FAQ : Prudeo Partners :: Prudeo Partners

FREQUENTLY ASKED QUESTIONS

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Financial Planning

What do I need to do make sure I'm covered for an emergency?

A source of emergency cash is an essential component of a financially stable future. While the size of an emergency fund may vary depending on your personal situation, it is generally a good idea to have between 3-6 months of cash in a savings account in the event of unforeseen needs.

If a new desire or goal pops up, how can I know if I'm in a position to achieve it?

The Advisors at Prudeo Partners expect and encourage discussions about new goals, desires…even worries! We know that goals CAN and often DO change, and that’s ok. We leverage our backgrounds, knowledge, & expertise in financial planning to explore whether goals are achievable. If we find that they are not, then we start the conversation about how to get to where a client wants to go.

How are my investments performing and how should they be performing?

The Investment Team at Prudeo screens for thousands of funds to determine how to best meet the goals and objectives of the portfolios we construct. In general terms, we screen for funds in three ways:
1 – Reward: We screen for funds that consistently outperform against their peers. 
2 – Risk: Are there funds available that not only give greatest potential for return, but also mitigate risk? 
3 – Time: What funds demonstrate the ability to perform over rolling return periods, as opposed to linear points in time?
Additionally, our Investment Committee meets on a quarterly basis to assess existing portfolios and make adjustments as deemed necessary.
Your advisor will review your investments with you in your quarterly and annual reviews and discuss things such as why a fund may have underperformed, why a fund did particularly well, or whether any changes were made to your portfolio and why. 

Should I pay down debt or invest extra cash?

In general, it is best to aim to simultaneously pay down debt, invest in retirement savings, and fund an emergency account. We at Prudeo believe that each client faces unique challenges. Our advisors are equipped to address each client’s situation with a plan customized to suit their needs.

How should I view risk in the markets and what risk should I take to help meet my goals?

Reaching a goal - such as retirement, saving for college, or purchasing that dream home at the beach – is dependent upon priority, risk, and time. The advisors at Prudeo match each of your goals with a portfolio strategy that is appropriate to the timeframe and minimum risk required to pursue that goal.

Is Prudeo Partners a fiduciary?

The Financial Advisors at Prudeo Partners act as fiduciaries, meaning we are legally obligated to act in ways that put our clients’ best interests before our own. Many of our advisors also hold the CFP®, also known as the Certified Financial Planner designation, which is one of the most rigorous levels of education an advisor can achieve.

How much access will I have to an advisor?

At Prudeo Partners, we believe everyone should have access to solid financial advice, no matter where they are in their financial journey. Our Financial Advisors meet with clients at a minimum of once per year, depending on the client preference. Many of our clients meet with our advisors on a quarterly basis. The most prepared clients are generally the ones that are the most engaged, so we always encourage frequent interaction to put you on the best possible path to success. In addition, you always have access to your advisor through phone calls and email between one-on-one meetings, and we pride ourselves on our excellent and capable support staff that is willing to step in for any customer service or operations needs.

Retirement Planning

How will I pay for cars in retirement?

Strategic planning includes both adding regularly to savings and thoughtful asset management that focuses on prioritization of the goals you want to achieve in retirement. If a new car every few years is something that is important to you, it is essential that you communicate that with your advisor so that it can be taken into consideration in your retirement plan.

Should I consider Roth Conversion strategies early in retirement to take advantage of tax strategies?

The advisors at Prudeo Partners believe a thorough assessment of a client’s tax situation and retirement savings should be made to determine what strategies will be the best fit for an individual. We will work with you to make sure you are maximizing the benefit of all savings options, whether it be through Traditional IRAs, Roth IRAs, employer sponsored plans, retirement plans for your small business, etc. This may include a combination of all of these options and can certainly include consideration of Roth conversion strategies.

When should I start Medicare?

People typically file for Medicare benefits 3 months before age 65. Medicare benefits can begin no earlier than age 65. If you are already receiving Social Security, you will automatically be enrolled in Medicare Parts A and B without an additional application. However, because you must pay a premium for Part B coverage, you have the option of turning it down. You will receive a Medicare card about two months before age 65. Our financial planners work with clients, both to build Medicare benefits into their plans, and to support them in their questions about Medicare and Medicare supplemental insurances.

When should I turn on social security?

Selecting the best time to begin drawing Social Security can vary depending on a host of factors including current work status, income needs & current financial situation, just to name a few. Our financial advisors will work closely with you to assess distribution options and help you determine the best time to begin receiving your Social Security benefits.

Does Prudeo Partners hold my money and investments?

Prudeo Partners is an independent investment advisory firm, meaning it is not beholden to a broker/dealer, wirehouse firm, or company that sells a specific product. Our firm partners with several platforms, including but not limited to AXOS (formerly eTrade) and TD Ameritrade. These platforms and others custody our clients’ accounts. No money or investments are ever held directly at Prudeo Partners.

Can Prudeo Partners help me create an income strategy for retirement?

Absolutely! Prudeo Partners is knowledgeable in all aspects of the client life cycle, from growing wealth, to preservation, to distribution and income options. Our financial advisors are experienced in providing solutions to our clients that have reached retirement age. They will work closely with you to find a strategy that suits your needs.

Estate Planning

How do I take care of loved ones and is their estate planning up to date and done correctly?

Our team at Prudeo Partners is sensitive to addressing the needs and concerns of our clients, and we place high importance on creating a financial plan that includes estate planning. This can include but is not limited to: life insurance strategies, adoption of trusts, generational transfers of wealth, direct consultation with personal attorneys, and periodic review of beneficiaries. Further, we encourage clients to include their family members in meetings with their advisor so that we can maximize communication and financial well-being.

Can I give annual gifts to my children or grandchildren?

Annual gifting to children and/or grandchildren is a great estate planning tool that many of our clients leverage to pass wealth to future generations. Your Prudeo Advisor will work closely with you, your tax preparer, and your attorney to execute your estate plan in ways that are both tax effective and in alignment with your wants and unique needs.

What is estate planning? Why do I need to have an estate plan?

Simply put, estate planning is the act of clearly communicating the ways in which a person wants their estate to be preserved, managed, and eventually distributed in the event of incapacitation or death. Estate planning documents include things such as wills, trusts, & power of attorney documentation. It also includes naming of beneficiaries and an executor (the person you designate to carry out the instructions of your estate plan). At Prudeo, we will partner with you, your attorney, and your tax planner to ensure that your estate plan is in accordance with your financial wishes.

How does Prudeo Partners handle the transfer of property at death?

The loss of a loved one is never easy. Advanced planning and communication with your advisor is the best way to ensure that your property will be seamlessly transferred to your beneficiaries. At Prudeo, we will work with your appointed executor, your attorney, and family to transfer assets in accordance with your estate planning instructions.

What is the role of a trust in estate planning?

A trust is a legal relationship in which one party (the trustor) gives another party (the trustee) the right to hold assets for the benefit of a third party (the beneficiary). Trusts are used in a wide range of ways to achieve specific goals. In broad terms, trusts are helpful to estate planning because they can be used to determine how a person’s money should be managed and distributed, both while a person is living and after death. A trust can help with minimizing taxes and avoids probate. Trusts can also be useful in controlling how and when assets are paid to beneficiaries. It’s important to note that trusts can be costly to establish and maintain. It is best to consult with a legal professional to discuss whether use of a trust is appropriate for your estate plan.

Insurance

What happens to my policy if Prudeo Partners is sold or changes ownership?

Prudeo Partners is not an insurance company, but we do have advisors that are licensed to sell various forms of insurance. We work with outside parties to place policies that will be a best fit for clients. If Prudeo Partners is sold or changes ownership, the insurance policies themselves will remain intact, so long as the issuing company is in existence.

How many policyholders does Prudeo Partners have?

Prudeo Partners is not an insurance company. We do not have clients that hold policies directly with Prudeo or its subsidiaries. We work with outside partners to shop for and place policies that will be a best fit for our clients.

How could an event like death, disability, or long-term care needs affect my future?

Serious events such as an unexpected accident, illness, or death can cause unexpected burdens for your loved ones and can severely impact a family’s financial plan. Such moments can put an abrupt halt to income, insurance benefits and prevent savings for the future. Our team of advisors are prepared to have these conversations with you and fill gaps insurance may provide, so you have peace of mind knowing your family is financially secure in the event of a serious life event.

Do I need to consider life insurance or long-term care?

Insurance can be an important tool to help fill in the gaps of a financial plan. Long-term care costs can be burdensome and are often overlooked when preparing for the future. As the needs for each individual client will vary, it’s always a good idea to look at insurance from a holistic perspective, to ensure that a client isn’t over or under-insured. The advisors at Prudeo are well equipped to assess your insurance needs and have conversations around what will be a best option.

Is there an application fee to apply for the plan?

Prudeo Partners works with outside partners to shop for and place insurance policies that will be a best fit for our clients. We do not charge clients an application fee. We do not currently shop for insurance through carriers that charge an application fee.

What happens to my policy if Prudeo Partners is sold or changes ownership?

Prudeo Partners is not an insurance company. We have advisors that are licensed to sell various forms of insurance. We work with outside parties to place policies that will be a best fit for clients. If Prudeo Partners is sold or changes ownership, the insurance policies themselves will remain intact, so long as the issuing company is in existence.

Asset Management

Can I pay for my kids' education?

Education funding for your children is one of the most expensive endeavors that families have to face in their lifetime. In a general sense, we advise families to begin monthly savings for college as early as possible. At Prudeo, we will work to implement an education savings plan that is both achievable and within the scope of your entire financial plan. We will also conduct regular checks to make sure that you are on track to send your children off to college with as little stress as possible.

What is the Prudeo Partners minimum asset requirement?

Prudeo Partners believes that good financial advice should be available to all investors, no matter the size of their accounts. We accept new clients that are varied in their levels of knowledge and investment experience. We will work to find investments and a plan that is suitable to your needs. Our best clients are those that are willing to participate in the investment and planning process, and have a desire to achieve their goals.

How long do Prudeo Partners clients stay with you on average?

Most of our clients are engaged with us for many years! We have clients that have been with us for decades, including multi-generational families. It is always rewarding to work with grandparents, parents, and eventually carry that relationship through and pass knowledge to children & grandchildren. The majority of our clients come from referrals passed by existing clients.

Is Prudeo Partners a fiduciary?

What is the Prudeo Partners philosophy about active versus passive management?

Prudeo Partners believes there are advantages to leveraging both active and passive management within the range of portfolio solutions that they offer. We use an active account management approach for clients that are also engaged in our goals-based planning process. This allows us a higher level sophistication in our financial planning process.

How often does Prudeo Partners update the financial plan?

Generally, a financial plan is updated whenever one of our advisors meets with a client. This can be as frequently as every 3 months. A life change, such as a marriage, divorce, or death will prompt a change in the financial plan, as will a change in direction of goals. Market events will also trigger a scrutiny of a plan to make sure we are on track to achieve our desired results.

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