Financial Advisor and CEO of Northeast Private Client Group Mark Murphy Releases New Practice Management Book
With his third book, financial advisor and industry expert Mark B. Murphy aims to help entrepreneurs and business owners to build prosperity for their future. Financial Advisor and CEO of Northeast Private Client Group Mark Murphy Releases New Practice Management Book hief Executive Officer of Northeast Private Client Group and financial advisor Mark B. Murphy has written a new book, “The Ultimate Investment: A Roadmap to Grow Your Business and Build Multigenerational Wealth,” that is available for order now. In it, Murphy leverages 35 years of industry experience to offer insight on practice management and entrepreneurship, according to a press release. Murphy’s insight is focused on building, not just acquiring, according to the author. “The roles of the entrepreneur and business owner are different–they require different sets of skills,” Murphy says in the press release. “True entrepreneurialism is about freeing yourself from the constraints of time. Instead of ‘clocking in’ at your own company to make sure the money keeps coming in, a true entrepreneur is able to spend more time growing the business, accumulating wealth, and leaving a legacy for future generations.” Murphy’s mission with his third book is to help entrepreneurs and business owners create generational wealth and prosperity in the face of potential economic pitfalls such as the potential for a recession. The book is available for order now. Editor’s note: This article appeared in the February 2024 print edition of Dental Products Report magazine: https://www.dentalproductsreport.com/view/financial-advisor-and-ceo-of-northeast-private-client-group-mark-murphy-releases-new-practice-management-book. Dentists in North America are eligible for a complimentary print subscription. Sign up here.Mark B. Murphy, CEO of Northeast Private Client Group, is an accomplished author, speaker, and motivator who’s revolutionizing the financial planning and wealth management industry. He helps entrepreneurs achieve multigenerational wealth through personalized strategies, leveraging his strategic planning and financial engineering expertise. Forbes has ranked him as the number one financial security professional in New Jersey and number 15 nationwide. Additionally, his book, The Ultimate Investment, is a number one bestseller and new release on Amazon.
A compelling and informative self-help business book
Entrepreneurship coach Murphy presents a guide for current and aspiring entrepreneurs. This book is aimed at entrepreneurs in any field, offering firsthand advice for achieving success. It opens with Murphy’s definition of what an entrepreneur is: namely, the person running the show—but, pointedly, not in a hands-on manner. The overall purpose of this manual, he says, is to “teach you…how to create a business that eliminates or reduces costs and competition. But that takes getting the organization to grow to where it’s no longer centered around the entrepreneur’s ability to produce a function or do the work.” Along the way, Murphy offers such concepts as his four core values for building wealth; the importance of having coaches, mentors, and advisers; dealing with almost-certain roadblocks; and, as a recurring theme, the notion that successful entrepreneurs need not bother themselves with the minutiae of a business: “If you’re not focused on the issues that truly matter.…you’re essentially wasting your time.” Murphy’s advice runs the gamut, from the psychological to the practical, concisely covering familiar ideas—such as surrounding yourself with the right people—that are often handled clumsily in other guides. It’s an excellent read for people who want to be entrepreneurs or CEOs, but it will be equally valuable for people who want to know more about the mindset of such people, either to better work with them or to better understand the business world in general. Murphy’s skillful writing will keep all these audiences engaged. A compelling and informative self-help business book. Pub Date: Jan. 31, 2023ISBN: 9781955884259Page Count: 137Publisher: ForbesBooksReview Posted Online: Feb. 6, 2023Kirkus Reviews Issue: April 1, 2023 Review Program: Kirkus Indie THINKING, FAST AND SLOW Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our… Apsychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking. The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds. Pub Date: May 27, 2014ISBN: 978-1-61039-250-1Page Count: 288Publisher: PublicAffairsReview Posted Online: April 15, 2014Kirkus Reviews Issue: May 1, 2014 GOOD ECONOMICS FOR HARD TIMES by Abhijit V. Banerjee & Esther Duflo ‧ RELEASE DATE: Nov. 12, 2019 Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal. Quality of life means more than just consumption”: Two MIT economists urge that a smarter, more politically aware economics be brought to bear on social issues. It’s no secret, write Banerjee and Duflo (co-authors: Poor Economics: A Radical Rethinking of the Way To Fight Global Poverty, 2011), that “we seem to have fallen on hard times.” Immigration, trade, inequality, and taxation problems present themselves daily, and they seem to be intractable. Economics can be put to use in figuring out these big-issue questions. Data can be adduced, for example, to answer the question of whether immigration tends to suppress wages. The answer: “There is no evidence low-skilled migration to rich countries drives wage and employment down for the natives.” In fact, it opens up opportunities for those natives by freeing them to look for better work. The problem becomes thornier when it comes to the matter of free trade; as the authors observe, “left-behind people live in left-behind places,” which explains why regional poverty descended on Appalachia when so many manufacturing jobs left for China in the age of globalism, leaving behind not just left-behind people but also people ripe for exploitation by nationalist politicians. The authors add, interestingly, that the same thing occurred in parts of Germany, Spain, and Norway that fell victim to the “China shock.” In what they call a “slightly technical aside,” they build a case for addressing trade issues not with trade wars but with consumption taxes: “It makes no sense to ask agricultural workers to lose their jobs just so steelworkers can keep theirs, which is what tariffs accomplish.” Policymakers might want to consider such counsel, especially when it is coupled with the observation that free trade benefits workers in poor countries but punishes workers in rich ones.Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal. Pub Date: Nov. 12, 2019ISBN: 978-1-61039-950-0Page Count: 432Publisher: PublicAffairsReview Posted Online: Aug. 28, 2019Kirkus Reviews Issue: Sept. 15, 2019 THE DYNASTY by Jeff Benedict ‧ RELEASE DATE: Sept. 1, 2020Smart, engaging sportswriting—good reading for organization builders as well as Pats fans. Action-packed tale of the building of the New England Patriots over the course of seven decades. Prolific
Pro Connect – Mark B. Murphy
Mark B. Murphy is an accomplished CEO, author, speaker, motivator, and podcast host, who is transforming the financial planning and wealth management industry with his innovative and forward-thinking approach. As the Chief Executive Officer of Northeast Private Client Group, a national financial planning and wealth management firm, Mark is a highly sought-after key business strategist and critical thinker. He is passionate about empowering entrepreneurs to achieve multigenerational wealth by providing personalized strategies that focus on emotional fitness, wealth accumulation, and a plan that can work under all circumstances. Mark’s expertise in strategic planning and financial engineering has benefited a diverse range of clients, including closely held businesses, mid-size companies, celebrities, athletes, hedge fund managers, doctors, dentists, and other high net worth individuals. His unwavering commitment to delivering a “wow” experience has earned him a reputation as a trusted expert in the industry. Mark has been recognized as the #1 financial security professional in New Jersey and the #15 nationwide by Forbes. In addition, he has achieved the status of being the #1 best-selling author on Amazon, and his third book, The Ultimate Investment: A Roadmap to Grow Your Business and Build Multigenerational Wealth, has been ranked as the #1 new release on Amazon and is now available in major airports across the country. Moreover, Mark’s podcast, The Hero of The Hour, has earned a spot in the Top 40 in the United States, securing its place in the highly competitive categories of Business and Entrepreneurship. Mark B. Murphy is a registered Representative & Financial Advisor of Park Avenue Securities, Financial Representative of Guardian, CA Insurance License ID #0B36048 & AR Insurance License ID #741545, Forbes award is not issued or endorsed by Guardian or its subsidiaries. “It’s an excellent read for people who want to be entrepreneurs or CEOs, but it will be equally valuable for people who want to know more about the mindset of such people, either to better work with them or to better understand the business world in general.”– Kirkus Reviews SELF-HELP THE ULTIMATE INVESTMENT BY Mark B. Murphy • POSTED ON Jan. 31, 2023 Entrepreneurship coach Murphy presents a guide for current and aspiring entrepreneurs. This book is aimed at entrepreneurs in any field, offering firsthand advice for achieving success. It opens with Murphy’s definition of what an entrepreneur is: namely, the person running the show—but, pointedly, not in a hands-on manner. The overall purpose of this manual, he says, is to “teach you…how to create a business that eliminates or reduces costs and competition. But that takes getting the organization to grow to where it’s no longer centered around the entrepreneur’s ability to produce a function or do the work.” Along the way, Murphy offers such concepts as his four core values for building wealth; the importance of having coaches, mentors, and advisers; dealing with almost-certain roadblocks; and, as a recurring theme, the notion that successful entrepreneurs need not bother themselves with the minutiae of a business: “If you’re not focused on the issues that truly matter.…you’re essentially wasting your time.” Murphy’s advice runs the gamut, from the psychological to the practical, concisely covering familiar ideas—such as surrounding yourself with the right people—that are often handled clumsily in other guides. It’s an excellent read for people who want to be entrepreneurs or CEOs, but it will be equally valuable for people who want to know more about the mindset of such people, either to better work with them or to better understand the business world in general. Murphy’s skillful writing will keep all these audiences engaged. A compelling and informative self-help business book. Pub Date: Jan. 31, 2023ISBN: 9781955884259Page count: 137ppPublisher: ForbesBooksReview Posted Online: Feb. 6, 2023Kirkus Reviews Issue: April 1, 2023 ADDITIONAL WORKS AVAILABLE Extraordinary Wealth: The Guide To Financial Freedom & An Amazing Life n Extraordinary Wealth, the authors present the three levels of wealth creation, and an outline to help you reach them: LEVEL ONE You have enough passive income from your assets to replace your paycheck when you stop working. Reaching this level means you have a stable retirement. LEVEL TWO You have free capital or “playchecks,” which are income-producing assets that are not responsible for maintaining your lifestyle. Reaching this level means you have financial freedom. LEVEL THREE You have earned income beyond retirement and continue to earn substantially more than you spend. Reaching this level means you have multigenerational wealth. Many people would love to reach that first level. Sadly, almost no one does. If you’re dedicated and disciplined, this book will teach you how to progress through levels one and two and ultimately reach the third level, creating multigenerational wealth. Published: July 30, 2019ISBN: 9781949639483 VIEW ON AMAZON → The Win-Win Outcome: The Dealmaker’s Guide To Buying And Selling Dental Practices The profession of dentistry has changed enormously. From the heyday of single practitioners working four days a week, corporate dentistry now provides consumers with more convenient hours, better locations, and care that’s covered by insurance. Today, the easiest hygiene appointments to sell in metro areas are between 6:00 p.m. and 9:00 p.m. Consumer demand has changed, and private practitioners who don’t evolve to meet this new demand will see their profits continue to erode. The solo model no longer works if dentists want to compete with corporate shops. In The Win-Win Outcome: The Deal Maker’s Guide to Buying and Selling Dental Practices. Mark Murphy and Bernie Stoltz explain that the future of dentistry is to practice in groups. With a combined half century of experience, the authors believe that where the profession is heading offers enormous opportunity for dentists-to run better practices, lead better lives, and create lasting wealth. The Win-Win Outcome shows you how. Private doctors can merge into a more efficient business model without giving up their private-practitioner status or the opportunity to build equity in a practice. Borrowing strategies from the corporate model-such as extended hours, modern technology, and multiple specialists under one roof-private practitioners have the tools to outperform their corporate competition. By forming group practices through mergers and
Dealing with the inflation factor
While Mount Everest currently holds the record for highest elevation on earth, the planet’s highest point may actually have been a bit closer to home at one time. Some 400 million years ago, when the African plate slammed up against North America, it formed the supercontinent known as Pangea. The massive collision caused a geological upheaval that resulted in the formation of a chain of mountains. Today, we call the remnants the Appalachians. It might be hard to fathom, but they would have likely towered over the Rocky Mountains today if it weren’t for one inevitability—erosion.1 Over time, even the tallest mountains succumb to relentless wind, snow, and ice. In fact, the taller the mountain, the quicker the process. North Carolina’s Mount Mitchell is the tallest point in eastern North America.2 At less than 7,000 feet, however, this former behemoth stands 3,000 feet shorter than the lowest point in all of Tibet, the current highest region in the world and home to Mount Everest.3 Today we may admire the grandiose Himalayan summit but make no mistake; it too will surrender its title within the next 100 million years. Mountains and today’s business owners While mountains take eons to erode, today’s business owners must contend with a similar but much more immediate threat—the erosion of their wealth from inflation. It’s the word on everyone’s lips in today’s economic climate. While the consumer price index generally increases between 2% and 3% in any given year, last year it increased an astounding 7%. Everyone feels the acute pinch of rising costs. Mountains of wealth amassed over decades will rapidly diminish if stakeholders ignore the reality of reduced buying power. The reasons behind inflation are nuanced and inconsequential compared to the steps you as a private practitioner must consider if you hope to survive these economic conditions. With the right guidance, you might find it possible to actually thrive. More by Mark B. Murphy Achieving your goals now instead of laterThe right team elevates your dental practice As a financial advisor, one of the first steps I encourage clients to take revolves around debt refinance. For the time being, interest rates remain at historic lows. Rising interest rates are a tool used by the Federal Reserve to stem the tide of rampant inflation. Assume that higher interest rates are on the horizon. If you haven’t locked into these advantageously low rates, it makes sense to do so as quickly as possible. There is no simpler hedge against inflation than a steady payment on a debt secured at a low interest rate. Inflation could go through the roof, yet your monthly installments don’t increase a cent. Securing low interest rates isn’t a panacea. As long as the inflationary grip squeezes the dollar’s potency, your day-to-day costs will steadily rise. When times are good and you’re flush with income, it’s easy to take on liabilities. Feasts make us temporarily blind to future famine. But it’s time for the chopping block. Any routine expenses that don’t make you money will in time cost you dearly, so get rid of them. The many factors of success On the flipside, proper staffing is as essential as ever. For as long as you have steady clientele, a dedicated team is of paramount importance. Let’s assume staff salaries are competitive and you’re not at immediate risk of losing your employees to any rivals. Your goal now is to keep them satisfied without having to constantly award pay raises. Here’s where creativity comes into play in the form of deferred remuneration. As long as your business is growing, you can make your employees partners in your business. It can be as simple as a structured bonus or as complex as the issuance of private stock. The goal is the same. When employees become stakeholders, they not only have an incentive to stay, but also a reason to ensure the success and growth of the business. As costs increase, it’s fair to pass them onto patients by raising prices. Naturally, we all share the burden of a weakened dollar, and adjusting your fees to match inflation is a simple process with regard to cash-paying customers. But when it comes to insurance, it’s a slightly different ball game. Thankfully, insurers know about inflation. Their business accounts for it, which means you have the right to negotiate higher fees when the time comes. The companies expect negotiation, but you might need some leverage on your side. Consider working with a firm that can advocate on your behalf. I recommend Practice Quotient to my clients. The company’s expertise goes a long way toward making sure you receive appropriate payment from insurers for services rendered. So far so good, right? You’ve trimmed unnecessary expenses, cultivated a loyal staff, and secured adequate fee schedules, all while continuing to build your clientele. If you made it this far, then this next piece of wisdom might be what propels you to new heights. While residential real estate prices soar, commercial real estate remains mostly stable. In some instances, it has even decreased. With more remote workers, businesses demand less space. As a private practitioner who depends on a brick-and-mortar establishment, you could benefit substantially simply by becoming your own landlord, especially if you can secure a loan at the current low rates. While rents hinge on inflation, fixed loan payments stay exactly the same. In short, even if you don’t see immediate monthly savings, you can rest assured that your payments will not increase for as long as you own the land. Most importantly, your business could be worth exponentially more when the time comes to sell. At this point, you’re either excited or scared; perhaps a little of both. It’s great to have ideas, and it’s even better to have a plan. Nevertheless, it would be highly irresponsible of me not to stress the importance of having the right financial advisory team to assist in drawing up those plans, especially in this volatile economy. While change remains the most steadfast constant, the