to become involved with that person insofar as take them on as a client. Now why is this relevant? Well, let's explain a little bit about it in more detail. Well, as we know, most advisors make their money from a percentage of the total portfolio, the total value of the assets and the portfolio of the individual that they are managing. So someone has got 100K under management and the assets under management fee for an advisor is 3%. Well, what that would mean is that 3% of that 100K would be the advisor deductible fees every single year. But let's say somebody's at the very start of their career and they've only got like 5K of assets under management, then it's 3% of 5K and you can see how that's much, much less so, obviously from the advisor's point of view, because they can only take on so many clients because they only have the bandwidth to take on so many clients. It's much more lucrative for them to be able to manage those portfolios which are of significant size, because they're going to generate much more revenue. Therefore, it's quite often the case that many advisors will gravitate towards helping these individuals and less so towards helping individuals who are just at the start of their career. Therefore, we have just described the advice gap, and what it means is that people who are at the very early stages of their career whether that be as a dentist, whether that be as in any other profession well, they just simply aren't appealing enough or they don't make enough sense from a financial perspective for the majority of advisors to wish to assist them. Now, it's not to say that you can't find someone out there who will help, but what it is to say is they're a lot scarcer, and what it is to say is that usually, the talent gravitates towards the higher end of the skill. It gravitates towards the more lucrative clients. So, now that we know that, now that we know that's the thing, and now we know that that's a phenomenon and it's called the advice gap, what can we do about it? Well, here's the good news. The good news is that when you are relatively at the start of your career and I would say this applies to the majority of people under 40, well, the good news is that usually it's pretty straightforward to manage your affairs, because they're not that complex and they're not that in depth, and really your main goal is capital appreciation. That's the only real thing that you have to think about at this point. The only thing you have to think about is how can you grow your wealth at the greatest possible rate, and what assets, historically, have the most track record data to be able to demonstrate that this is possible. And, of course, if that is the case, then what it means is that all you have to do is fill your portfolio with these assets and, when you have the right knowledge, you can do that independently and what that means is that you can keep all of the wealth for yourself, because this is straightforward. Well, this is actually one of the most straightforward and easy things to learn whenever it comes to investing. In fact, the whole buy and hold strategy that everybody preaches and everybody talks about. That is, quite literally, the strategy that people will use to appreciate their wealth at the greatest possible rate. Therefore, if that is your goal, what it means is that you can counterbalance and counteract the advice gap by educating yourself and learning how to undertake that process. When you understand those methods, it's quite straightforward really when you understand a buy and hold strategy is when you understand how that is possible and how that is doable. Well, what it means is you won't be a victim to the advice gap, and it's really sad that that exists. It's really sad that that's the case. And until, structurally, the financial advice industry moves away financial services industry moves away from the assets under management model, in that day usually deduct a percentage of the assets they have under management as a fee, every single year, every single year, as their, as a remuneration for that service. Until they move away from that, which is a hard thing to be, given that it's so lucrative and juicy. I'm giving that. It just provides them with consent, continuous residual income, which is, of course, an extremely appealing thing and it's something that we all seek in our own lives. Residual income slash, passive income. Well, give it is gonna be really hard to win themselves off it. I don't think it's gonna happen anytime soon. Therefore, how can we make ourselves accountable. What we can do is make ourselves accountable Insofar as we can think to ourselves right can overcome. That we can overcome is our limitations in terms of knowledge is investing is a skill. Everything in this whole wide world is a skill, and your skills are the lens through which you see the world. Think about it. If you look into someone's mouth, you will see an opportunity to do a filling right there, right then, because you can literally see the case to come back at. You will do. The reason you can do that is because you have the skill of dentist. Therefore is quite literally the eyes you see the world through. Therefore, you can help that person. Therefore, you can generate some Remuneration. Now that also applies whenever it comes to lots of other things in life. If you're a car and you go into someone's house and you see that they need a piece of furniture made well, you can make a piece of furniture for them. You can see an opportunity to help them. Now, if you get a car for dirt, look at the tooth will. They won't be able to tell that that needs a fill in. They don't know. And even if they did know, they still wouldn't know how to do the film. The one of the diagnosed do and how to get the patient on all of those things. So I'm saying is your knowledge is quite literally the lens through which you see the world is quite literally the thing that you said and find opportunities. So you give yourself the skill of investing. I educate yourself, which is the whole entire point of the dentist invest platform, which is the whole entire point of a season, the initiative copy dm. I'm taking it upon ourselves to make ourselves accountable for our own financial future. Well, actually, what that will mean is that the advice gap is not really an issue for you. No, that it exists. No that it can be a barrier for dentists who are earlier in their career to invest and grow their wealth. Sometimes it's counterbalanced here's the annoying thing. Sometimes it's counterbalanced by our fees, which means the advisors who are willing to help dentists here at the very initial, initial stage of the career up the fees accordingly so that they make a little bit more respectively. Gotta watch out for that big time. You gotta watch out for that. So, like I say, what that's gonna mean is it's gonna impede your financial journey significantly. However, if you're a dentist easily academic to get the stuff, easily academic to understand how to invest your wealth, and that's why, then, invest is made. That's actually one of the primary reasons that denisean vest was made and also a lot of literature and books on the subject of investing have been written and created is for this exact reason. Understand the advice gap. Understand that it's an issue, understand where can catch you out and use it as fuel to accelerate or begin your journey to understand finance. Thank you.