Frequently Asked Questions

Do you have questions?

On this page, you'll find answers to the most common questions about financial planning.


If you don't see your question covered below, please contact us directly.

  • What does this partnership mean for Waterstone Financial clients?

    As much as this change is a positive move for both Waterstone and GFA Wealth Design, you want to know: What does it mean for you, our client? 


    Our decision to unite the two firms was driven by our shared desire and commitment to being able to serve the needs of our clients. 


    As financial advisors, we are planners at heart – for our client families, for our businesses, and for ourselves. By bringing our two firms together, we have a stronger business model that will support the growth we need to serve your needs. 


    From increasing staffing and adding new services, to improving our systems and upgrading our technology, this change provides what we need to adapt, create new opportunities, and ultimately serve our clients well into the future. 

  • What happens next? Do I have to do anything?

    As we bring our two firms together, our goal is to create seamless continuity. We will take time to introduce you to our new staff and new resources. As a result, you will see more communications from us, via email or mail. You will experience no changes or disruption to your accounts or planning strategies. 


    And, you do not have to sign anything or do anything differently.  

  • What will change for GFA Wealth Design clients?

    One of the main reasons we are making this change is to be able to provide you with EVEN BETTER service on your accounts going forward. 


    In addition to an increase in the number of staff available to help meet your needs, we now have access to additional cutting edge planning tools that will help us with income and tax planning going forward. In the long-term, we will be better prepared to provide continuity of service in the event we have future staff changes. Of course you will see the most obvious change is that our communications to you will now be under the Waterstone name and from our @waterstonefs.com emails.

  • Who will be my financial planner now?

    You current advisor will continue to work with you. James and Andrew, as well as all of our service staff, now operate as one team. 


    While your current advisor will continue to lead your account, having a greater number of financial professionals available to us allows us to have more backup resources available to our families and will almost certainly increase the efficiency with which we serve you. 


    In addition, we are fortunate to have another seasoned planner to provide a 2nd set of eyes focused on meeting your planning goals.


    As we work through the year ahead and get to know each other's clients, you will have access to the expeience and expertise of the entire Waterstone team.

  • Why make this change now?

    With all the change and disruption of the past year+, it makes sense to ask why make this change now? 


    Very simply, it was time. In Waterstone and GFA Wealth Design, we had two extremely capable (but small) professional business entities focused on helping a select group of families by providing a laser-like focus on achieving their financial and retirement goals. 


    Sharing office space and working side-by-side over the past 10 years, we realized that each firm had their strengths – but we could get more done together than apart – such as devoting increased resources to income planning and tax planning services. 


    The pandemic of 2020-2021 confirmed the fact that everything can change overnight and we are all mortal. This gave us incredible clarity on the need to make sure we were strong enough to continue to serve our client families now and in the future. 


    By bringing our two teams together as one Waterstone family, we meet our goal of having the people and resources in place to mangage any changes that life brings – planned and unplanned. 


    As planners, we want to make sure that we have a stronger business infrastructure and a detailed roadmap in place to address potential events and be able to ensure uninterrupted support, continuity, and stability in our service for you.

  • I understand the advantages... so what's the downside?

    Before taking this step together, we did our due diligence to research the benefits and challenges it could present -- for us and for our clients. 


    In short, we saw only advantages in bringing together our two great teams. Because our two businesses have worked side by side for the past ten years, we are confident that our teams can easily and seamlessly transition to working together more formally, with no disruption in service to our clients. 


    And we will be able to share new resources that enhance the quality of the service and support we provide.   

Financial Advisory FAQs

  • Why should I hire a financial planner to manage my money?

    A financial planner will make it easier for you to plan your finances and make sure everything is in place for you to meet your financial goals. A financial planner can also save you a lot of money in tax deductions too. If you’re not sure how to plan for your retirement or even your yearly expenses a financial advisor might be the answer you’re looking for. 

  • How can I pick a good financial planner?

    Do background checks on any financial advisory firm you’re thinking of working with. This includes checking reviews and reading any testimonials that might be on their website. You should also choose a financial planner who’s dealt with people in your situation before. 

  • How much does a financial planner cost?

    The fees depend on how experienced the financial planner is and what services you’re looking for. 

  • What is involved in financial planning?

    This varies from client to client but usually a financial advisor will put together a short term plan that will help improve their clients financial position. This can then be followed by a long term plan which could include saving for a child's college and of course retirement. 

  • How often should I see my financial planner? How often should I see my financial planner?

    It’s a good idea to see your financial planner at least once a year and during any major chains in your life such as marriage, divorce or the birth of a child. 

  • What's the difference between financial planning and retirement planning?

    Financial planning covers all aspects of a person's financial well-being. This includes savings, investments, retirement and college savings plans, insurance coverage, and estate planning. Retirement planning covers only investments made for retirement.

  • Which certifications should my financial planner have?

    There are a lot of certificates that your financial planner might have obtained but the three most common ones are Certified Financial Planner, Chartered Financial Consultant, and Registered Investment Advisor.

Tax FAQs

  • Does a Roth IRA Conversion always make sense? Is it right for me?

    Converting a Traditional IRA to a Roth IRA might make sense for many people, but it is not a strategy that applies to everyone. There are several situations that dictate if a conversion is a poor choice or financially advantageous.

  • Do Tax-Free or Tax-Deferred Investments sound better?

    There are investment choices that can be employed to reduce or avoid taxes, however, these investments may not be right for everyone. Careful analysis of financial impacts is a vital step in engineering a plan specifically for you. One of our greatest strengths is creating fully integrated tax and investment plans.

  • Missing deadlines for Required Minimum Distributions (RMDs) are costly!

    Missing an RMD deadline can result in a 50% Excess Accumulation Penalty from the IRS. Understanding RMD requirements, timing and accurate distribution calculations are critical to avoid unnecessary penalties.

  • Am I headed for an IRA Tax Trap?

    Individual Retirement Accounts can be a great way to save for retirement because of the tax benefits they may provide, however there are a number of hazards that can result in stiff penalties if you run afoul of IRS rules. Excess contributions, prohibited investments, premature withdrawals, rollovers, conversions and estate planning are just a few of the common considerations that have become traps for many people.

  • Am I calculating Capital Gains Taxes properly?

    Capital gains realized from the sale of stocks, bonds, precious metals and property differ from regular income in many ways. Navigating the varied taxation rates, consequences and changing tax code is a daunting tax for even the most experienced accountant. Simple mistakes can add up to costly penalties.

  • Must I pay taxes on Social Security Benefits?

    Several factors dictate if taxes must be paid on Social Security benefits. There are also many strategies to consider for reducing taxes on your benefits, and even maximizing the amount of your benefit.

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