Have questions about financial planning, investing, retirement, or working with a financial advisor? Below are answers to some of the questions we hear most often. If you don’t see your question answered, we’re happy to discuss your specific situation.
What does a financial advisor do?
A financial advisor helps individuals and families make informed decisions about their money and long-term financial goals. Depending on your needs, this may include investment management, retirement planning, IRA and 401(k) guidance, college savings, and developing a strategy for managing your financial future.
We take the time to understand your goals, financial situation, and priorities before helping you develop a strategy. Our goal is to help you make informed financial decisions and stay focused on your long-term objectives.
How much money do I need to work with a financial advisor?
There isn’t one specific amount of money that everyone needs before working with a financial advisor. The right time to seek professional guidance depends on your financial situation, goals, and the type of help you need.
Some people seek advice when they are beginning to invest, while others come to us when they are approaching retirement, changing jobs, receiving an inheritance, or trying to determine what to do with an old 401(k).
If you’re unsure whether working with a financial advisor makes sense for you, we can discuss your situation and help you determine what type of guidance may be appropriate.
Our company has no minimums, so you don’t have to have a certain amount of money to work with us.
What is a fiduciary, and why does it matter?
A fiduciary is generally required to act in the best interest of a client when providing investment advice, subject to the applicable legal and regulatory requirements.
Understanding how an advisor is compensated and what obligations they have to their clients is an important part of choosing a financial professional. We believe clients should understand the services they are receiving, how their advisor is compensated, and how recommendations relate to their financial goals.
If you have questions about our fiduciary responsibilities, services, or compensation, we’re happy to explain them before you decide whether to work with us.
When should I start planning for retirement?
The earlier you begin planning for retirement, the more time you generally have to save, invest, and adjust your strategy as your circumstances change. However, it’s never too late to take a closer look at your retirement goals and financial situation.
Retirement planning isn’t just about how much money you’ve saved. It can also involve determining when you want to retire, estimating future expenses, evaluating investment strategies, considering Social Security, and developing a plan for generating income during retirement.
Whether retirement is decades away or just around the corner, having a plan can help you better understand where you stand and what steps you may want to consider.
How much money do I need to retire?
There isn’t a single number that works for everyone. The amount you may need depends on factors such as your desired retirement lifestyle, current savings, expected expenses, retirement age, Social Security benefits, other sources of income, and investment strategy.
A retirement plan can help you estimate how your current savings and investments may compare with your future needs. It can also help identify areas where adjustments may be appropriate.
We can help you evaluate your current financial situation and develop a retirement strategy based on your individual goals and circumstances.
Should I roll over my old 401(k) into an IRA?
A job change or retirement often brings the question of what to do with an old 401(k). Depending on your circumstances, you may have several options, including leaving the money in the former employer’s plan, moving it to a new employer’s plan if permitted, rolling it into an IRA, or considering other alternatives.
Each option can have different investment choices, fees, tax considerations, and other implications. A rollover isn’t automatically the right choice for everyone.
Before making a decision, it’s important to understand your available options and consider how each one fits into your overall retirement strategy. We can help you evaluate your options and understand the factors involved in a 401(k) rollover.
What is the difference between a Traditional IRA and a Roth IRA?
Traditional IRAs and Roth IRAs are both retirement accounts, but they have important differences in how contributions and withdrawals are generally taxed.
With a Traditional IRA, contributions may be tax-deductible depending on your circumstances, and withdrawals are generally taxable as income. Roth IRA contributions are made with after-tax dollars, and qualified withdrawals are generally tax-free.
Eligibility, contribution limits, income rules, and other requirements can apply, and tax laws can change over time. The right type of account depends on your individual circumstances and financial goals.
If you’re deciding between a Traditional IRA and a Roth IRA, we can help you understand the differences and how they may fit into your broader retirement strategy.
How do you charge for your financial planning and investment services?
Understanding how a financial advisor is compensated is an important part of choosing an advisor. Fees can vary, but in general our fee is a percentage based fee based on the amount of assets managed. There are no upfront costs to meet, or set up accounts.
We believe clients should have a clear understanding of the services they receive and the costs associated with those services. We discuss fees and compensation with prospective clients so they can make an informed decision before moving forward.
If you’d like to learn more about our services and how our fees work, contact us to schedule a meeting.