Does switching from my current financial advisor or investment institution cost me money?
There shouldn’t be any fees, costs, or penalties associated with switching financial advisors. If you have after-tax investment accounts, there may be capital gains taxes associated with selling investments that have grown in value since you purchased them. But that tax will need to be paid eventually, so it’s merely a matter of paying it now versus paying it later, and the benefits of getting into the right portfolio of investments far outweigh costs like these. We’ll make sure you’re fully informed before any costs are incurred.
Who has custody of my money when I hire you to manage it?
Hendershott Wealth Management (HWM) does not take custody or possession of your savings. Client assets are held at Charles Schwab Institutional in an account registered to you.
Are your fees tax-deductible?
All fees paid from retirement accounts are pre-tax. The Tax Cuts and Jobs Act (TCJA) of 2017 eliminated the ability to deduct investment advisor fees paid from taxable accounts or non-retirement accounts (like Trusts, Joint, Individual) on tax returns.
Who is a typical client for Hendershott Wealth Management? Do you only work with women?
We manage finances for over 160 clients. Those clients include women, men, divorcées, singles, married couples, and the owners of businesses for whom we manage company 401(k) and profit sharing plans.
When is the best time to invest?
50 years ago. The second best time to invest? Today.
What documents do I need to prepare before our first meeting?
- Most current investment statements (most important)
- Copy of two years of tax returns (also important)
- Loan and mortgage information (if applicable)
- Employee benefits statements
- All insurance policies (life, disability, medical, auto)
- Income estimates for current year (offer letter or last year’s final pay stub usually suffices)
- Any budgets you have previously created or documentation of spending and/or saving
We’ll send you a secure link where you can upload documents for our review.
Socially Responsible Investing is important to me. Is that something you offer?
We do include a family of SRI funds in our investment options. These funds seek to navigate the tensions that may arise between personal financial goals and the broader considerations of sustainability and social responsibility. Keep in mind that every broad-based fund, no matter how socially conscious, may run the risk of owning companies that conflict with individual values.