Build multigenerational wealth with the right financial advisor and a wealth-building pyramid

There’s only one way to do something—the right way. Does that sound too rigid? Consider the viewpoint of a math teacher. Yes, there may be multiple avenues to solve an equation, but any method that yields a wrong answer isn’t among them.  

The same holds true of your financial success in the dental sphere. If your current advisor doesn’t grasp the fundamentals of how to succeed as an entrepreneur, abandon ship. Better to cut your losses now and move forward with someone who knows the ropes than remain in place with no viable exit.           

For anyone who’s unsure whether their current advisor knows the path to success, your first order of business is to realize it yourself. If you’ve followed my articles for a while, you’ve likely come across my wealth-building pyramid. Essentially, when you structure your business according to the steps of the monolith in the way I explain, you’ll build a life-changing enterprise that creates multigenerational wealth for you and your loved ones in perpetuity. The result isn’t mere retirement, but rather limitless prosperity and endless satisfaction. 

Ideally, such lofty aspirations should be regular discussions with your financial advisor. As fiduciaries, they need to have your best interest in mind at all times, and most importantly, they must uphold your vision for lasting abundance and fulfillment. Keep those two aspects at the forefront as you reexamine the roadmap to your success. 

Why your advisor must align with your vision for success 

Never lose sight of why you show up to your job every day. Don’t let your advisor lose track either. Should there ever come a time when you don’t feel steady about your business plan, redirect your attention to the image of my favorite pyramid that outlines your future affluence.

Remember that the base of the pyramid is the part that holds everything above it securely in place. Without it, the entire behemoth caves in. Gloss over it at your peril.

Protect your assets before building wealth

I’m referring to your protection. Assume that anytime you build an entity worth the effort, you become a target for opportunists and predators in addition to general misfortune.  

You need insurance, and plenty of it. An umbrella policy is a must, but so is an LLC. At no point should your personal assets be in the direct line of fire of potential litigation. Of course, there are plenty more insurance considerations. In addition to a solid life insurance policy, you need to carry disability insurance since the greatest threat to your livelihood is the sudden inability to work. 

While it’s helpful to freshen up on such wisdom by reading an article like this one, it’s imperative that you primarily receive it from your financial advisor. Making certain that you’re sufficiently protected from all angles isn’t just a good idea, it’s a requirement for maintaining what is rightfully yours.  

In the event you don’t have an advisor whose beliefs are rooted in asset protection, that’s a red flag. I don’t say that to scare anyone. Quite the opposite. When you make asset protection your number one priority, you have no reason to be fearful. 

I’ll outline the remaining steps up the pyramid, and as you follow along, see if you find it in line with the plans you’ve established with your current advisor. Take note of anything that sounds new and then ask yourself if it’s time to rethink who you’ve hired for guidance. On the other hand, if you nod along knowingly, then rest assured you’re in good hands. 

The next level up the pyramid is cash confidence. Lack of this is the number one business killer. I argue that most bad business decisions are made as a result of being cash poor. It’s easy to lose your mind when bills come due and you don’t have immediate means to pay. Having adequate cash reserves allows you to stay afloat during inevitable market downturns. It saves you from relying on crippling debt. Yet there’s an even greater advantage to holding onto cash. The best opportunities arise when others desperately need money and you’re flush with it. That’s the time to pick up assets for pennies.

Create cash confidence to safeguard your business

Assets represent the third step. I tell all my clients to continually feed their cash machine while constantly trimming expenses. Develop an unlimited appetite for investments and a keen distaste for waste. Only choose investments that yield a minimum of four to five times return.  

Furthermore, don’t just guess. Rely on experts to provide conclusive evidence that your advertising will yield substantial gains in clientele, that upgrades to your equipment will bring about sufficient increases in overall revenue. Those hired to guide you must provide this insight. Why seek them out otherwise?

With adequate assets in place, the fourth step is delineating between paychecks and so-called “playchecks.” Think of them as two forms of income. The first supports the continuation of your business and the preservation of your lifestyle. The second is yours to spend however you see fit. Most importantly, the two streams never mix and remain independent, which guarantees that your business hums along smoothly no matter what.

Once you’ve secured both income types, the right advisor can steer you toward the top of the pyramid. Here you generate income in perpetuity across real estate, strategic partnerships, and managed holdings. While your peers might sell off assets to stay afloat, your own empire remains intact. You never sell the golden goose. Your wealth acts as a self-sustaining fixture and supports generations to come. This is true multigenerational wealth, and it’s yours for the taking when you have the requisite guidance.

Generate lasting wealth that supports future generations

Knowing these five steps will get you halfway there. The real key, however, is an advisor who lives and breathes this mentality. I work alongside dozens of them. In fact, all of us know the sixth step: falling in love with our work every single day, which is helping those like you.

My door is always open for anyone interested in mastering the pyramid themselves. Ultimately, you deserve the best guidance possible. If you’re still in search of a personalized approach to build multigenerational wealth, know that you can seize it now.

Editor's note: This article appeared in the October 2025 print edition of Dental Economics magazine. Dentists in North America are eligible for a complimentary print subscription. Sign up here.