Frequently Asked Questions

Developing a strong and thorough financial plan comes with questions. Westchester Financial Planning can answer them. With over 40 years of experience, our team has been helping individuals and families confidently build a financial road map by providing answers and strategies that align with your needs and goals. 

We've provided some of the questions our clients ask most and the responses our team provides. Not seeing your answer below? Connect with us to get the answers and confidence you need.

General Questions

What are your qualifications?

Financial professionals can have a confusing list of initials behind their names. And whether a finance professional goes by "investment advisor" or has a CERTIFIED FINANCIAL PLANNER® designation, it's your job to vet them. The Financial Industry Regulatory Authority's (FINRA) professional designations database will tell you what they mean; if there are any education requirements; if anyone accredits the designation; whether there's a published list of disciplinary actions; and if you can check professional status.

Am I qualified to be a client?

A good financial adviser strives to create personal relationship with all clients and ensure that every new client is the right fit for both. Our clients come from a broad range of backgrounds and we would love to meet with you to see if you’re a good fit.

How do you get paid?

Advisors can use a variety of fee structures. To keep it simple and avoid conflicts of interest, consider focusing on fee-only financial planners. They. don’t get commissions for selling products and cannot receive other sources of compensation, such as payments from fund providers. They act as a fiduciary, meaning they are obligated to put clients’ interests first. Fee-only advisors might charge a percentage of the assets they manage for you, a flat fee for services, or an hourly fee.

Fee-based financial planners are paid by clients but also by other sources such as commissions from financial products that clients purchase. 

How do I transfer my accounts from a different advisor?

Transferring an existing account should be easy. Once you provide the information/paperwork from your account (s), we will take it from there.  There is no need for you to work directly with your previous advisor. 

Retirement Planning

I am retiring.  Should I be investing differently now?

When you’re working, your focus is usually on growing your investments. But once you’re retired, the goal shifts to protecting what you’ve built and making it last. That doesn’t mean pulling everything out of the market; it means adjusting the balance between growth and safety. We’ll help you fine-tune your investments to grow your wealth over time.

We understand that tax concerns are different after you retire. How can we plan to pay the least taxes when we retire?

You’re right. Taxes don’t go away in retirement, but with smart planning, you can often keep more of your money. We look at your entire financial picture and help you plan when and how to take money out of your accounts. Things like Roth conversions, drawing from different buckets, or managing your income to stay in lower tax brackets can make a big difference. It’s about being proactive, not reactive.

Investment Management

How will my investments be managed?

Your investments should be managed on a completely personalized basis. We take into consideration your risk tolerance, tax situation, and lifestyle when recommending you a portfolio. If you’re interested in understanding how we would invest for you, set up an introductory call today.

How do you determine which investment strategies are appropriate for me?

A full review of your financial goals, risk tolerance, and timeline is the first step. This helps guide the managed investment options recommendations.

How often is my portfolio reviewed?

We conduct at least one formal review each year and continuously monitor your investments. If your goals change or markets shift significantly, we’ll revisit your portfolio together.

Estate Planning

What is estate planning, and why is it important for me

Estate planning involves organizing your financial affairs to ensure your assets are transferred according to your wishes. It can also reduce confusion, minimize taxes, and provide guidance for your loved ones.

Learn more about how our estate planning services can tailor your estate plan to align your values and priorities to your financial plan

Can a financial advisor help with estate planning?

Yes, while an advisor does not provide legal advice, they should coordinate with your estate planner or attorney to align your estate plan with your financial goals and investment strategies

What happens if I don’t have an estate plan?

Without a formal estate plan, state law may dictate how your assets are distributed—possibly in ways that don’t reflect your intentions. It can also delay the process and add unnecessary stress for your loved ones.