Smart Money Financial Advisors Prospective Client FAQs
Below you will find a FAQ section to help navigate your decision to work with our firm. At Smart Money Financial Advisors, we believe in integrity, objectivity, competence, transparency, and professionalism and feel this FAQ can help determine if we are the right fit for you.
ARE YOU A FIDUCIARY?
Yes, at Smart Money Financial Advisors we uphold the fiduciary standard. Reno Frazzitta is a CERTIFIED FINANCIAL PLANNER™ and Investment Advisor Representative, which bounds him to the Fiduciary standard through the CFP® Board Code of Ethics and Standards of Conduct as well as the Investment Advisers Act of 1940.
WHAT IS A FIDUCIARY AND WHY IS IT IMPORTANT TO WORK WITH A FIDUCIARY?
A fiduciary is a person or organization that acts on behalf of another person or persons to manage assets. Essentially, a fiduciary owes to that other entity the duties of good faith and trust. The highest legal duty of one party to another, being a fiduciary requires being bound ethically to act in the other's best interests. Most advisors tailor their investment advice to individuals’ clients they work with, however, not all advisors are governed by the same standards. Fiduciary advisors work directly for clients and must place clients' interests ahead of their own, according to the Investment Advisers Act of 1940. For example, advisers cannot buy securities for their accounts prior to buying them for clients and are prohibited from making trades that may result in higher commissions for themselves or their investment firms. It also means advisers must do their best to make sure investment advice is made using accurate and complete information and that the analysis is thorough and as accurate as possible. Avoiding a conflict of interest is important when acting as a fiduciary, which means that advisers must disclose any potential conflicts. Advisors who are not a fiduciary, however, serve the broker-dealers they work for and must only believe that recommendations are suitable for clients. This suitability standard is set by the Financial Industry Regulatory Authority (FINRA).
WHAT TYPE OF CLIENTS DO YOU WORK WITH?
Primarily, a select group of individuals preparing to retire or who recently retired. Smart Money Financial Advisors doesn't try to be all things for all people, but rather all things for some people and it's all about right fit.
WHAT IS THE MINIMUM ASSET LEVEL OR INCOME FOR SOMEONE TO BECOME A CLIENT OF SMART MONEY FINANCIAL ADVISORS?
We work with clients that have a minimum of $500k in investable assets ($250k for a single person).
WHAT IS THE UPPER END OF CLIENTS THAT SMART MONEY FINANCIAL ADVISORS HAS THE EXPERTISE TO WORK WITH?
The typical sweet spot in which we excel at bringing maximum value to our clients is those who have under $30,000,000 in net worth. We have found that once a family crosses the $30 million tier, there are other entities that may be able to offer a diverse set of services to best serve that family.
WHAT ARE THE TYPICAL FINANCIAL & TAX PLANNING COSTS I COULD EXPECT TO PAY?
Our financial & tax planning services starts at $1,000. Based on the complexity of the plan, that price could increase, with the highest package price of $4,000.
WHAT IS INCLUDED IN THE FINANCIAL & TAX PLANNING?
Financial & tax planning is a dynamic process. From budgeting, to planning for retirement, to saving for education, to managing your taxes and your insurance coverage, “finances” doesn’t mean just one thing for most Americans—and “financial & tax planning” means much more than just investing. Bringing all the pieces of your financial life together is a challenging task. Although many professionals may call themselves “financial planners” or “tax advisors”, CFP® professionals have completed extensive training and experience requirements and are held to rigorous ethical standards. Smart Money Financial Advisors understands all the complexities of the changing financial & tax climate and we know how to make recommendations in your best interest.
Financial & tax planning takes the guesswork out of managing your finances and helps you understand the implications of each decision you make. The average citizen faces an uncertain economy and more options for saving and investing than ever before. It’s easy to feel overwhelmed or confused, unless you find a way to understand the big picture. We have developed and refined a process that puts all the pieces of the financial puzzle together for clients as their life unfolds and needs evolve.
WHAT IS WEALTH MANAGEMENT?
Wealth management is an investment advisory service that combines other financial services to address the needs of our clients. It is a consultative process whereby we glean information about your wants and implement a strategy utilizing appropriate financial products and services.
HOW DO I WORK WITH SMART MONEY FINANCIAL ADVISORS FOR WEALTH MANAGEMENT SERVICES?
At Smart Money Financial Advisors, we utilize the spectrum of financial disciplines available, such as financial and investment advice, legal or estate planning, and retirement planning, to manage our client's wealth for one set fee. That fee generally ranges between 0.30% - 1.0% of the assets we manage, depending on the amount invested.
IF WE ENGAGED AS A WEALTH MANAGEMENT CLIENT, IS THERE A DISCOUNTED RATE FOR FINANCIAL & TAX PLANNING?
Yes, 50% of the agreed upon financial planning fee is due upon the engagement. If during the course of financial planning, you determine you would like to become a wealth management client, we waive the second 50% of the financial planning cost as a value for becoming a wealth management client. This is the path many of our clients embark down because it is essential to have a plan before selecting investments.
DO YOU OFFER TAX PREPARATION?
Smart Money Financial Advisors has a referral relationship with a CPA who has many years of tax preparation experience. Our CPA will handle tax preparation for an additional fee outside of financial planning and wealth management fees.
WHAT IS THE DIFFERENCE BETWEEN TAX PREPARATION AND TAX PLANNING?
Tax preparation is reactive, you are taking historical numbers and filing them into software correctly to determine how much you owe or receive back as a refund. Tax planning is proactive and is a year-round process. From ensuring a plan is in place to fund estimated tax liabilities, to monitoring investment transactions or stock options so they don’t cause the wrong type of tax, to managing proper investment types to maximize after tax returns, proper tax planning can add substantial wealth to you and your family over time. When clients engage with our wealth management offering, tax planning is included in our offering.
WHAT IS A CERTIFIED FINANCIAL PLANNER™?
Although many professionals may call themselves “financial planners,” CFP® professionals have completed extensive training and experience requirements and are held to rigorous ethical standards. They understand the complexities of the changing financial climate and know how to make recommendations in your best interest. Unlike many financial advisors, CFP® professionals must develop their theoretical and practical knowledge by completing a comprehensive course of study at a college or university offering a financial planning curriculum approved by CFP Board.
CFP® professionals must pass the comprehensive CFP® Certification Exam, which tests their abilities to apply financial planning knowledge to real-life situations. CFP® professionals complete several years of experience related to delivering financial planning services to clients prior to earning the right to use the CFP® certification trademarks. When it comes to ethics and professional responsibility, CFP® professionals are held to the highest of standards, as outlined in CFP Board's Standards of Professional Conduct. They are obliged to uphold the principles of integrity, objectivity, competence, fairness, confidentiality, professionalism and diligence as outlined in CFP Board’s Code of Ethics. The Rules of Conduct require CFP® professionals to put your interests ahead of their own at all times and to provide their financial planning services as a “fiduciary”—acting in the best interest of their financial planning clients.
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