FAQs

Are the advisors a fiduciary at United Financial Advisors?

Always yes. United Financial Advisors are required to act in your best interest.

How are the advisors at United Financial Advisors compensated?

Compensation and payment will depend on the relationship type that you choose. Visit our pricing page for more details.

How often will I meet with my advisor?

We require an annual meeting; however, more frequent meetings are available upon request.

How is my portfolio being invested?

That depends on your situation. Portfolios are matched to your needs and risk tolerance so everyone is invested differently.

What happens to my accounts if my advisor retires or leaves the firm?

The great thing about our office is that there are multiple specialized advisors that can easily take over if your advisor leaves. The transition is simple for you.

How are conflicts of interest handled?

Conflicts of interest, if there are any, are disclosed and discussed so you understand our incentives.

Will I meet with the same advisor every time?

Most of the time, yes; however, if your advisor is not available, we can switch to another in office advisor so you don't have to reschedule.

How do I create a reliable monthly income stream from my savings?

We combine multiple passive income types to create a diversified income stream for you. That could be stocks, bonds, annuities, or a combination of all of them.

How long will my retirement savings last?

Like most answers to personal finance questions, it depends on you. How much do you plan on spending? How much do you have? Are you willing to take a pay cut in bad markets? Your advisor can walk you through these questions to find what you are comfortable with, and to help you feel confident in the longevity of your savings.

What is the smartest order to withdraw from my different accounts?

We typically favor drawing from pre-tax assets first, but the best approach really depends on how your savings are structured. Are all of your funds pre-tax, or do you have a mix of pre-tax, Roth, and brokerage accounts? Having all three tax buckets, gives us more  flexibility when planning.

How do I minimize taxes on my retirement income?

We can implant a multitude of tax-reduction withdrawal strategies in retirement. That could mean drawing from pre-tax and Roth at the same time to avoid higher tax brackets. We may encourage pre-tax withdrawals early in retirement to avoid RMD issues in the future. Every plan is personalized to you so we can find the best way to pay the least amount to Uncle Sam.

How should my investment portfolio change now that I'm retired?

Accumulation portfolios (pre-retired) and distribution portfolios (retired) need to look different. When you are a pre-retiree, risk and the stock market are your friend. In retirement, we want to control risk as much as we can, limit the chances of large downturns, and use the stock market to outpace inflation for later on in retirement. The path to being retired looks very different than saving to retire.

How do I plan for long-term care and healthcare costs?

Long-term care is expensive. Very expensive. We will use estimates of healthcare and long-term care costs and then look into several options for your financial plan. That could mean long-term care insurance, a LTC hybrid, or it could mean using our network of elder law attorney's to protect assets from Medicaid. It all depends on your situation.

How do I protect myself from inflation eroding my purchasing power?

The quickest answer is the stock market. Over the last 100 years, the stock market has been one of the best instruments to protecting purchasing power. However, using a combination of stocks, bonds, treasuries, money markets, and more, we can reduce risk while keeping purchasing power intact. 

How do I leave a financial legacy for my children or grandchildren?

What type of legacy do you want to leave? Is it property? Retirement accounts? Gifts while you are alive? There are many options, but the first step should always be to make sure that you are more than taken care of in retirement. Once we know that answer, we can look to maximizing the gifts and legacy to your heirs. That may be Roth conversions to give your heirs a tax-free account. It could mean life insurance to maximize your legacy amount. But we will start with the question: what type of legacy do you want?

What is the best retirement plan for my business?

That typically depends on how much you as the owner want to save. Are you looking to save $20,000 or less? Then we may be able to get by with a SIMPLE IRA to give you a really low-cost way to have a retirement plan for you and your employees. If you want to save more than that, we would likely go towards a 401(k) to get higher contribution limits, more flexibility, and more automation to run in the background. In some cases, we can set aside more than $100,000 a year in retirement plans if the fit and budget are right.

How much should I be paying myself?

How much you should pay yourself is going to vary wildly on what profession you are in, how much the business is making and how the business is set up. Are you a C-Corp or S-Corp? Then you would have to pay yourself a reasonable salary. However, in partnerships and sole proprietorships that requirement doesn't exist. 

Am I protected if something happens to me or a key employee?

Likely not. Most businesses, especially those under 100 employees are underinsured for the risk that is apparent. Would the business continue without you? If the answer is no, then you should likely have insurance to pay out in the case that somehting happens to you. If there is an employee that you couldn't go without, then insuring the loss of that employee is vital.

How do I plan for business succession or an eventual exit?

Start now. That means working towards the business running without you, starting to show larger profits year-to-year, and keeping clean records. Also ask the questions are you looking for an internal or external buyer? Meaning is it someone that works for you now or someone completely outside of the company. How much do you need to walk away with to retire comfortably? Most business owners are disappointed by how much their business actually sells for if they didn't do exit planning to begin with. Is there debt that the business could pay down? Businesses will sell cash-free debt-free which means that you have to pay off the existing debt with the money from the sale, and while you do get to take the cash in the business, you have to leave a certain amount of working capital, so many business owners end up leaving with much less than the sticker price they were bought for.

How do I reward my key employees?

Talent is hard to get and hard to keep. Every small business is terrified of turnover because it is so costly, and that's why it's important to not just pay a good salary, but also have executive compensation packages that have more flexibility than a 401(k). That may be a life insurance policy with cash value. It could mean ESOP or ESPP and other types of deferred compensation.

How does a 403(b) or 457(b) account compliment my ARTRS pension?

These plans provide a supplemental retirement account that can be funded with pre-tax or after-tax dollars (if available)

What happens to my ARTRS benefits if I leave teaching?

As long as you are vested (contributed for at least 5 years), you keep your benefits.

Is T-DROP right for me?

A personal retirement consultation can help you make that decision. However, T-Drop is generally a good idea for most.

I'm about to retire. Now what?

Consult with a United Financial Advisor 4 months or more before retirement. ARTRS forms need to be submitted in May.

How long will my money last? Will I be financially ok?

Every situation is different, so there's not a generic answer. A good United Financial Advisors financial plan can help answer these questions.

What accounts and assets do I need to transfer into my name?

All accounts and assets need to be in the surviving spouse's name, even if it was a joint account.

When should I claim my spouse's Social Security survivor benefits?

There's a lot of information needed to make that decision. Working with a financial advisor will help determine the best steps to take for your financial well-being.

What do I do with my spouse's pension and retirement accounts?

Depending on the situation, you may make them your own or keep them as inherited retirement accounts. Each company will want a copy of the death certificate when claiming the account.

Who should I trust for financial advice?

A local wealth management firm like United Financial Advisors that has been in business nearly 25 years. You should be able to run into your advisor at the grocery store or church instead of calling a 1-800 number and speaking to a different person each time.

How do I update my beneficiaries now that my spouse is gone?

Beneficiaries can be changed when accounts are moved to your name, through a beneficiary change form rrom individual companies, or your financial advisor's office can streamline the process for you.

Should I make any major financial decisions right now or wait?

Once the accounts are in your name, you should take your time making major decisions. Once you know you can pay the bills, just take time to mourn however you need to. Some say you should wait at least a year, but it differs for each person.

How do I maximize the value of my employee benefits package?

We would need to review your entire compensation and benefits package package, including insurance coverage, any deferred compensations plans, and the 401(k) match. From there, we can ensure you're maximizing all the benefits and employer contributions available to you.

How should I handle my company stock and equity compensation?

The first question is what type of stock or options is it? Are we talking about RSUs, ISOs, NQSOs, ESOPs, ESPPs or something else? There's so many alphabet soups when it comes to stock compensation and each of them is taxed differently and has different benefits. Each type is going to require a different plan of attack.

How do I plan for potential layoff or corporate restructuring?

We start by evaluating your unique risk factors. If you and your spouse work at the same place, or income is very unevenly distributed, your financial risk increases if the company experiences instability. In that case, we typically recommend holding more cash and reduce exposure to company stock as much as possible.

How should I handle my 401(k) if I leave or change companies?

Let's take a look at your options: roll it into your new 401(k), roll it into an IRA, keep it there, or cash it out. Very rarely is "cash it out" the answer; however, the other three should be considered. To handle that consideration, our conversation should include fees, flexibility, access, and service. From there you will be able to make an educated decision as to what to do with your 401(k).

Am I adequately protected with life and disability insurance through my employer?

 Probably not. Employer-provided life and disability insurance is often insufficient, especially for high earner. Coverage is typically limited to about 2 times your salary in life insurance and around 60% of your income replacement through disability insurance. The challenge is that stock options and grants often make up a large part of total compensation, and those aren't covered by disability insurance. That means your income could significantly drop if you were unable to work. You may also have debts or financial obligations that exceed what employer life insurance would cover. Because coverage is based only on your salary, not total compensation, it's often necessary to supplement with additional life and disability insurance.

How do I build long-term wealth beyond my corporate salary and retirement plan?

Equity and stock compensation can be powerful tools to build flexible wealth outside of your salary and retirement plan. Flexible wealth gives you options. It allows you to choose when you want to keep working and when you want to stop. That flexibility is powerful enough to help you escape the rat race. No matter what you're trying to accumulate, we want to give your wealth a clear goal, so you know what you're trying to achieve and stay motivated.