Facts and Questions
Financial Planning FAQ
- > What is financial planning?
- > How do you create this blueprint?
- > So, am I responsible for monitoring my plan?
- > Who can benefit from your services?
- > What is "Fee-Only" financial planning and why should that be
important to me?
- > What if I want or need to buy investment or insurance products?
- > Does Wealthcare Financial Planners provide only coordinated
- > My spouse and I need help and guidance to start building for
our financial future. Can you help?
- > I have already accumulated substantial assets, but my time is limited.
Can you provide ongoing support to help me manage my account?
- > What types of securities do you specialize in?
- > If I use Wealthcare Financial Planners to develop a financial plan,
am I obligated to purchase the recommended products?
- > What is your investment philosophy?
- > How much will my financial plan cost?
- > Once my financial plan is complete, will our relationship end?
- > How can I get started?
Tax Preparation Services FAQ
- > What do I need to bring to my tax preparation appointment if I am a new client?
- > When is the first day that I am able to file my taxes?
- > What kind of preparation do I need to provide for my tax return?
- > How do you keep up with the latest tax laws?
- > When can I expect to see my completed tax returns from you?
- > What happens if I receive a letter from a government agency about my tax return?
What is financial planning?
Financial planning is a coordinated, multi-step process that provides you with two important things: (1) an independent analysis and assessment of your current financial situation and life goals; and (2) a blueprint to help you determine the best way to achieve those goals.
It's important to monitor and update your financial plan as needed. As your life and the events that impact it change, so should the blueprint that guides your financial decisions. Keep in mind that financial planning is a process, not an event.
How do you create this blueprint?
Together, we will conduct an in-depth review of your current financial status that focuses on your goals, objectives, priorities and values. For example, the reduction of current and future income taxes might be an immediate goal, funding a quality education for your children and/or grandchildren could be an intermediate goal, and enjoying a secure financial future in your retirement years is likely to be one of your most important long-term goals. Another great goal in life for some people is creating wealth and/or leaving a legacy for your chosen beneficiaries or charities. No matter your current financial situation, everyone needs a periodic assessment of where they are on the road to meeting their financial goals.
Next, you need to know how you can achieve (or continue working toward) your financial goals. By focusing on cash flow, investments, taxes, pensions and retirement plans, estate planning, insurance issues, savings opportunities and other general financial matters, we design a customized financial plan for you. Finally, to achieve the intended results, you must implement and monitor your plan.
So, am I responsible for monitoring my plan?
It might seem like a daunting task, but if you follow your plan and maintain a disciplined approach, you can reach your stated goals. At Wealthcare Financial Planners, we work with you to make this process as easy for you. In addition to receiving professional advice on your most important financial concerns, we can also assist with implementation and ongoing portfolio consulting.
Who can benefit from your services?
Any individual seeking financial stability/prosperity can benefit from our services. Our clients have the flexibility to work with us on a one-time, as-needed or ongoing basis. We welcome anyone who simply needs a one-time financial consultation or a second opinion, as well as those who need full-service financial planning.
What is "Fee-Only" financial planning and why should that be important to me?
Because we are fee-only financial planners, all conflicts of interest regarding compensation are removed. We do not accept sales commissions; we work solely for our clients. Because we do not sell financial products, such as investments and insurance, there are no third-party relationships or outside influences to bias our thinking and financial recommendations.
What if I want or need to buy investment or insurance products?
While we do not sell financial products, we will provide you with names of highly reputable individuals and financial institutions that can assist you with the execution of this segment of your plan.
We do provide investment management services.
Click here for more details.
Does Wealthcare Financial Planners provide only coordinated financial planning?
No. In addition to a coordinated financial plan, we can limit our advisory services to your specific needs, such as cash management and budgeting, investment analysis, 401(k) review or college education funding.
My spouse and I need help and guidance to start building for our financial future. Can you help?
Yes. Some firms have income levels and/or net worth minimums, but we realize that everyone has financial needs. We are proud to work with people from all income levels, and all walks of life.
I have already accumulated substantial assets, but my time is limited. Can you provide ongoing support to help me manage my account?
Yes. People who need more sophisticated financial planning or advice will find our services appealing and beneficial. If you have a desire to simplify your financial affairs, we can provide the scope of ongoing services that is right for you. If you are looking for a professional review or a second opinion to ensure you are on track, we can provide that as well.
What types of securities do you specialize in?
We provide advice for a wide variety of securities, including mutual funds, stocks (as they relate to your portfolio holdings), bonds, bank deposits, variable, and fixed annuities. We also provide advice on mortgages, budgeting, cash flow issues, 401(k), retirement programs, stock options, and life, disability, and long-term care insurance.
If I use Wealthcare Financial Planners to develop a financial plan, am I obligated to purchase the recommended products?
Absolutely not. We will offer recommendations, but you are under no obligation to buy. And, we do not benefit in any way if you decide to make a purchase.
What is your investment philosophy?
The important thing to remember is that no one can predict the future. We do not suggest that we can, or that any of the money or mutual fund managers that we recommend, will make the correct decision every time. We do believe, however, that studying historic trends, relationships of investment classes, and the philosophies and approaches of successful investment managers can provide valuable insight. The appropriate allocation of investment assets for your goals and risk tolerance is the most important component in developing your investment portfolio. We believe that having a diversified, well-balanced portfolio over the long term with low expenses, and having patience, will increase the likelihood that you will achieve your long-term financial objectives. Regular checkups and disciplined rebalancing are advised.
How much will my financial plan cost?
Financial planning fees are determined on a project-by-project basis—the total fee for a financial plan will vary depending on the specific needs and complexity of your situation. After our initial meeting, we will provide you with an engagement letter that includes a time and fee estimate. Once the financial plan is complete, you determine how much ongoing assistance you will need with regards to implementation and investment monitoring.
Once my financial plan is complete, will our relationship end?
No. We strongly recommend an annual meeting to evaluate and adjust your plan based on your current financial condition. And, we can prepare your federal and state income tax returns as a part of this process.
How can I get started?
Contact us at email@example.com or call 803.644.0701 to set up a no-cost, no-obligation consultation. We look forward to helping you build a brighter financial future!
What do I need to bring to my tax preparation appointment if I am a new client?
Before arriving to our Aiken, SC location for tax preparation services, new clients should bring
- > Copy of prior year Federal & State return
- > All W-2's, 1099's, K-1's from all sources
- > Any recent correspondence with the IRS or State agencies
- > Social Security numbers and dates of birth of all dependents
- > If you have Rental Property-summary of all income and expenses
- > If you have more than $12,000 ($24,000 Joint Return) in Medical, Home mortgage interest, charitable contributions - have a summary of each category
- > Any questions, call before your appointment
When is the first day that I am able to file my taxes?
Taxes can usually be filed starting around January 18th. We offer tax preparation services to North Augusta, Aiken, SC and Augusta, GA residents throughout the year to prepare for tax season.
What kind of preparation do I need to provide for my tax return?
For our tax preparation services, new clients should refer to the list above. Returning clients will receive a questionnaire in late December that should be completed before returning for the following year's tax return services.
How do you keep up with the latest tax laws?
At WealthCare, we provide quality tax return services to the North Augusta, Aiken, SC and Augusta, GA area by staying current in education surrounding tax preparation. To do so, William Coscioni attends seminars during the year and constantly reads tax related material.
When can I expect to see my completed tax returns from you?
After providing the required information for our tax preparation services, it usually takes 1 - 2 weeks to get your completed tax return back to you. At WealthCare, we provide efficient and reliable tax return services.
What happens if I receive a letter from a government agency about my tax return?
After using our tax preparation services, if you receive a letter from a government agency regarding your completed tax return you should call immediately and send the letter/notice to us.