FAQ

What does a financial advisor do?

Financial advisors can provide a wide range of financial services. Most advisors provide investment advice and investment solutions. At JLS Tax & Wealth Advisors, we provide our clients with financial planning that includes tax planning, retirement planning, estate planning, pension planning and more in addition to providing investment solutions that support these plans.

How do I choose a financial advisor?

Choosing a financial advisor involves a few key steps such as verifying credentials, checking regulatory history, understanding fee structure, and understanding services provided. If an advisor cannot give you a clear and concise picture of these items, then it may be worth continuing to explore options.

What is a fiduciary financial advisor?

A fiduciary is legally and ethically bound to act in your best financial interest at all times. They must put your needs ahead of their own or their firm’s profit—for instance, recommending a lower-cost investment over a more expensive one that pays them a higher commission. Not all financial advisors are fiduciaries; some are held only to a lower "suitability" standard, meaning a recommended product simply needs to be suitable for you, even if a cheaper or better option exists.

When should I hire a financial advisor?

There are a variety of times when you should consider hiring a financial advisor. Some common times to consider hiring a financial advisor are marriage, having children, changing jobs, inheriting money, receiving a large award or settlement, going through a divorce, selling a home, selling a business, or being near or in retirement.

Should I get a financial advisor if I’m getting a pension?

A financial advisor can prove very valuable when you have a pension. The choices you make with your pension can have major implications for your income, taxes, estate, and risk levels. At JLS Tax & Wealth Advisors, we help clients analyze the different payout options their pension provides, determine how that fits into their income and estate planning, and look at the tax consequences of different options. We then take these findings in conjunction with your risk capacity and risk tolerance to provide a cohesive financial plan and investment options to support that plan.

Can a financial advisor help me with my Social Security?

A financial advisor can help with Social Security. At JLS Tax & Wealth Advisors, we help clients understand both the short and long term income effects of taking Social Security at various ages, how that affects the income they are allowed to earn, the tax implications of their Social Security income, and how this all fits into their financial plan.

Can I meet with a financial advisor online?

You can meet with a financial advisor online. Virtual meetings via secure video conferencing platforms (Zoom, Microsoft Teams, etc.) are standard practice across the financial services industry.

Do I need to find a financial advisor in my state?

You do not need to find a financial advisor in your state; however, you do need to verify that an advisor is or can be registered in your state. At JLS Tax & Wealth Advisors, we can be registered to serve clients in any state.

How does a financial advisor help me deal with market volatility?

Financial advisors can help deal with market volatility in a variety of ways. At JLS Tax & Wealth Advisors, we help clients deal with market volatility in two primary ways. First is ensuring that we select an investment portfolio that is in line with your capacity and tolerance for risk. Periods of broad market downturns are frequent and expected, however your exposure to that varies based on these risk factors. Second is discipline and accountability. We help you stay focused on your long term goals even when the noise is loud and the news is scary.

Can a financial advisor help me with Medicare?

Whether a financial advisor can assist with Medicare is greatly dependent on the advisor. At JLS Tax & Wealth Advisors, we can help with Medicare by controlling premiums based on income and connecting you with Medicare specialists for comparison of plans that will fit your needs.