FAQ
Knowledge is Power.
Here are answers to commonly asked questions about Woodcrest Financial Group. If you don’t find your questions answered here, please feel free to reach out to our office and we will be happy to speak with you.
Are you a fiduciary and why is it important? Yes, Woodcrest Financial Group is a fiduciary firm. Fiduciaries only recommend based on what is best for the client, and must disclose potential conflicts of interest. . You want a financial partner who is held to the highest legal duty of one party to another, and bound ethically to act in your best interest.
What is an independent financial advisor? An independent financial advisor operates on their own, without any ties, affiliation, or influence from a larger firm. With an independent advisor, you can trust that they have your best interest in mind and are only offering products that are truly suited to your needs. No pressure, just personalized advice.
What types of clients do you work with? Woodcrest Financial Group primarily works with pre-retirees, retirees, business owners, and women. We’ve found we can best serve those with a minimum of $500,000 in investable assets; however, under special circumstances, this minimum can be negotiable.
How do you get paid? We at Woodcrest Financial Group prioritize transparency, so our clients always know what they’re paying and receiving for their money. We are a Fee-Based Advisor, all of the fees are disclosed in our ADV’s and will be discussed with clients prior to clients signing up for any services that charge a fee. If an insurance product is recommended as part of your plan, they are generally commissioned based. We will provide you with information regarding any commissions that are paid and how that plays into your plan. We believe in full transparency no matter what asset is used in your plan.
What is the difference between tax planning and tax preparation? Tax preparation: Reactive; determining how much you owe or receive as a refund after plugging historical numbers into a software. Tax planning: Proactive; strategizing to fund estimated tax liabilities; monitoring investment transactions or stock options; managing proper investment types to maximize after-tax returns. A year-round process, proper tax planning has the potential to increase your wealth substantially over time. Our financial planning offering includes tax planning for our clients.
Do you offer tax preparation? Woodcrest Financial Group has a referral relationship with CPAs and Enrolled Agents depending on your need. They will handle tax preparation for an additional fee outside of our financial planning and wealth management fees.
How often do we have contact with each other? Typically, we schedule regular meetings based on your needs, but we can meet as often or as little as you’d like. Meetings can take place in person, by phone, or videoconference, whichever you prefer. At a minimum, we like to touch base with our clients at least once per year to make sure their plan is still on track or it needs to be adjusted.