Frequently Asked Questions
Your financial goals are within your reach. We’ll achieve them together.
Prosperity Financial Group FAQs
There shouldn’t be any fees, costs, or penalties associated with switching financial advisors. If you have after-tax investment accounts, there may be capital gains taxes associated with selling investments that have grown in value since you purchased them. But that tax will need to be paid eventually, so it’s merely a matter of paying it now versus paying it later, and the benefits of getting into the right portfolio of investments far outweigh costs like these.
We’ll make sure you’re fully informed before any costs are incurred.
No, we offer complimentary Portfolio Reviews and complimentary Financial Planning Consultations.
Yes. Our investment committee meets to review the current investment environment and determine if any changes need to be made to our strategies.
Prosperity Financial Group does not take custody or possession of your savings. Client assets are held at TD Ameritrade in an account registered to you.
Working with a Financial Advisor empowers you to objectively and logically plan for your financial future, manage risks, and answer any (and every) question along the way.
Yes, all fees paid from retirement accounts are pre-tax. Also, Section 212 of the IRS Code permits a deduction for tax and investment advice in excess of 2% of your Adjusted Gross Income.
No problem. We have long-standing client relationships with investors in every US time zone. We meet regularly with our clients and are available to meet in person and remotely via Zoom, telephone, email, text, and more. As long as you live in the US, you’ll be well taken care of.
We manage finances for over 100 clients. Those clients include women, men, divorcées, singles, married couples, and the owners of businesses for whom we manage company 401(k) and profit sharing plans.
Investment Advisory Questions
Here is the list of documents we recommend you gather:
Most current investment statements (most important)
Copy of two years of tax returns (also important)
Loan and mortgage information (if applicable)
Employee benefits statements
All insurance policies (life, disability, medical, auto)
Income estimates for current year (offer letter or last year’s final pay stub usually suffices)
Any budgets you have previously created or documentation of spending and/or saving
We’ll send you a secure link where you can upload documents for our review.
Our highly regulated industry does not allow us to share past client success stories—under the premise that they may inordinately promise that we can create the exact same result for you.
Rest assured though that our clients consistently tell us that we make them feel safe and taken care of—and we are extremely proud of the work that we have done.
We do include a family of SRI funds in our investment options. These funds seek to navigate the tensions that may arise between personal financial goals and the broader considerations of sustainability and social responsibility.
Keep in mind that every broad-based fund, no matter how socially conscious, may run the risk of owning companies that conflict with individual values.
A Financial Advisor will be able to connect all of the financial dots in order to provide you with an overall plan to meet your financial goals. They should have training and experience in all kinds of financial products and financial aspects of your life – equities, bonds, insurance, taxes, and estate planning – in order to make the right recommendations for your personal situation. A Financial Advisor can also save you thousands of dollars in tax deductions and find higher-yielding investment products at little or no extra risk.
The fees will vary depending on the education and experience level of your Financial Advisor, and how the fees are assessed. The amount will usually be a percentage of assets under management.
Choose a Financial Advisor who has experience dealing with clients in similar circumstances to yours. You'll also want to make sure that the financial planner has your best interests in mind, and that he or she isn't selling you products that are not suited to your needs. Interview prospective financial planners and ask them about credentials, management strategies, and history of performance. Call up past clients as references.
We are paid on a fee basis. Fees are based on the percentage of assets under management.
We have a fiduciary responsibility to put your needs and interests above our own. While we may take a commission from a product that is recommended to you, it is unethical for us to recommend a product that is not in your best interest.
Fiduciary means to hold a confidence or trust. A professional who has a fiduciary responsibility to his or her clients must put a client's needs and interests ahead of his or her own.
While stockbrokers and insurance agents are regulated and licensed, they do not have a fiduciary responsibility to their clients. The recommendations they make must only meet the "suitability standard." In other words, the risk level of the product must be suitable for the client based on income, assets, risk tolerance or another standard that is specified in the prospectus.
Advisors with a fiduciary responsibility are less likely to push products that earn them a quick buck.
We will review your portfolio at least once a quarter, usually upon generation of our quarterly reports. More frequent or interim reviews can be requested by you at any time. You should also consider making an appointment in anticipation of life-changing events such as marriage, the birth of a child, divorce, or after inheriting a large amount of money.
Tax Planning Questions
Although Prosperity Financial Group is not a CPA firm, we can provide personal income tax planning services and federal, state, and local income tax return preparation through our relationships with partner Certified Public Accountants® and other tax professionals. Learn more about our tax planning services.
There are two primary retirement savings vehicles investors typically use: an Individual Retirement Account (IRA) and your employer’s Defined Contribution Account, which is often referred to as a 401(k) plan, TSP, or 403(b) plan.
A dependent is someone whom a taxpayer can claim on their income tax return. Typically, you may claim yourself unless you are the dependent of another taxpayer, your spouse (unless he or she files separately), and your children.
In an effort to prohibit individuals from rapidly depleting their estate in order to avoid estate taxes as death becomes more evident, the government established the annual gift exclusion. This exclusion limits the amount of money that may be transferred to another person each year.
Charities welcome gifts of not only cash, but also property. These non-cash gifts can be used by the charity itself, given to the beneficiaries of the charity, or converted by the charity into cash. Learn more about non-cash charitable contributions.
Retirement Planning Questions
It is likely that over the course of your career, you will contribute to multiple retirement plans. However, having multiple retirement accounts across former employers can be confusing and hard to monitor. Learn how to rollover 401(k)s from former employers.
We recommend that all married individuals with qualified income contribute to an IRA. You and your spouse may both be able to contribute to either a Roth IRA or a Traditional IRA. Learn more about having your spouse contribute to a retirement account.
The first step in choosing investments for your 401(k) is determining when you can realistically retire. Your investment time horizon impacts how aggressively you can invest. Book a free consultation to learn more about the different investment choices on your 401(k).
If you are not offered a pension plan, you should contribute as much as possible to your 401(k) plan (so that you will still be able to meet all of your financial needs). We believe that contributing at least 10-15% of your gross salary should be the minimum at which you should save. Book a free consultation to learn more about how much to contribute to your 401(k).
Speak with a Fiduciary Advisor
As an Independent Registered Investment Advisor, we have a fiduciary obligation to legally and ethically act in your best interest at all times, in all areas of your finances.
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