Top Frequently Asked Questions
What is financial planning?
Financial planning is a multi-step process that provides two important aspects: (1) An in-depth review of your current financial situation, and (2) a blueprint that shows how to achieve your goals and objectives for the future. At Dominguez Wealth Management Solutions, we have a process with a few distinct steps. It is important to remember that financial planning is a process and not an event.
What is the financial planning process?
At DWMS we focus on your goals, objectives, priorities, values, and risk tolerance. Since each situation is different, recommendations are made specifically for you and your family. Each plan is developed from scratch based on the goals and objectives you provide us.
For example, the reduction of current and future income taxes may be an immediate goal, funding a quality education for your children or grandchildren may be an intermediate goal, and enjoying a secure financial future in your retirement years is likely to be an important long-term goal. Some people want to leave their wealth as a legacy to their beneficiaries or favorite charity. You may already be on the road to meeting these objectives and simply need a new strategy, professional insight, or an opportunity to fine-tune your plan. You may be starting out, or you may be somewhere in between. Whatever your unique situation is, everyone needs a periodic assessment of where he or she is on the road to meeting financial goals. That is why we do an in depth review of your current financial situation. Next, you need to know how you can achieve or continue working toward your financial goals. By focusing on cash flow, investments, taxes, pensions and retirement plans, estate planning, insurance issues, savings opportunities and other general financial matters, we design a customized financial plan for you.
What is "fee-only" financial planning and why is it important?
Fee-only financial planning advisors do not accept sales commissions; we work solely for our clients. Because we do not sell financial products for commissions, there are no third party relationships or outside influences to cloud our thinking and financial recommendations. Since DWMS is a Registered Investment Advisor firm, we must comply with a host of regulations designed to protect the consumer. The form known as the "ADV Part II" is an important regulatory document containing information such as our qualifications and fiduciary duties.
Does Dominguez Wealth Management Solutions provide only comprehesive financial planning?
No. Although a comprehensive financial plan can provide the greatest benefit, we can customize our advisory services to your specific needs, such as investment management, insurance strategies, or a one-time look at your cash management and budgeting.
How are services priced?
Our ongoing investment management clients pay a calculated fee based on a percentage of the assets on which we advise. Our financial planning fees are either hourly or a fixed fee, based on the actual time involved in meeting with you in person or over the phone, researching and analyzing your current situation, and providing specific recommendations. Oftentimes, depending on the amount of investments being managed, financial planning fees are waived, but services are still provided.
Are fees tax deductible?
Yes. Section 212 of the Internal Revenue Code permits itemized deductions for invest advice in the miscellaneous section of Schedule A. It is subject to a 2% floor of the adjusted gross income on a personal tax return.
Who benefits most from your services?
Any person seeking financial peace of mind can benefit from our services. We service all income levels. Clients have the flexibility to work with us on either a one-time, as-needed basis or an ongoing basis. We welcome clients who simply need a one-time financial solution or a second opinion, as well as those who need comprehensive financial planning and ongoing asset management services. Additionally, we help small business owners with cash flow planning and future owners with the creation of strategic business plans.
Will you monitor my progress once my financial plan is completed?
Based on your request, the actual engagement of service may end, but the majority of our clients choose to remain a client on an ongoing basis for investment management. Because financial planning is a process, we offer ongoing services, periodic reviews and consultation upon request.
How can I get started?
The first step is an initial inquiry from you. Call us at 757.645.9252 or send us an email to schedule your first meeting. We offer a face-to-face or teleconference first meeting without obligation or cost. If you decide to engage our services, we will discuss the level of service important and appropriate for you. The financial planning process can be one of the most important things you or your family undertake. We look forward to helping your family in the future.