Frequently Asked Questions

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More About Us

  • Yes, we are the same firm. We recently rebranded as Summit Retirement Advisors to better reflect our growth and expanded services across the country. While our roots are in Indiana, our reach now extends nationwide, particularly in serving university faculty & leadership, clinical researchers, and entrepreneurs at over 40 institutions.

  • While our primary focus is on serving those individuals, we are also open to assisting private clients outside these categories. We also welcome individuals who are recommended to us and believe we would be a good fit.

  • A typical client who partners with us isn’t driven by wealth but understands the importance of stable finances for their well-being and quality of life. Though it's not a priority, they consider financial planning beneficial and necessary. They prioritize long-term planning and strategic financial management. These clients are natural delegators who prefer to be guided but still value autonomy and informed decision-making. They value professional validation of their decisions despite not planning much. Our typical client trusts us to guide them while letting them control their finances.

  • Summit Retirement Advisors has a team of partners to help you succeed financially. Our business is structured so that each client interacts with all our staff and benefits from their collective knowledge. Our professionals will assist you depending on your needs and questions. This collaborative approach means you're never alone in your financial journey—we're here to guide you every step of the way.

About Fees + Costs

  • Financial planning services are billed at $150 per hour. The overall cost of a financial plan, however, can vary based on an individual’s financial inventory and needs, plan complexity, and time requirements.

  • Our asset management fees vary depending on the portfolio, ranging from 0.5% to 1.5%. We do have specific fees for donor-advised funds at 0.5% and cash management accounts at 0.25%. We determine your investment portfolio by assessing your financial goals, risk tolerance, and time horizon. To learn more about our investing approach, let’s start a conversation.

  • In our initial meetings, we disclose all service fees, so you’re aware of what you're paying for and why. Our financial planning, asset management, and program-specific fees are made clear upfront to avoid surprises. We provide detailed documentation of our compensation structure, review the structure annually, and are always available to answer questions and clarify details to ensure your understanding.

About Our Partnership

  • When you partner with us at Summit, you can expect an experience that makes complex or burdensome financial matters manageable. Our relationship should feel comfortable, open, and at times, straightforward. Our partnership should look like your wants and inputs are heard and understood—not just as a client, but as a person.

  • Our free introductory meeting is a collaborative process where we learn about each other and evaluate if we are a good fit. We discuss your current situation, financial goals, and needs. Depending on your needs, we can generate our Trajectory Report to help us visualize your current conditions and how we may be able to assist in reaching your financial goals.

  • Of course not! We don’t expect you to decide after the first meeting. We encourage you and your spouse to reflect on our conversation and how Summit could help. We can schedule a follow-up to address any documents, feedback, or questions. If it’s a good fit, we'll discuss the next steps.

  • We will review the client agreements together, covering our services and fees. We'll need your Social Security number and driver's license for the paperwork, sent via DocuSign. All sensitive information will be handled confidentially, following strict industry standards. After signing, we'll gather detailed financial information and set up your accounts.

  • Yes, there are documents you sign, based on regulatory requirements, via DocuSign that notify your custodian, such as Fidelity, Schwab, or TIAA, we are now your appointed financial representatives and have access to your accounts. It's not a contract you are signing.

  • Our relationship is for your benefit and is designed to provide financial assistance and guidance until you feel equipped to handle your financial strategy and future on your own. While we value and aim to build long-term relationships, if decide you no longer want to continue our relationship, you may end it at any time for any reason.

About Regulatory Compliance Standards

  • Regal Investment Advisors is a Registered Investment Advisor (RIA) offering investment advice and asset management, while Regulus Financial Group is a Broker-Dealer (BD) that facilitates buying and selling securities. Summit Retirement Advisors is independent but partners with Regulus for securities and with Regal for investment advisory services. They assist us with all legal and regulatory requirements, enabling us to offer a wider range of financial services while maintaining our independence.

  • A fiduciary mindset refers to the commitment to act in the best interests of clients, prioritizing their needs above all else. At its core, a fiduciary mindset means always putting the client's best interests first. This includes making decisions that benefit the client, even if they do not directly benefit the advisor or firm.

  • CEFEX, which stands for "Centre for Fiduciary Excellence," is a global, independent organization that evaluates to verify if financial planning and investment advisory firms follow best practices for being trustworthy. A firm that is CEFEX-certified has been through a tough evaluation process to make sure it meets high standards of operational integrity and fiduciary responsibility.

  • We put your best interests first. As a CEFEX-certified firm, we’re legally and ethically obligated to act in your favor, offering recommendations that truly benefit you. Every decision we make is based on clear reasoning and evidence, and we only suggest options and strategies that are in line with your goals and conditions.

  • To stay up to date on the latest changes to regulations and best practices in the industry, our team goes through regular training. Regulus Investment Advisors also requires staff to take continuing education courses on regulatory updates and attend industry information sessions.

About Retirement Planning

  • A Trajectory Report is a Summit-created report that visually simulates different potential retirement scenarios based on your financial situation. We use a conservative range as we believe it helps to manage expectations and aims to account for market downturns.

    The market ROIs used in our report are industry-assumed ROI percentages. They are all baseline estimates based on historical data and inflation rates. It's important to note that actual returns can vary significantly based on economic conditions, market volatility, and individual investment decisions.

  • We're finding that more of our clients want to continue working in some capacity after retirement, whether it's for extra money or using your expertise to help others. Maintaining employment during retirement may benefit you, but it may affect your Social Security, taxes, and strategy. We can evaluate how working during retirement fits into your plan.

  • Yes, taxes can affect retirement income, especially if you have multiple sources like book royalties or business income. We consider tax efficiencies when developing and implementing retirement strategies to potentially minimize the impact on retirement income.

  • Absolutely. Healthcare and long-term care are critical components of retirement planning, especially given the rising costs and potential impact on your retirement nest egg. We discuss and evaluate insurance options, Medicare, and possible unexpected expenses. From there, we decide a suitable strategy and option to cover your anticipated healthcare costs.

About Employer Benefits

  • We utilize a BrokerageLink® account to manage your employee benefitsaccount. BrokerageLink® accounts have access to a broader range of investments that fit your risk tolerance and needs, all while keeping your money with the custodian.

    The market ROIs used in our report are industry-assumed ROI percentages. They are all baseline estimates based on historical data and inflation rates. It's important to note that actual returns can vary significantly based on economic conditions, market volatility, and individual investment decisions.

  • Coordinating your employee benefits with your spouse requires carefully comparing both benefits to help ensure you optimize coverage and cost. Assess employer match contributions, vesting schedules, and investment options to optimize retirement savings. Compare other benefits like wellness programs, life insurance, and disability coverage to see which one is a suitable option. By aligning your benefits, you aim to protect your family, prevent duplicate coverage, and lessen out-of-pocket costs.

  • Yes, we can help. An HSA lets you save pre-tax money, roll over unused funds, and invest, but requires a high-deductible health plan. An FSA also offers pre-tax savings but requires you to use the funds within the year. We’ll collaborate with you to outline, review, and evaluate your healthcare needs to determine which option suits your unique needs.

About Financial Planning

  • DIY is great, but there comes a time when managing everything yourself can be overwhelming. A financial plannerprovides an objective view, spotting opportunities or risks you might miss. Even if money is tight, a good plan can help you reduce spending, potentially save more, or pay down debt sooner. That said, it’s entirely your choice—if you prefer to handle things on your own, you have every right to do so.

    The market ROIs used in our report are industry-assumed ROI percentages. They are all baseline estimates based on historical data and inflation rates. It's important to note that actual returns can vary significantly based on economic conditions, market volatility, and individual investment decisions.

  • Our financial planningsessions are structured to be open, nonjudgmental, and ultimately leave you feeling informed. They are typically about an hour long and can be done in person or via webinar. We take a collaborative approach, meeting you where you are and helping you see your financial challenges and solutions from an unbiased perspective. Our check-ins will continue this supportive, open process to help ensure your plan evolves with your needs and adapts to any changes.

  • Our planning process begins with an inventory of your current financial situation, followed by a discussion about your top three goals and an understanding of how you think, act, and value money.

    After our initial meeting, we hold feedback discussions to confirm your needs, review your information, reassess concerns, and analyze potential scenarios to address your financial goals and offer solutions. After identifying and confirming the proper strategy to implement, we provide a step-by-step, detailed action plan that outlines what needs to be done to achieve desired outcomes.

  • That's perfectly fine! We offer standalone financial plans without requiring you to commit to investment management or other services we may offer. Our financial planning is tailored to your unique needs and goals, covering areas like retirement, taxes, estate planning, and more.

About Investment Management

  • We work with a wide range of custodians, including:

    • Pershing

    • Fidelity

    • TIAA-CREF

    • Charles Schwab

    • Lincoln Financial Network

    • Voya Financial Advisors Inc.

    • Jackson National

    • Computershare

    • CollegeChoice 529

    • Nationwide

    • Pacific Life

    • American Funds/Capital Group

    If you do not see your custodian, call and we can start a conversation on how we may be able to assist with your needs!

  • That’s completely fine. We can manage just your private investment accountsor even your employer-sponsored retirement accounts, based on your preference. Our services are flexible and tailored to your needs, focusing on aligning your chosen accounts with your financial goals, without requiring you to use our other services.

  • Yes, we offer socially responsible and ESG investment options. We can tailor your investment portfolio to align with your values, focusing on companies and/or funds that meet specific environmental, social, and governance criteria.

  • We use our own Best-of-Class selection process to look over investment options. We start by looking at all the no-load, no-transaction-fee funds that a certain custodian provides. Then, using certain criteria, we narrow it down to aim for optimal investment funds or management teams that are available for each type of asset. The client can continue to feel confident that their capital is in suitable funds in a specific type or asset class.

  • We review and adjust investment portfolios quarterly. Our quarterly evaluation and due diligence process includes risks like taxes, interest rates, liquidity, inflation, politics, and volatility. As new potential threats arise, we evaluate their impact and realign portfolios to help ensure they align with your financial strategy.

  • We handle risk management by using Riskalyze, a powerful financial tool presented by Nitrogen that helps us assess and record your risk tolerance. We update your risk profile at least once, and sometimes twice a year, to ensure it accurately reflects your current financial situation, how you feel about money, and your goals.

  • A donor-advised fund (DAF) itself is not an investment portfolio, but it does include an investment component. When you contribute to a DAF, the funds can be invested, allowing them to potentially grow tax-free over time. While the primary purpose of a DAF is charitable giving, the investment aspect strives to increase the amount you can ultimately donate to the charities of your choice.

About Succession Planning

  • Without a succession plan, your business or department could face significant challenges, including leadership voids, loss of knowledge, and potential conflicts among remaining stakeholders. This could lead to operational disruptions, loss of trust, and even the collapse of what you’ve built over years of hard work.

  • It’s important to review and update your succession plan regularly, especially as your business grows or your circumstances change. We typically recommend revisiting your plan every few years or whenever there’s a major change in your business, such as expansion, leadership changes, or new strategic goals.

  • Succession planning is crucial for ensuring that your academic tenure or research projects continue smoothly after you step down. We work with you to identify successors who can uphold the integrity of your work, ensuring that your research and academic contributions remain influential.

  • Clear communication is essential for a successful succession plan. We provide guidance on how to effectively communicate your plan to your team or clients, helping to ensure transparency and minimizing disruptions during the transition.

About Estate Planning

  • Estate planningis organizing how your assets will be distributed after you pass away. It's often overlooked because many people think it's only for the wealthy or that a will alone is enough. Without proper estate planning, your assets may not be distributed as you intended, which can lead to legal disputes, delays in accessing funds, and unexpected financial burdens for your loved ones. This can create unnecessary stress and tension during an already difficult time, making it harder for your family to manage both emotionally and financially.

  • A will is just one part of a comprehensive estate plan. While a will outlines your wishes for your assets, an estate plan goes further, addressing aspects like tax strategies, healthcare directives, power of attorney, and trust arrangements. For our clients, particularly those with complex financial conditions or business interests, a well-rounded estate plan ensures that all elements of your estate are managed in a way that minimizes stress and aims to protect your assets and loved ones.Please note that Summit can assist with the financial elements of estate planning and willing to partner with your legal and tax professionals.

  • Life changes—and so should your estate plan. We recommend reviewing your estate plan every few years or whenever a significant life event occurs, such as a marriage, the birth of a child, a new job, or a major financial change. We keep in touch with you regularly to help ensure your plan evolves with your life, providing ongoing support and adjustments as needed.

  • Managing assets across different jurisdictions can complicate estate planning, but our team is experienced in handling these complexities. We design and construct your plan to help ensure it complies with the laws of each location and optimizes the benefits to your heirs. Whether your assets include real estate, investments, or business interests in different states or even countries, we'll help you create a cohesive plan that aims to protect your global portfolio.

  • Absolutely. Many of our clients, especially those in academia and research, are passionate about leaving a legacy through charitable giving or establishing a foundation. We can help you structure your giving in a tax-efficient way that leverages the impact of your generosity. Whether it's setting up a donor-advised fund or creating a private foundation, we'll help ensure your charitable goals are met.

  • A donor-advised fund (DAF) is a charitable giving vehicle that allows you to make a tax-deductible donation, invest the funds for growth, and then recommend grants to your favorite charities over time. You can contribute cash, stocks, or other assets to the fund, receive a tax deduction, and then advise on the distribution of the funds to charities whenever you choose.

  • Getting started is easy. Schedule a consultation with one of our advisors to discuss your goals and current financial situation. We'll guide you through the initial steps, including gathering the necessary documents, outlining your priorities, and creating a customized plan. From there, we'll work together to refine and implement your estate plan, helping to ensure it meets your needs and protects your legacy.

About Fidelity BrokerageLink®

  • In employer-sponsored retirement plans like those from TIAA or Fidelity, you may have a "core" account and a "self-directed" account, such as a Fidelity BrokerageLink® (BL). The BrokerageLink® account lets you invest in a broader range of mutual funds beyond your plan’s standard options, though managing these investments may require more effort. While your employer views these accounts as one, the financial institution manages them separately, and you’ll need to sign documentation to enroll or open the BrokerageLink® account.

  • Your core accounts will stay the same. All your investments, both in the core account and the BL, are put together in one account when your employer looks at your retirement plan. Your employer won't let your accounts leave the retirement plan unless you exit your job.

  • No, when you open a BL account, Summit Retirement Advisors and the plan provider don't directly hold your money. While your assets remain part of your retirement plan and the financial institution, like Fidelity, handles transactions, all decision-making and control over investments stay with you. We’re here to assist and guide you as your appointed advisor, helping you manage the BL account according to your goals.

  • Some plans may charge a minimal fee to service the account while others may waive that fee. It's important to check with your plan administrator or HR representative for specific details on any fees for funding the account.

  • You can fund a BrokerageLink® account by transferring assets from your existing retirement plan or directing new paycheck contributions, based on your plan’s guidelines. Check with your plan administrator or HR representative for any specific limits or requirements.

  • We cannot actively manage your BrokerageLink® assets if your retirement plan does not allow third-party access or management. We would collaborate with you to explore and analyze other account management options to effectively manage your retirement accounts.

  • Yes, you have full autonomy to change your mind and close the account at any time for any reason. We ask you to communicate this to our team to keep open, transparent communication.

  • If you roll over to a new employer's plan, we'll help you cash out and transfer without issues. If moving to an IRA, we can assist with transferring the core account in cash and the BrokerageLink® portion in kind or all in cash.

About Charles Schwab Personal Choice Retirement Account®

  • A Schwab Personal Choice Retirement Account® (PCRA) is a self-directed brokerage account option available within certain employer-sponsored retirement plans. In these plans, you typically have a "core" account and a "self-directed" account, like a PCRA, giving you access to a wider range of investment options beyond the standard plan offerings.

  • Your core accounts remain unchanged. Both your core account and PCRA are part of your overall retirement plan, but they are managed separately by the financial institution. Your employer sees them as a combined account, but your assets stay within the plan until you decide to make any changes, such as rolling over to another plan.

  • No, when you open a PCRA, Summit Retirement Advisors and the plan provider don't directly control your money. Your assets remain part of your retirement plan, with the financial institution, like Schwab, handling transactions. However, you retain full control over investment decisions, with Summit available to assist and guide you as your appointed advisor.

  • You can fund your PCRA by transferring assets from your core retirement plan account or directing new paycheck contributions into the PCRA, depending on your plan’s guidelines. Be sure to check with your plan administrator for any specific limits or requirements.

  • If your plan does not permit third-party management of your PCRA, Summit cannot actively manage your assets. However, we can still provide guidance and explore other options to help you manage your retirement investments effectively.

  • Yes, you can close your PCRA at any time if you're not satisfied. We encourage you to communicate with our team to ensure a smooth transition and continued alignment with your financial goals.

  • If you decide to roll over your assets to a new employer's plan, we can assist you in liquidating your holdings and transferring your assets without any issues, fees, or restrictions. If you choose to transfer funds to an IRA, we can help you transfer the core account portion in cash, the PCRA portion in kind, or all of it in cash, at no cost to you.

About TIAA Self-Directed Brokerage Account® (SDBA)

  • A TIAA Self-Directed Brokerage Account (SDBA) is an optional feature within certain employer-sponsored retirement plans. It provides access to a wider variety of investment options than the standard plan offerings by including a "core" account alongside the SDBA for greater flexibility in managing your retirement funds.

  • Your core accounts will stay the same. Both the core account and SDBA remain part of your overall retirement plan, but they are administered separately. While your employer sees them as one combined account, your assets stay within the plan unless you make changes, such as rolling them into another plan.

  • No, opening an SDBA does not transfer control of your assets to Summit Retirement Advisors or TIAA. Your funds remain part of your retirement plan, and TIAA handles all transactions. You have full authority over your investment decisions, with Summit available to support you with professional advice.

  • There may be specific fees associated with your SDBA, such as transaction costs or account maintenance charges. These fees vary depending on your plan, so it’s best to consult your plan administrator or HR department to confirm any additional expenses.

  • Funding your SDBA typically involves transferring assets from your core retirement account or directing paycheck contributions to the SDBA. Be sure to review your plan’s rules for any limits or special requirements for funding this account.

  • If your plan restricts third-party management of your SDBA, Summit will not be able to manage your investments directly. However, we can still provide recommendations and help you identify effective strategies for managing your retirement funds independently.

  • Yes, you can close your SDBA at any time if it no longer fits your needs. Our team is here to assist you with the transition and ensure your overall financial goals remain on track.

  • If you leave your employer, you can roll over your assets to a new plan or an IRA. We can guide you through the process, whether it involves transferring your core account as cash, your SDBA holdings as is, or converting everything to cash. This is typically done without additional costs or complications.