Frequently Asked Questions
Ann and Andrew typically work with clients by using a comprehensive financial planning approach. When fee-based financial planning advice is provided, this requires both of them to act as fiduciaries that work in the best interest of their clients. This aligns with the standards of having a CFP® designation.
Our industry offers two primary ways for advisors to be compensated. Fee-based, which is based off a percentage of the assets under management; and transaction-based, which is a specific fee per recommended trade, or service offered. A majority of our clients are fee-based relationships. This connects us with how our clients do and aligns with our client’s best interest. Should a Fee-Based account decrease in value – our compensation does as well. The Matz Seiler Treml-Olson Group offers an industry competitive tiered advisory fee schedule.
*Important information about the advisory services offered, fees, and certain risks of investing is contained in the Form ADV which can be obtained from the financial advisor and should be read carefully before investing.
Yes! We have established relationships with clients across the country, literally from coast to coast. We have embraced the use of virtual meeting platforms like WebEx, Microsoft Teams and Zoom to meet with our clients frequently.
This answer depends on a variety of factors and is specific for each person, but if you can hold off on taking Social Security until at least age 67 it is generally recommended you do so. If you start taking Social Security prior to age 67, you will have a permanently reduced benefit for the remainder of your life. Having said that, not everyone has the luxury of waiting to take Social Security and may need the income earlier. On that second point, the most recent Trustees Report released in 2023, projects that the Trust Fund reserves will be depleted in 2034. Having said that, there will likely be action taken in the next 5-10 years that will reinforce those reserves. If you are approaching retirement, we don’t believe this should have an oversized impact on you. We are more concerned about younger people’s ability to predict their Social Security benefits.
RMD stands for Required Minimum Distribution. When you put money into a traditional 401(k) or Individual Retirement Account (IRA), you are not paying any income taxes. These contributions are referred to as tax deferred; the taxes are deferred until much later down the line when you take money out of these accounts. Based on the current laws, after you reach age 73, you are required to take a small amount out of your traditional qualified retirement accounts (IRA, 401(k)) every year for the rest of your life and pay taxes once you do so.
There are many factors that go into this decision, and you should discuss this with a Financial Advisor and a CPA as it depends on each person’s goals and financial plan. One major benefit of converting a traditional IRA balance into a Roth IRA is that all appreciation in a Roth IRA is tax free (assuming you are 59.5 and you have had the Roth IRA account open for 5 years). There are also no Required Minimum Distributions on a Roth account, so you have much more flexibility in how much you want to distribute every year, if anything at all. The beneficiaries of a Roth account will inherit the balance and not have to pay any taxes when they ultimately take the money out. While these are all great benefits, the main downside of a Roth conversion is that you must pay the taxes up front. If you convert 100k from your Traditional IRA over to a Roth IRA, you will have to recognize 100k of ordinary income on your tax return and pay federal + state taxes in that given year.