Fee-only wealth advisory service is designed to offer wealth advisory services without the constant high fees of ongoing asset management. Instead the client requests a work engagement for a project fee and when the assignment is completed the contract ends. This allows clients to obtain services without having to deposit their assets with a Custodian that is affiliated with the advisory firm and without having the advisor make trades of their securities. That way the client has control over the investments and thus there are not sudden surprise trades placed by an advisor that might trigger capital gains tax.
Fee-only wealth advisory service involves integrated financial planning, which involves examining the relationship between tax planning, investment planning, estate planning, education planning, risk management, asset protection, and retirement cash flow planning. For example, a decision to sell a stock investment and buy bonds may trigger a tax consequence and in turn involves deciding for tax purposes should the new investment be placed in a taxable account or a tax deferred retirement account, also should a new replacement investment be established in a FLP as part of estate planning? Or should it be held inside of an irrevocable trust for benefit of heirs? Should the new investment be done by contributing funds to a 529 Plan which would use up the $13,000 annual tax-free gift tax limit?
The advantage of fee-only wealth advisory service is that it removes conflicts of interest because no sales of commissioned products by the advisor are allowed. The additional advantage of using a fee-only wealth advisory service which is done by project fee type of work is that clients with larger accounts are not paying more simply because they have a larger account.
Possible topics for fee-only wealth advisory service:
401k Rollover Asset Protection Education Planning Employee Benefit Planning Estate Planning Executive Compensation Fee Only Wealth Advisory Service Investment Advice Independent Financial Advice Risk Management Stock Options for Employee Compensation Tax Planning