Whether you're just starting to navigate the world of individual wealth management or looking to make a change to your current advisory relationship, Perkins Wealth Advantage provides valuable insights and guidance on various aspects of retirement planning, superior investment management, income planning, estate planning, legacy planning, and so much more. Learn more in our Frequently Asked Questions below.
Is there a difference between financial planning, wealth management, and private wealth management?
No, not at Perkins Wealth Advantage. Financial planning and wealth management aren’t just about investing money. It’s about securing your finances now and in the future and securing the wealth you pass on to the next generation. That’s why we focus on a holistic approach to financial planning and wealth management for our clients. We offer various services, including investment management, tax planning, retirement planning, college and estate planning, and portfolio withdrawal strategies. Each of these services is tailored to meet the specific needs of our clients.
Is Perkins Wealth Advantage a fiduciary?
Yes. At Perkins Wealth Advantage, we take our role as fiduciaries very seriously. We are committed to providing honest, transparent information to help you make informed decisions. We always act in your best interests, disclosing all facts and doing our absolute best to minimize conflicts of interest. We believe this commitment level is necessary to help you achieve your financial goals and secure your financial future.
Why should I trust my money to a fiduciary?
The fiduciary standard is a higher standard of care than the suitability standard. These two different legal and ethical standards apply to financial professionals who provide investment advice to clients.
The fiduciary standard requires financial professionals to act consistently with their client’s goals and needs, prioritizing their client's interests over their own and performing with the utmost good faith, loyalty, and care. The suitability standard only requires that recommendations be suitable for the client but does not ensure they are in the client’s best interest.
At Perkins Wealth Advantage, we always prioritize our client's best interests, working to protect and pass on their hard-earned wealth and values to future generations. We chose to be fiduciary because we believe in providing our clients with the highest standard of care.
What does Fee-Only mean? What is my cost?
My clients pay me for the advice I provide. I do not receive a commission from any sale of financial products or services, which minimizes the potential conflicts of interest. This also allows me to focus on advice and recommendations solely in my client's best interest, providing greater transparency and building a solid and trusting relationship.
I have retained all my clients because my advice and services are not only fairly priced, they’re value-based, exceeding the expectations of the attorneys, CEOs, and business owners I work with. My fees are very competitive and based on what I think is fair and what I expect to pay for wealth management. During our second meeting, I will outline these fees and compare other firms’ services and costs, providing you with all the information you need to make the right decision.
Why should I hire a financial advisor?
In addition to their valuable expertise and knowledge in investment management, tax, and retirement planning, financial advisors assist in developing a comprehensive financial plan tailored to your unique goals, risk tolerance, and financial situation. They provide an unbiased perspective on your finances and financial advice that helps you avoid common behavioral biases while keeping you on track to meet your financial and life goals.
Your financial plan is a living document that evolves. Health changes, a new baby or grandbaby, or an unsolicited business buyout offer can alter your needs and goals. A financial advisor who knows you well can provide ongoing monitoring and make necessary adjustments, providing a holistic approach to your financial planning and advice that aligns with your overall life goals and values.
Open and transparent communication will build a strong relationship with your financial advisor. And it will leave you with the peace of mind of knowing if you do everything outlined in your financial plan, you will be in the best position to accomplish your goals.
Who do you work with? Do you specialize in a specific type of client?
At Perkins Wealth Advantage, we do our best work for three distinct groups of people:
We help retirees turn their life savings into a reliable income stream while minimizing their lifetime tax burden. Accumulating wealth is a matter of saving and investing, but there are best practices for determining when and what to sell, which type of account to withdraw from, and how to be tax efficient. We best serve clients three to five years out of retirement, up to those who have been retired for ten years. This timeframe is when most people start spending down their portfolios and when most mistakes tend to happen.
We help business owners think through separating their personal financial situation from their business. We help them prepare for a sale of the company and allocate the sale proceeds or think through transitioning the business to the next generation.
We help high-net-worth families avoid or significantly mitigate a savage 40% estate tax by proactively coordinating with your estate planning attorney and CPA to implement advanced planning strategies. These strategies may include establishing gift trusts, spousal lifetime access trusts, grantor-retained annuity trusts, limited family partnerships, LLCs, donor-advised funds, or private foundations.
What Should I Look for When Choosing a Financial Advisor?
Your financial advisor must hold the proper certifications and qualifications, such as a Certified Financial Planner (CFP) designation. Additionally, look for an advisor who is a fiduciary, charges transparent fees, communicates well, is responsive to your needs and questions, and understands your financial goals and concerns. They should also be financially curious as you want them to be knowledgeable on tax law changes and academic findings in the investment world.
You should also ask yourself three questions:
Do I like/trust/respect the Perkins Wealth Advantage team and its approach?
Do I believe the value and benefits provided exceed the cost?
Do their recommendations make sense to me for my situation?
How do I know which investment strategy makes the most sense for me?
Do you have a specific destination in mind, such as a goal for 5, 10, or 30 years from now? What about a legacy goal for future generations? Building the right investment plan depends on what you are doing today and where you want to be in the future. Once we establish your goals, we will create a plan to get you there.
Do you have a minimum portfolio size?
Yes, the minimum is $500,000 but may be waived in some specific situations.
How much contact do you have with your clients? How do we communicate?
To get started, we will address these six questions. This will allow us to get to know each other, for me to understand your current financial situation, and for you to share your future financial goals. Once we agree to work together, we will meet twice a year, in person or virtually, with quarterly touchpoints to maintain open lines of communication. We can also arrange to meet more often if that is your preference. I am always available by phone and email to answer your questions or make adjustments for new goals.
What’s your investment philosophy?
At Perkins Wealth Advantage, we follow an evidence-based approach to investing. This involves understanding the best investment practices and body of knowledge defined by the last 50 years of academic and practitioner research, guiding our clients' recommendations. We do not engage in "active management" or make investment recommendations based on speculation about the markets, economy, or interest rates because this approach is counterproductive and unreliable in achieving financial goals.
Perkins Wealth Advantage believes that six tenets guide Evidence-based investing
- Outperforming the market is difficult. There are ways to build portfolios with higher expected returns through strategic allocation decisions informed by academic evidence. We recommend diversified, tax-efficient portfolios, following academic evidence, and maintaining reasonable costs.
Enhanced size, value, and profitability exposure can increase the expected return. There is abundant academic evidence showing that small-cap stocks have generated higher long-term returns than large-cap stocks, value stocks have outperformed growth stocks, and highly profitable stocks have outperformed low or negative-profitability stocks. Perkins Wealth Advantage uses stock and alternative funds to capture these long-term return premiums, giving clients the best chance of generating returns equal to or better than the overall market.
Global stock market diversification is as essential as diversifying among individual company stocks. Based on academic evidence, investors should own U.S., international, and emerging market stocks instead of solely concentrating on U.S. companies.
The primary role of fixed income is to reduce volatility. Both academic and practical evidence suggests that the most effective way to build portfolios is by taking risks through the stock and alternative portions of the portfolio and using fixed income to reduce that risk.
Academic evidence supports the moderate use of alternative investment strategies. While we are generally skeptical of most alternative investment strategies, accessing a couple in mutual fund form can enhance portfolio expected return and reduce portfolio volatility. Some alternative investments may offer low correlations with traditional asset classes, reducing overall portfolio volatility and providing diversification benefits. At Perkins Wealth Advantage, we approach all alternative investment strategies with caution and careful risk assessment.
Evidence-based investing slowly evolves over time. Evidence-based investing is not static. Our investment strategy recommendations will develop as academic and practitioner evidence evolves.
How will you select investments for me?
My process begins with two meetings where I get to know you, understand your financial needs and long-term goals, and assess your risk level. Next, I apply an evidence-based investment philosophy.
I like to remind my clients that if they were feeling unwell and went to see a doctor, would they prefer that their doctor prescribe treatment based on what they read in a health journal or the peer-reviewed Journal of New England Medicine? That's how I developed my investment philosophy and how I will select investments for you.
I believe in following an evidence-based approach to investing, relying on academic research and historical data to guide my investment decisions. This approach has proven more effective than relying on speculation or market trends. Based on that and the information gathered during our meetings, I will develop a personalized investment plan tailored to your needs and goals.
Will my financial plan change over time?
Yes, your financial plan will change and evolve. Financial planning is a dynamic process that should adapt to various factors, such as changes in your financial goals, income, expenses, family situation, and market conditions. As you progress through different stages of life, your financial priorities and circumstances may evolve, necessitating adjustments to your plan.
Regular reviews and updates ensure you’re on track to meet your objectives and hit your goals. A trustworthy financial advisor, who knows you well, can help you navigate these changes and adjust your plan appropriately.
How will my tax situation change after the Tax Cuts and Job Acts sunsets in 2026??
It’s essential to partner with a financial advisor that will plan ahead and protect you and your heirs by significantly minimizing tax obligations and retaining more wealth within your family. The Tax Cuts and Jobs Act (TCJA) was enacted in December 2017 and significantly changed the U.S. tax code. Some provisions have expiration dates, such as the income tax rate cuts scheduled to expire after 2025 or the standard deduction doubling.
I have worked with families around the United States to prepare for the tax laws changing in just a few years, which will also reduce the estate tax exemption amount from ~$12.9 million to ~$6.4 million as of 2023. By planning now, we can avoid the lower tax exemption and provide more inheritance to your heirs, saving your family $2,500,000+ in potential estate taxes per spouse.
What’s the best way for me to donate?
Contrary to what many people might think, there are better ways to contribute than writing a check directly from your checkbook to donate to a charity. In this scenario, you only get a tax benefit if you itemize your expenses on your taxes, and that threshold can take a lot of work to attain.
The best way to donate to your favorite charities is to donate appreciated stock, which allows you to avoid capital gains on the sale. You can donate appreciated stock directly to the charity or to a donor-advised fund. If you plan to donate $10,000 a year for the next three to five years, you should consider making a one-time contribution in year one, moving the entire $30-$50,000 in a single year, and then use your donor-advised fund to give to the charities of your choice in each of the five years.
If you are 70.5 years old or older, you can donate directly from your IRA via a Qualified Charitable Distribution (QCD). Once you are 72, this Qualified Charitable Distribution can fulfill your Required Minimum Distribution (RMD) for the year. The advantage of this is that you won't have to report the income on your tax return since you're sending the funds directly to the charity. This has a direct impact on IRMAA thresholds and potentially Medicare premiums.
Where will my accounts be held?
Perkins Wealth Advantage has chosen Charles Schwab & Co., Inc. as the primary custodian for our clients' accounts. With over 30 years of experience serving independent advisors, Charles Schwab & Co., Inc. is a pioneer in serving independent, fee-only investment advisors and their clients. They do a great job at recordkeeping and are low-cost. By selecting Schwab as custodian for client assets, we can access a wide range of services to help our clients better.
How do I know I am getting the best service and value possible?
At Perkins Wealth Advantage, my thorough, personalized approach to wealth management means that no one, besides your immediate family, is more dedicated to your financial well-being and helping you achieve your long-term goals than I am.
Every quarter, you receive an investment performance report and a statement outlining your advisory cost for the quarter. I challenge each client to review that statement and determine if the value provided is worth the cost. I aim to deliver value continuously and worth many multiples of the cost.
|Education on Investing
|Manage Emotions and Stress
|Coordination With Other Professionals
|Avoid Costly Mistakes
|Peace of Mind
|Trusted Second Opinion
|Charitable Gift Planning
|Career and Life Transitions
|e-Signatures and Virtual Meetings
|Single Point of Contact
How do I get started?
To start working with Perkins Wealth Advantage, fill out our Contact Us Form, and we will set up our first meeting to get to know you and your financial goals. Our simple six-step process will ensure we are a good fit for one another. Here’s what you can expect:
Step One: The Introductory Call will allow us to get to know each other, share the next steps, answer questions, and determine if we should proceed to a Discovery Meeting.
Step Two:The Discovery Meeting will last about an hour and will allow each of us a deeper dive and clarity on your goals, dreams, concerns, and current financial situation.
Step Three: During the Education & Analysis stage, we will take the information gathered and make recommendations to achieve your stated goals, including whether or not you’re on track, ideas to improve your tax situation, and guidance on your current investments.
Step Four: Then, we will meet for the Recommendation Review Meeting, giving you enough information to determine the next steps for working together.
Step Five: We take that information and the next steps and ask you to Sleep On It, asking yourself; Do I trust and respect this team? Do their recommendations make sense? Do the value and benefits provided exceed the cost?
Step Six: We believe in our process and know you will too. So after sleeping on it, we set up your Onboarding Meeting to make things official!
How will I get billed?
Perkins Wealth Advantage collects a small annual fee from each client in exchange for our advice. Most of our clients prefer to have their fees deducted from their investment accounts, typically from positive investment returns. Some prefer to pay via credit card or ACH.