Why your accountant is your worst enemy

Oct. 31, 2022
Bad advice from accountants can significantly reduce a dentist's wealth building, but few know how to recognize when they're getting bad advice.

Dentists look to their accountant or CPA as a key business advisor. But they rarely get the advice they need. As business owners, dentists are faced with a complex financial ecosystem. Inadequate advice can reduce a dentist's wealth building by up to 75%. Which explains why so few dentists achieve financial independence before their late 60s. However, when dentists receive proactive financial guidance that “brings it all together,” they can significantly increase their financial organization and accelerate their financial freedom.

Learning Objectives:

  • Why dentists struggle to progress financially as fast as they should, and why accountants contribute to it.
  • What does a strong “financial planning system” looks like for a dentist and why their accountant isn’t helping.
  • Why most accountants and tax planners cost you significant amounts in unnecessary taxes.
  • Why most dentists (and their accountants) don’t understand ERISA retirement plans (e.g. 401K) and what dentists can do about it.


Wes Read - Wes Read is a CPA and Certified Financial Planner (CFP®). He’s the founder and CEO of PracticeCFO, a CPA and financial advisory firm specializing in helping dentists throughout the country make meaningful strides financially and meet their life goals. PracticeCFO provides integrated personal financial planning, tax, accounting, and investment services. Prior to founding PracticeCFO, Wes worked for Ernst and Young LLP. He’s a graduate from Brigham Young University with bachelor's and master's degrees in accounting in 2005.

Dr. Pamela Maragliano-Muniz – Chief Editor of Dental Economics.  Dr. Maragliano-Muniz is a board-certified prosthodontist, and she owns a private practice – Salem Dental Arts, and lectures on a variety of clinical topics.