Who is your typical client?
Our clients want to free themselves from day-to-day financial decisions to make retirement a reality, giving them financial peace of mind and greater quality of life.
They are typically juggling family and demanding careers, which leads to complex financial situations that require comprehensive, integrated and objective advice.
Do you sell insurance, annuities, mortgages or other products?
No. We don’t sell or derive any compensation from the sale of any financial products, or other source, for that matter. We provide fee-only services and strive to be free of conflicts of interest.
What if we don’t live near your offices?
We work with clients throughout the Twin Cities metro area, Minnesota and the United States. We utilize advanced secure communication technologies that enable us to make sure the client experience is positive and the same as if they were meeting us face-to-face.
Why do I need you to manage my investments?
Portfolio management is challenging and time consuming!
The best of individuals (and investment managers) often do not consider the net of tax effect of investment decisions. Even the most basic asset allocation has complications that confound do-it-yourselfers. Knowing the correct asset allocation for an expected return (and risk aligned to your tolerance) to achieve goals is a multi-step process that many individual investors do not consider.
I am convinced that I want to work with a fee-only advisor, so how do you differ from other fee-only advisors?
Congratulations for identifying your key search criteria to be a FEE-ONLY advisor. You will likely also find – or should - that the FEE-ONLY advisors you are considering have the Certified Financial Planner designation. The CFP designation indicates a competency, by virtue of passing a certification exam, in all areas of finance related to financial planning. These are the minimums you want to be looking for, but we differ from other advisors in the following key ways:
- Broad Tax Expertise – All Summit Wealth Advocates advisors are either CPAs or Enrolled Agents, with education, specifically in tax. Summit Wealth Advocates advisors have practical tax practice experience.
- Investment Expertise – Summit Wealth Advocates has an Investment Committee that is made up of tax professionals and investment professionals to integrate net of tax solutions. Our Chief Investment Officer is a Certified Financial Analyst, which is the gold standard of investment management and indicates successful completion of three exam levels and a minimum of 4 years professional experience in the investment decision process. We have the expertise to help you plan for complex investment situations that include stock options, concentrated stock positions and optimal tax asset location.
- Firm Continuity – “What happens if….?” In our view, this is one of the most overlooked criteria when hiring an advisor, and the question no one wants to ask, but you should ask. If the answer is, “the custodian will take care of you,” do you think you will still have the deep personal relationship? Summit Wealth Advocates has a written succession plan. You will have a clear understanding of what the process will be in the event of incapacity or death. We are happy to review our continuity plan with you.
- Strong Team – We have an experienced team and believe that teamwork leads us to the best decisions for the clients’ success.