Train Your Team to Sell by Applying the Art of Styling

The Psychology of Fashion
Fashion psychology is commonly defined as the study of the impact of clothing choices on the way in which we perceive and judge others. Clothing does not always define a person, but it can be an expression of one’s personal style and be a strong indication of how they would like to be perceived.

Clothing style also provides you with an abundance of visual clues that help lead the initial sales conversation with your patients and build your credibility as the expert stylist.

As you work to discover your patient’s style, assess their current style. How would you describe what you see in their current style?

  • Formal
  • Casual
  • Edgy
  • Professional
  • Flirty
  • Unique
  • Young
  • Mature
  • Powerful

Then ask how they would like to feel in their new eyewear? Once you identify the feelings your patients/clients want, the easier it will be to curate a collection of styles that are exciting for them.

It’s More Than Trends
Eyewear is an expressive fashion accessory that is part of your patient’s identity, and the art of styling eyewear is more than just knowing the trends. I discourage selling by trends and prefer to explain how styling can be achieved through the assessment of one’s personality traits and finding frames in shapes, materials and colours that best complement that style.

There are many psychological factors that will motivate your clients to be fashionable. It could include the desire to conform, the desire to express personal creativity or a desire for uniqueness. Fashion eyewear is one of the most powerful accessories that can create one’s identity to achieve a desired self-image. Clients will move towards what they desire more than what they need.

The Economics of Fashion Eyewear
Over the last two years, Canadians have shifted their spending and are buying more eyeglasses. At the end of 2021, it was estimated that Canadians spent over $3 billion on eyewear and the market is expected to show a growth of 7.3% this year.

The online eyewear industry is constantly finding more ways to instill confidence in the consumers by providing do-it-yourself
guides on “how-to” choose eyewear.

If your frame inventory is readily available at the shop down the street or online, the desire for that product decreases when they are in your optical gallery.

Alternatively, when you stock interesting and diverse frames, you differentiate your business and essentially neutralize a big chunk of your competition. The motivation to buy from you is now more attractive and perhaps urgent as you are changing the impression of style by presenting multi pairs that all give them a different vibe. The combination of unique eyewear presented by trained style experts is a winning combination for your business.

Originality Always Wins
When I started my mobile eyewear boutique in 1997, I had no brick and mortar, lots of time and no money to advertise. I attended networking events, became a guest speaker for groups and when I attracted a new client, I created the most unique eyewear buying experience I possibly could. Twenty-five years later, even with access to so many free social media platforms, word of mouth marketing is still my best form of advertising.

My Tips to Maximize your Magnetic Referral Potential:
• Provide value with an eyewear styling session and expert advice.
• Provoke emotion and find out how your client wants to feel in their new eyewear.
• Be passionate and objective about the products you sell to your clients even though your style may not be their style.
• Project your personal image in your favourite clothing style and accessorize with eyewear for instant credibility.
• Curate a boutique collection of eyewear that is distinct to inspire your patients to stay and want to buy more than one pair.

Your passion for fashion will be magnetic when you give it your unique twist and consciously and consistently implement a styling sales strategy in your optical gallery. The more you repeat your process, the better you will be.

It will be the extraordinary experience you create that will trigger a conversation. It is the unexpected or unusual that will motivate customers to share the word about your optical gallery and your team.

WENDY BUCHANAN

Wendy Buchanan, Eyewear Image Expert is a Registered Optician, Image Consultant and Educator.  She is the creative force behind the Be Spectacular Eyewear Styling System® for Eye Care Professionals.  Wendy helps eye care practices to systematically reinvent their eyewear dispensaries to create an exceptional buying experience and increase profits.

Connect with Wendy on Instagram   https://www.instagram.com/bespectaculartraining/


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Fact or Fiction? Investing in employee satisfaction makes good business sense.
Sounds reasonable, right?

Many organizations believe that satisfied employees are profitable employees, so they invest heavily in things they think will show appreciation – elaborate cafeterias, games rooms, group outings, on-site concierge services, and other generous perks. That’s pretty sweet, for the employees.

These companies will spend exceptional amounts of money continuously surveying “employee satisfaction” and then ponder over the results to discover new ways to enhance it.

But, Where’s the Proof?
Surprise: The truth is, there is no documented relationship between employee satisfaction and business performance. A happy workforce is not necessarily a more productive one.

The factor that is a predictor of performance and productivity, and it is in fact the most reliable predictor, is something called engagement.

Engagement is all about how focused and committed your people are to hitting and exceeding your shared objectives.  e.g. How much sweat, effort, and creativity they are willing to put in of their own free will.

The best part is that engagement doesn’t cost you, the practice owner, much. But you must set the stage for it by paying attention to the leading indicators of fit.

The formula is simple in theory.  Find employees that fit the job, fit the practice values and fit and other members of the team, and, you will have a committed and engaged staff that is more productive and profitable for your practice.

The most valuable competitive advantage for any business is to staff with star employees who perform better and stay longer.

That’s the Fit First philosophy.

Fit First Philosophy starts with this premise. Hire for Fit, and then train as needed.
Save yourself time and money.
This post is sponsored by EyePloyment.com and Fit First Technologies

Learn more.

TIM BRENNAN

is Chief Visionary Officer with Fit First Technologies Inc, the creators of Eyeployment, TalentSorter and Jobtimize.


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Dr. Michael Naugle provides an in-depth explanation of how the FYidoctors’ Future Vision Leaders program works with NextGenOD’s  Nyah Miranda, a first-year OD student at New England College of Optometry (NECO).  Nyah and her Canadian compatriots account for 39% of the year 1 class at NECO.

Playbutton

Dr. Naugle explains how the $100,000 loan forgiveness program works, how it is tiered by geographic location, explains eligibility and all the details involved with the program.

He also explains that while it appears that income is higher if OD students stay in US, this is actually not the case when you take everything into account. (10 Mins)

Related Links:  
Dr. Naugle’s EyesWideOpen Podcast with Roxanne Arnal 

 

 


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Fact or Fiction? Low turnover is a good sign we’re doing things well. Why rock the boat?

Low turnover can seem like an employer’s dream, but is it hurting your business in the long run?

The important question here is – how many people are we keeping?
The far more valuable question is – what is the quality of the people we are keeping?

All too often, organizations, including professional practices, find themselves in a rut where people aren’t leaving because they are comfortable. And they are comfortable because their job is easy, standards are lax, and mediocre performance is tolerated.

Comfortable employees can choke a business.

If you raise your standards, you will scare off those who crave comfort and attract better performers who share those same higher standards.

The Wrong Kind of Turnover
If you maintain the status-quo, you may well have turnover, but not of the right kind. Those leaving may well be the ones that thrive on a challenge and take price in being on a high performing team.

The most valuable competitive advantage for any business is to staff with star employees who perform better and stay longer.

That’s the Fit First philosophy.

Fit First Philosophy starts with this premise. Hire for Fit, and then train as needed.
Save yourself time and money.
This post is sponsored by EyePloyment.com and Fit First Technologies

Learn more.

TIM BRENNAN

is Chief Visionary Officer with Fit First Technologies Inc, the creators of Eyeployment, TalentSorter and Jobtimize.


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The market has continued to change.  Many are asking great questions about corporate buyers, and the impact of the rise interest rates and inflation on practice values.

Healthcare is (still) Recession and Pandemic Resilient
The market continues to expand and corporate buyers, like traditional ones, see the value in healthcare. I may sound like a broken record, especially now that we are 2 years past those initial dark days, but healthcare has proven it is recession and pandemic resilience.

People simply need humans to take care of them. Rates of return on healthcare businesses are 8% or more depending on cost structures.

The Numbers Game (Hint: It’s Not a Game)
An individual doctor will always purchase a practice unless they want to be a career associate.  A corporate entity will go after an office where an improvement in gross revenue can be made through the increase of hours and services while also, of course, trimming expenses as well.

Practice sellers may not like their hard work broken down into “simple numbers” but the reality is that numbers drive corporate decision makers. It is just business.

Sometimes corporates will pay more than an private individual doctor purchaser and other times not.
Ultimately, a vendor must put personal feelings and ego aside in order to make the decision that makes most sense for them.

Market influencers – interest rates and inflation
Good news, historically, despite the varying rates, practice values have continued to rise.  They may jump more in value at certain times and less in others but in reality, the actual values have not decreased in my 30 years of being in this industry.

These past couple of years have certainly been interesting.  Despite a pandemic and increasing inflation, values have continued to rise.

This is simple economics – supply and demand.   There continues to be more buyers than good practices available. The vendors who may have chosen to delay due to pandemic by holding on, continue to put pressure on purchasers who are looking for something to buy.

Lenders also continue to fund these acquisitions provided that the buyer can qualify.  As long as this cycle continues, values will not be negatively impacted.

Can the rise in interest rates affect a practice value?
My initial answer is no BUT I do feel the need to qualify my response.

There are certain transactions that a bank will not provide 100% which means the buyer must put some money into the deal to successfully close.

This does not mean the practice is overvalued. It simply means that based on risk, a lender is comfortable in financing only a certain percentage of the purchase price.

The market has been trained in the past 20+ years to expect 100% financing.  However, many factors have changed significantly such as increased practice values along with increased, personal debt load of purchasers.

Practice value is not synonymous with level of financing.  Values are separate from the level of financing a bank will offer a purchaser.  For example, an insurance brokerage will sell for 12-15x EBITDA yet lenders do not finance this level.

Inflation can cause practice values to decrease.

It is quite simple – the more expenses rise (staffing, supplies, PPE), the more the net profit is negatively affected.

As such, value is impacted.  Therefore, before anyone opines as to whether higher rates and inflation impacts value, the real assessment is how these factors affect a practice on a case per case basis.

A blanket statement is always a dangerous thing to make.

It should also be noted, the final practice value is truly determined by the price a vendor and purchaser agree to. Even if increased expenses bring value down, a buyer can still offer more if they see opportunities in the practice.

Jackie Joachim, COO ROI Corp

JACKIE JOACHIM

Jackie has 30 years of experience in the industry as a former banker and now the Chief Operating Officer of ROI Corporation. Please contact her at Jackie.joachim@roicorp.com or 1-844-764-2020.


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Fact or Fiction?
The best way to gain an advantage over my competition if to hire away their top performer.
Their loss = my gain (or so the thinking goes!).

Bad idea.

True, high performers share a set of characteristics and core attitude, but much of their performance is tied up in other factors that are external to them.

The factors can be summarized into four primary categories:

  • Fit with the manager/practice owner
  • Fit with the critical aspects of the role
  • Fit with the people around them, and
  • Fit with the practice culture and systems.

Most often, poaching talent results in three losers – you, your competitor, and the fallen star.

The fact that they are a consistently top performer in another practice,  even in a similar role, is not a guarantee they will achieve the same results in your company.

A far more effective strategy is to identify people who have the capacity (and Skills) to do well in the reality you present.

When you find candidates who are at their best in the management climate you offer, who are drawing from their natural strengths and talents in the role you offer, who engage easily and productively with the rest of the team and your customers, and who are proud to contribute to the organization … you have a winning combination.

And it might not be the person you think it is.

The most valuable competitive advantage for any business is to staff with star employees who perform better and stay longer.

That’s the Fit First philosophy.

FICTION: More often than not, hiring away the competitor’s star performer results in a three-way loss: For you, the competitor and the individual.  It will also not ingratiate you in your professional community, and eventually you may need each other.

Fit First Philosophy starts with this premise. Hire for Fit, and then train as needed.
Save yourself time and money.
This post is sponsored by EyePloyment.com and Fit First Technologies

Learn more.

TIM BRENNAN

is Chief Visionary Officer with Fit First Technologies Inc, the creators of Eyeployment, TalentSorter and Jobtimize.


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By Dr. Trevor Miranda. 

Dr. Miranda will be regularly contributing his thoughts and perspectives on the topic of Independent Eye Care Practice in Eye Care Business Canada.

In life and at work, we can often think it is easier not to think of something to avoid having to use the scarce resources of time and energy to properly deal with the task at hand.

For me, it’s organizing my closet or cleaning the garage. I cope by putting it off but every time I open my drawers I am reminded that it needs my attention (I finally did tidy the garage and I feel so much better!).

My stress could be reduced by just stopping the avoidance of these tasks!

Multi-tasking Owners are Challenged

Independent optometric owners have to juggle many responsibilities. Marketing, human resources, inventory management, cash flow, financial statements, scheduling, tax planning, budgeting, equipment purchasing and maintenance, product information, staff training, patient experience, E-Commerce and many other duties can easily overwhelm the minds of optometric owners.

Beyond that, the responsibilities of continuous learning on glaucoma, macular degeneration, vision therapy, low vision, myopia management and primary eye care further compete for optometrists’ time and energy.

Wearing all these hats is very challenging and often leads to avoidance coping.

Avoidance coping is a maladaptive form of coping in which a person changes their behaviour to avoid thinking about, feeling, or doing difficult things.

Stress Management versus Stress Avoidance

Avoiding stress might seem like a great way to become less stressed, but this isn’t necessarily the case.

More often than not, confronting a problem or dealing with a stressor is the only way to effectively reduce the stress it causes.

We strive for “stress management” rather than “stress avoidance”. Usually, procrastination or trying not to think of the stresses leads to further stress and increased frustrations. Actively managing stress is a more healthy and productive strategy.

Ways to Manage Stress

Delegate (don’t abdicate):
Delegation of duties is an effective way to distribute responsibility and accountability.

Effective delegation requires structure and training. It is important that there is oversight of delegated tasks.

This means using “SMART” goals: Specific, Measurable, Attainable, Realistic, Timelines.

As an owner, it is important to be briefed regularly on the status of a particular portfolio. For instance, delegation of marketing in your practice should include a regularly updated budget and a yearly marketing plan with regular reviews at predetermined intervals.

There are task management applications that can assist in overseeing these delegated tasks; examples include Monday.com and Trello.

Delegation of tasks can be divided among the entire team rather than residing as the responsibility of the office manager. For instance, one staffer can be in charge of outstanding accounts; another in charge of ordering supplies.

We utilize Slack to assign tasks that combine communication to both assignee and assignor until task competition. The management of outstanding tasks allows compartmentalization of these potential stresses and combats avoidance.

Empowerment:
Cultivation of empowerment in each team member to be part of the solution is important to stress reductions and better office functioning.

The culture of not passing the buck or saying “that’s not my job” is crucial to a shared responsibility and accountability. This helps reduce the burden and decrease potential stress.

Macromanagement:
Leaders guide their businesses in a directional way. Avoiding micromanaging will reduce stress.

It is important to quickly address large issues but avoid managing each and every mistake. Resist the urge to point out every mistake as this can be demotivating and depressing while adding stress on both sides.

If something is particularly bothersome, ensure you are not actively frustrated and address the issue in private with the appropriate compassion and honesty. Collaborate on ways to improve with training and feedback. Getting buy-in is crucial.

Avoiding difficult conversations will only add to stress levels. It is better to act like the CEO of your optometric business. Guide the ship through small directional maneuvers rather than being stuck in reflexive reactions in day-to-day events.

Outsource:
Another way to help manage the myriad of responsibilities is to outsource to experts.

Companies offer marketing, human resources, accounting, and even optical dispensary management where experts take on the responsibility and reduce the owner’s stress load.

Don’t avoid the necessary time it takes to manage these areas properly. Use outsourced experts that are accountable for results and preset timelines.

I remember when I started my first clinic. I answered the phones, did the accounting, cleaned the office and helped in frame selection.

All of these duties are currently not my direct responsibility. It is important that you change as you grow.

Learning the business by doing it yourself is great if you’re capable, enjoy that aspect of business and have the time to do it.

As your business grows your management techniques need to adapt. With five clinics and a growing team, I know that I must adapt to actively manage stresses rather than avoid them.

 

DR. TREVOR MIRANDA

Dr. Miranda is a partner in a multi-doctor, five-location practice on Vancouver Island.

He is a strong advocate for true Independent Optometry.

As a serial entrepreneur, Trevor is constantly testing different patient care and business models at his various locations. Many of these have turned out to be quite successful, to the point where many of his colleagues have adopted them into their own practices. His latest project is the Optometry Unleashed podcast.


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Evolution is inevitable in any industry, and the Canadian optical industry is no different. In the past few years, consolidation and competition have increased. Many of the ophthalmic labs used by clinics and retailers have made the decision to move their manufacturing from domestic to international.

Following its acquisition of Allied Lab in 2008, in 2015, FYidoctors moved its lab into a new state-of-the-art facility located in Delta, British Columbia.

Since then, FYidoctors has grown significantly; today the lab is manufacturing an impressive 12,000 to 13,000 pairs of glasses per week. In the past three years alone, approximately $10 million have been invested in the facility, becoming a true differentiating factor for FYidoctors.

Under one roof, the lab manufactures the highest quality lenses and coatings using the newest and most innovative technologies available.

We met with Nancy Morison, Vice President of the Delta Ophthalmic Laboratory. An industry veteran, Nancy is leading FYidoctors’ Delta team and building a culture of excellence to ensure our patients and clients receive the highest quality glasses in the Canadian market.

What differentiates FYidoctors and the contribution of the Delta Lab?
‘’First, we are a fully vertically-integrated company, and we are still here in Canada!

By this, I mean that many competitors are now producing lenses offshore, and many other labs have scaled down in recent years. It became increasingly popular to manufacture in China, India, and Thailand, among other places, to decrease costs.

We produce approximately 2,500 pairs of custom glasses per day, and we are open 6 days a week, 24 hours per day.’’

“We also use the highest quality materials, coatings, and machinery and have developed profound expertise in supply chain optimization. Whether it is for our exclusive frame line, Sacori, or for more than our 3,000 frame selection, our lens quality sets us apart and showcases the excellence of our products.’’

‘’Lastly, we invest in technology: it is part of our DNA. Today, we have been told that we are the most technologically advanced optical lab in Canada. Why? We are choosing not to offshore manufacturing internationally and instead are make significant technology investments in our own backyard at Delta to be highly competitive in the Canadian marketplace.

Having leading technologies and an optimized supply chain in our own house allows our organization to be highly efficient on labour and shipping/importing costs.’’

In the past three years, the investments in the Delta lab have been significant; what are the technologies you are using? 

‘’We are not using only one technology, but we are using all the best technologies available to us, giving us the capability to produce the best product. We have a unique approach: we pick leading technologies, suppliers, raw materials, and designs, from Schneider generators and polishers to Satisloh coatings, processes and chambers and MEI edging equipment, to full software integration from clinic to lab to key partners. Combined, this ensures cost efficiency, amazing products and outstanding service for our clinics and stores and ultimately our patients.’’

FYidoctors has a robust, healthy culture, and it seems that you were able to create an excellent work environment at Delta. Can you tell us more?
‘’The FYi culture is very much based on coaching: we share our knowledge and insights daily with our teammates.

We have a very cohesive group that enjoys helping and working closely together. Our coaching culture and mindset are very different from other manufacturing and distribution environments that I have seen.

We care about the product, the quality, and choose to make ourselves available to allow the success of our operations. We have also seen tremendous growth powered by our ever-expanding clinic network and our supply chain investments. As I like to say, growth builds optimism, and optimism and continuous improvement are key to our culture. ‘’

Seven facts about Delta Lab:

  • Allied Lab Founded in 2001
  • Acquired in 2008 by FYidoctors
  • New advanced facility opened in 2015
  • 12,000 to 13,000 pairs of glasses made per week
  • 220 employees
  • 104,000 lenses manufactured per month
  • $10M invested in improvements since 2019

This Post is Sponsored by FYidoctors.


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Fact or Fiction?  – There’s no point in investing time in Millennials and Gen Z employees. They are too disruptive, demanding and won’t stay for more than a year anyway.

Sure, the workforce has changed over the last 30 years, but the answer is not to find more people your age to staff your business.

The challenge is to help managers figure out how to create a workforce that harnesses the energies and talents of employees, including younger ones, and converts those energies into profits.

Contrary to popular belief, the young people entering the workforce are generally not flighty and do not want to skip from job to job every year or two.

In fact, research continues to show that, just like the rest of us, the younger workforce wants nothing better than to find an employer where they can do meaningful work, see the value of their contribution, learn, and grow.

That said – the younger generations do have less tolerance for bullshit and are not likely to put down roots with an organization that treats them as less valued employees because of their age.

There’s no point in investing time in Millennials and Gen Z employees – FICTION

The most valuable competitive advantage for any business is to staff with star employees who perform better and stay longer. Even the young ones!

Fit First Philosophy starts with this premise. Hire for Fit, and then train as needed.  Save yourself time and money.
This post is sponsored by EyePloyment.com and Fit First Technologies

Learn more.

TIM BRENNAN

is Chief Visionary Officer with Fit First Technologies Inc, the creators of Eyeployment, TalentSorter and Jobtimize.


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Disability insurance is one of those things none of us really wants to own, let alone claim.

However, you are your greatest asset and as such, you do need to protect yourself, your family and your net worth in the event you should develop a serious illness or long-term injury.

But, did you know there are other forms of disability insurance that can be extremely valuable if you are a business owner?

Business Office Overhead
How long could your business run if you weren’t there? Would you have to lay off your entire staff? Drain your bank accounts to keep the doors open?

How quickly could you get a locum in or extend your associate’s work hours to compensate for an extended and unplanned leave?

Business office overhead disability insurance is a reimbursement based product that can be used to cover expenses to keep your office open up to 24 months after the start of a claim. It does not cover your salary however, so you will still need income replacement disability coverage for that. Keeping your business going while you recover, finding a replacement or arranging a sale will be key to ensuring that you don’t unnecessarily cripple your entire financial future.

Disability Loan Protection
In some instances, you can actually purchase a disability plan that covers your business loan payments. This is especially important if you have recently purchased a practice from another practitioner and have fairly sizeable loans. This type of plan is often less costly than the business office overhead plan, and like the business office overhead, it helps keep your investment secure for your return, or eventual sale.

Disability Buy Sell Insurance
So, you have business partners. This can provide you with some extra comfort to keep those doors open and business expenses covered, but what happens if your partner isn’t able to return to work? How long do you want to keep covering those expenses for a partner who isn’t coming back to work? And if you are the disabled party, how long do you want to hold onto your share of the practice for?

Disability Buy Sell coverage provides you with a funding mechanism that can assist the healthy partner in buying out their disabled partner. Although premiums come with a cost, they are typically far less expensive than paying out of profits. These plans can be triggered at various stages based on what fits your business marriage, often 18 or 24 months. Such plans also provide you with a clear definition of when the disability buy/sell clause in your partnership/unanimous shareholder agreement gets triggered, helping to take the emotion and personal decision out of the equation.

Claim Start
All disability plans have an elimination period. This is the period of time you have to wait before benefits will begin. It may be as little as one day with a hospital claim rider, or up to 24 months. The longer the elimination period the lower the premiums will tend to be. There is typically a sweet spot where lengthening the elimination period isn’t worth the drop in premium cost, so it is worth the conversation.

In addition, claims are always paid in arrears. This means that you won’t actually see a cheque until the end of the next 30 days after your elimination period. From a cash flow perspective, you need to ensure that you can financially support yourself and your business for an extra 30 days past the elimination period.

So Much Insurance
Insurance can be a lot more complicated that it appears on the surface, so it’s important to know that your agent has asked you all the right questions and truly understands your situation and cash flow in order to provide you with the best advice they can.

Like with all types of insurance, we really should be focusing our premium dollars on what would cause us the greatest harm should the event occur. Disability is truly a greatest harm scenario.

We don’t like being sick or injured. We often have additional expenses because of the disability, and it may not impact our overall lifespan.

So, protecting yourself from the greatest harm is key (wear your seatbelt and eat healthy) and protecting your assets from a great threat is vital.

Advisory
As your Chief Financial Officer, I am here to help you understand your money and assist you in making smart decisions about your debt repayment, insurance protection, tax management and wealth creation.

Have more questions than answers? Educating you is just one piece of being your personal CFO that we do. Call (780-261-3098) or email (Roxanne@C3wealthadvisors.ca) today to set up your next conversation with us.

Roxanne Arnal is a former Optometrist, Professional Corporation President, and practice owner. Today she is on a mission of Empowering You & Your Wealth with Clarity, Confidence & Control.

These articles are for information purposes only and are not a replacement for personal financial planning. Everyone’s circumstances and needs are different. Errors and Omissions exempt.

ROXANNE ARNAL,

Optometrist and Certified Financial Planner

Roxanne Arnal graduated from UW School of Optometry in 1995 and is a past-president of the Alberta Association of Optometrists (AAO) and the Canadian Association of Optometry Students (CAOS).  She subsequently built a thriving optometric practice in rural Alberta.

Roxanne took the decision in  2012 to leave optometry and become a financial planning professional.  She now focuses on providing services to Optometrists with a plan to parlay her unique expertise to help optometric practices and their families across the country meet their goals through astute financial planning and decision making.

Roxanne splits EWO podcast hosting duties with Dr. Glen Chiasson.


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