Financial decisions and concerns can feel complex, but getting the answers you need doesn't have to be. Here, we answer common questions to help you navigate your financial journey with confidence.

General Questions about Financial Planning

• What is financial planning, and why is it important?
  Financial planning is a comprehensive approach to managing your finances, ensuring your money works toward your short- and long-term goals. It covers budgeting, saving, investing, tax planning, retirement, and estate planning, helping you make informed financial decisions.
• What’s the difference between a financial planner and a financial advisor?
  A financial planner focuses on creating a holistic financial strategy tailored to your goals, while a financial advisor often specializes in specific areas like investments. At our firm, we integrate both, offering comprehensive financial planning with investment, tax, and wealth management strategies.
• How do I know if I need a financial planner?
  If you’re navigating major financial decisions—like saving for retirement, managing investments, minimizing taxes, or planning your estate—a financial planner can help create a tailored strategy that aligns with your goals.
• What should I expect from my first meeting with a financial planner?
  Your first meeting is about understanding your financial situation, goals, and concerns. We’ll discuss your income, savings, debts, and future plans, then outline how we can help optimize your financial outlook.
• How often should I meet with my financial planner?
  The frequency depends on your financial complexity, life stage, and preferences. Many clients meet quarterly or annually, but we’re always available when major life events or financial changes occur.

Questions About CPA & Tax Planning

• What is a CPA, and how can a CPA help with my financial planning?
  A Certified Public Accountant (CPA) is a licensed professional with expertise in tax laws, accounting, and financial management. CPAs can help with tax efficiency, financial reporting, and strategic planning to align your wealth with your long-term goals.
• How does working with a CPA benefit my tax strategy?
  A CPA provides proactive tax planning, identifying ways to reduce your tax liability while ensuring compliance. Whether through deductions, credits, or tax-efficient investment strategies, we can help maximize your after-tax wealth.
• What are some common tax mistakes that individuals and business owners make?
  Common mistakes include failing to plan for taxes, missing deductions or credits, and not optimizing retirement contributions. Business owners often overlook tax-saving structures like S-corporations or retirement plans tailored to their needs.
• How can I minimize my tax burden while still staying compliant with IRS regulations?
  Strategic tax planning involves optimizing deductions, contributing to tax-advantaged accounts, and structuring investments efficiently. As CPAs, we stay updated on tax law changes to help you implement the most appropriate strategies legally.
• What’s the difference between tax preparation and tax planning?
  Tax preparation is the process of filing your annual tax return, while tax planning is a proactive approach to reducing your tax liability throughout the year. Effective tax planning helps you avoid surprises and optimize your financial strategy.

Questions about CFP® Professionals & Fiduciary Responsibility

• What is a CERTIFIED FINANCIAL PLANNER™ professional, and why does it matter?
  A CFP® professional has met rigorous education, experience, and ethics requirements, ensuring they provide comprehensive financial planning in your best interest. This designation signifies expertise in areas like investments, retirement, estate planning, and taxes.
  The Four Requirements to be a CFP:
  Education - complete a CFP Board Registered Program covering the 8 principal knowledge domains of personal financial planning
  hold a bachelor's degree (or higher) from an accredited college or university
  Experience - 6,000 hours of professional experience related to financial planning process or 4,000 apprenticeship hours
  Exam - pass CFP exam
  Ethics - pass background check and sign an ethics declaration to uphold the fiduciary duty
• How is a CFP® professional different from other financial advisors?
  Unlike some advisors who focus solely on investments or product sales, CFP® professionals take a holistic approach to financial planning. They follow a fiduciary standard, meaning they are legally and ethically obligated to act in your best interest.
• What does it mean to be a fiduciary, and why is that important in financial planning?
  A fiduciary is required to prioritize your financial well-being above any personal or company interests. This means you get objective advice, transparency in fees, and our commitment to provide strategies and recommendations that serve your best interests.
• How do you coordinate tax and investment strategies to maximize my wealth?
  We integrate tax and investment planning by optimizing asset allocation, using tax-efficient accounts, and strategically managing gains and losses. Our dual expertise as CPAs and CFP® professionals ensures a coordinated approach to growing and preserving your wealth.

Questions about Investments & Wealth Management

• What is a diversified investment portfolio, and why is it important?
  A diversified portfolio spreads investments across different asset classes (stocks, bonds, real estate, etc.) to reduce risk. Diversification helps protect against market volatility and can enhance long-term returns.
• How do you determine the appropriate investment strategy for me?
  We consider your financial goals, risk tolerance, time horizon, and tax situation to develop a customized investment plan. Our strategies focus on balancing risk and reward while maintaining tax efficiency.
• How should I balance risk and reward in my investment strategy?
  The appropriate balance depends on your stage of life, financial goals, and risk tolerance. We help you align your portfolio with your comfort level while ensuring it supports your long-term objectives. Learn your risk number here.
• How do you help business owners with financial planning?
  We assist business owners with tax-efficient compensation structures, retirement planning, business succession strategies, and investment planning to ensure alignment in both business and personal finances.

Retirement & Estate Planning

• When should I start planning for retirement?
  The earlier, the better. Starting in your 20s or 30s allows for greater compounding growth, but even if you’re closer to retirement, strategic planning can still help you maximize savings and optimize your retirement income.
• How do you help clients ensure their wealth is preserved and transferred efficiently to future generations?
  We develop estate plans that help minimize taxes, protect assets, and that align with your legacy goals. This may include trusts, charitable giving strategies, and beneficiary designations to ensure a smooth transfer of wealth.

Common Questions from Clients — And How We Help Answer Them

• Who is Avantax and Cetera?
  Avantax is our Independent Broker Dealer that focuses on helping independent tax and financial professionals provide comprehensive tax-smart financial services to families, individuals, and institutions. Avantax assists our firm with back office support, operational efficiencies, compliance support, and a wide range of additional services. In 2023, Avantax joined Cetera, which strengthens their ability to serve their 3,000 plus Financial Professionals and $92 billion in assets under administration.
• What is a Custodian and who is NFS?
  A custodian is a financial institution responsible for holding and safeguarding your investment assets, ensuring proper record keeping, transaction processing, and regulatory compliance. NFS, or National Financial Services LLC, is a Fidelity Investments company that serves as the custodian for many independent advisory firms. They provide secure, behind-the-scenes brokerage and custody services for your accounts. 
• Does RGW have an investment minimum or fee minimum to become clients?
  No, we currently help all types of clients - from those just starting out to several higher net worth families. Most of our clients have at least $500k to $1mm in investable assets, but we certainly work with clients who have less. Above all, the most important is the type of people and families we are serving. We serve those who recognize and value the benefits of sound financial advice from a professional and who are willing to invest based on scientific evidence and historical data.
• How Can I Review My Accounts and Investment Performance?
  Client's have access to their account statements and quarterly investment performance reports through our private client portals, which can also include all of your financial planning details as well. You can also access your accounts through the custodian where your accounts are held. There are mobile apps available for your iPhone and android as well, so access to these items are never more than an arms reach away. Depending on a client's age and technology preferences, we often try to customize their online experience to be best suited to their own technological abilities.
• How is RGW Wealth Management Compensated?
  As a fee-based independent fiduciary-focused advisory firm, compensation is received from advisory fees based on assets under management, as well as commissions for investments held in retail brokerage accounts, directly held accounts with outside investment providers, and when products do not offer fee based compensation such as insurance. The typical advisory fee starts at 1.25%-1.5% and is reduced as assets increase on our tiered billing structure, but can range from .35% - 3%. There are situations where we charge separate financial planning fees in addition to investment related fees depending on the client complexity and situation. As fiduciaries, your best interests are always placed first, potential conflicts of interest disclosed, and as independents we work to objectively provide non-biased product recommendations.  We are committed to serving our clients from a fiduciary perspective.
• When should I sell to prevent losses?
  Selling while the market is down guarantees that you lock in your losses. A disciplined rebalancing strategy will have you sell top performing investments and asset classes at the high and repurchase investments while they may be undervalued and "on-sale". It is better to review your financial plan and goals. If your plan, goals, and needs haven't changed, we generally advise that you stay the course since your financial plan accounts for periods of market volatility. You may consider any asset allocation changes you believe necessary once the current market recovers so you are not selling at a low - especially if funds are not needed in the short-term.
• How can market volatility benefit me?
  When markets are volatile and compressed, consider taking advantage of the historically alway temporary declines. Consider tax-loss harvesting if you have taxable investment accounts, adding extra cash sitting on the sidelines to your portfolio while the market is "on-sale" or review opportunistic roth conversions. If you have Inherited IRA accounts where you are reinvesting the Required Minimum Distribution - consider distributing the RMD plus an additional amount depending on your tax situation to distribute a higher percentage of the account while putting the same amount of income on your tax return. Future capital gains and dividends may then be subject to lower long-term capital gains rates.