Frequently Asked Questions

We offer comprehensive financial planning services designed to help you achieve your financial goals. Our services include:

• Retirement Planning: Creating strategies to ensure a comfortable retirement
• Investment Management: Building and managing diversified portfolios
• Tax Planning: Strategies to minimize tax liabilities
• Estate Planning: Ensuring your wealth is transferred according to your wishes
• College Savings Plans: 529 plans and education funding strategies
• Insurance Analysis: Reviewing coverage needs and recommendations
• Cash Flow Management: Budgeting and expense optimization

Each plan is customized to your unique financial situation and long-term objectives.

At Summit Financial Advisors, we believe in transparent pricing. Our fee structure can be tailored to your needs and may include:

• Assets Under Management (AUM): A percentage of the assets we manage for you, typically ranging from 0.75% to 1.5% annually depending on account size
• Hourly Rate: For specific consultations or project-based work
• Flat Fee Planning: A one-time or annual fee for comprehensive financial planning
• Retainer Model: Ongoing advisory services for a fixed monthly or quarterly fee

We'll discuss which fee structure works best for your situation during your initial consultation. There are no hidden fees, and we'll provide a clear fee agreement before beginning any work.

This is an important distinction that every investor should understand:

Fiduciary Advisors (like us) are legally and ethically required to:

• Act in your best interest at all times
• Put your needs ahead of their own financial interests
• Provide full disclosure of any conflicts of interest
• Recommend the most suitable and cost-effective solutions

Non-Fiduciary Advisors are held to a "suitability" standard, which means they must recommend products that are suitable for you, but not necessarily the best option available.

At Summit Financial Advisors, we proudly operate as fiduciaries 100% of the time, ensuring every recommendation is made with your financial well-being as our primary concern.

The short answer: as soon as possible! Here's why timing matters:

In Your 20s and 30s: This is the ideal time to start. Even small contributions can grow substantially due to compound interest. Starting early gives your investments decades to grow and weather market fluctuations.

In Your 40s and 50s: You can still build a substantial retirement nest egg, but you'll likely need to contribute more aggressively. This is also the time to review and optimize your investment strategy.

In Your 60s: It's never too late! We can help you maximize catch-up contributions, optimize Social Security timing, and create a retirement income strategy.

Regardless of your age, the best time to start planning is now. We'll work with you to create a realistic retirement strategy based on your current situation and future goals.

We recommend meeting at least annually for a comprehensive review of your financial plan and investment performance. However, the ideal frequency depends on your situation:

Annual Meetings: At minimum, we'll review your portfolio performance, rebalance as needed, discuss any changes in your financial situation, and adjust your plan accordingly.

Semi-Annual or Quarterly: More frequent meetings may be appropriate if you're nearing retirement, have complex financial situations, or prefer more hands-on involvement.

Life Event Meetings: We recommend scheduling additional meetings when major life events occur, such as:

• Marriage or divorce
• Birth or adoption of a child
• Career changes or job loss
• Receiving an inheritance
• Buying or selling a home
• Starting a business
• Approaching retirement

Between scheduled meetings, we're always available for questions or concerns via phone or email.

At Summit Financial Advisors, we believe everyone deserves access to quality financial advice, regardless of their current asset level.

For Comprehensive Wealth Management: While some firms require $500,000 or more in investable assets, we work with clients starting at $100,000 in investable assets for ongoing portfolio management services.

For Financial Planning: We offer standalone financial planning services on an hourly or flat-fee basis, regardless of your asset level. This is ideal if you're just starting out, need specific advice, or prefer to manage investments yourself.

For Young Professionals: We have specialized planning packages for those early in their careers who want to build a solid financial foundation.

The most important factor isn't how much money you have today, but your commitment to working toward your financial goals. Contact us to discuss which service model is right for you.

To make the most of your initial consultation, please bring the following documents (copies are fine):

Investment & Retirement Accounts:

• Recent statements for all brokerage accounts, IRAs, and 401(k)s
• Information about employer retirement plans and benefits
• Details of any pension plans

Tax Information:

• Last 2 years of tax returns
• Recent pay stubs

Insurance & Estate Planning:

• Life, disability, and long-term care insurance policies
• Existing wills, trusts, or power of attorney documents

Debts & Liabilities:

• Mortgage statements
• Other loan information (auto, student, personal)
• Credit card statements

Goals & Concerns:

• A list of your short and long-term financial goals
• Any specific concerns or questions you'd like to address

Don't worry if you don't have everything—we can work with what you have and gather additional information as needed.

Your initial consultation is a no-pressure, get-to-know-you meeting. Here's what to expect:

Discovery (30-40 minutes):

• We'll discuss your financial situation, goals, and concerns
• Review your current investments, savings, and retirement plans
• Talk about your values and what's most important to you
• Understand your risk tolerance and investment preferences

Our Approach (10-15 minutes):

• Explain how we work and our planning process
• Discuss our fee structure and service options
• Answer any questions you have about our firm

Next Steps (5-10 minutes):

• Outline what a planning engagement would look like
• Provide you with materials to review
• Give you time to think—there's no pressure to decide immediately

Most initial consultations last about an hour. This meeting is complimentary, and there's no obligation to become a client.