Lassus Wherley & Associates, P.C.

What kind of company is Lassus Wherley & Associates, P.C.?
What does "fee-only" mean?
What do the acronyms CPA and CFP^®, mean?
How can you help me?
Can you list your tax preparation and family office capabilities?
How would we start working together?
Can I ask for recommendations during my IC?
What happens next?
What is the average fee for a financial plan?
How long does it take to prepare a plan?
What happens once my plan is complete?
Will you help me implement my plan?
How long does it take to get an appointment?
When should I exercise my stock options?
In one sentence, what do you do for us as clients?

What kind of a company is Lassus Wherley & Associates, P.C.?

We are a wealth management firm with expertise in financial planning, investment management, tax preparation, and other financial capabilities. Financial planning and investment management are the cornerstone of our business. We assist individuals, couples and families in identifying needs and wants. Our plans offer recommendations and alternatives for consideration. With investments, we design an allocation and assign assets using investments from our recommended list, which we review and update continually. After we invest a client's funds, we review the account on an ongoing basis and make adjustments as necessary.

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What does "fee-only" mean?

We work for our clients, who pay for services according to an agreed-upon fee. We do not sell products or receive commissions or other compensation from third parties, which could bias our recommendations. You can trust our recommendations and advice to be objective, which is essential for your peace of mind.

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What do the acronyms CPA and CFP^®, mean?

CPA stands for Certified Public Accountant. Practitioners must be licensed in any state in which they work. All CPA's have passed a stringent 2-day examination which tests for competence in the areas of accounting, tax and auditing. CFP^®, stands for Certified Financial Planner™ practitioner, which is a certification awarded by the the Certified Financial Planner Board of Standards, Inc. The CFP^®, practitioner has also passed a rigorous 2-day examination which tests a wide range of financial knowledge and skills. Besides the examinations, candidates need to have fulfilled substantial experience requirements. Practitioners are also required to maintain their knowledge with ongoing continuing education.

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How can you help me?

To start, we can examine your financial status, including analyzing your assets, liabilities, will, insurance, tax returns, employee benefits, spending patterns, and any other relevant information. Based on your needs and goals, we define issues, offer recommendations, and educate you about your unique opportunities. We can develop targeted investment returns, assess your risk profile, and recommend an allocation of your money among various investment opportunities. We can take over the job of handling investment transactions for you, placing trades and rebalancing your portfolio. We constantly monitor investment performance and research new investment opportunities. If your financial status changes, we can work with you to adjust where appropriate. We stay in touch by phone, correspondence, or meetings, and provide you with quarterly investment reports plus other ongoing financial services, should you need them.

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Can you list your tax preparation and family office capabilities?

We prepare tax returns for individuals, businesses, estates and trusts. Our tax professionals monitor investment performance and are available to discuss strategies unique to your situation.

Some of the other areas in which we work with our clients are:

Oversight of elderly parents for out-of-state children, including working with healthcare provider
Paying bills, financial controls and reporting
Personal asset tracking and monitoring
Coordination of home maintenance
Estate administration

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How would we start working together?

First, we offer you up to an hour for an initial consultation (IC) with one of our financial planners or accountants. You will get acquainted while you discuss your personal needs and goals. There is no charge for the IC. During the IC, a financial planner will explain what a plan is and how it is prepared. She/he will explain the cost of the plan and the services available. Before you leave, you will receive a questionnaire to complete at home and return to us.

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Can I ask for recommendations during my IC?

No. An IC is a free introductory meeting, not a problem solving session. If we can answer your questions in a single hour, we will give you the option of paying an hourly rate for the meeting.

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What happens next?

Based on your questionnaire responses, your planner will draft a proposal outlining either a partial or comprehensive plan that would be best for your situation. You will be presented with the issues and items to be covered, as well as the cost. The planner will assess your needs and discuss with you any additional information required before your plan can be developed. You will also receive a contractual letter of engagement confirming the plan you choose as well as our rates and fees. There is no charge up to this point. It is important for you to review the proposal and/or contractual letter of engagement carefully, and call us with any questions. The signed contract and deposit initiate the planning process..

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What is the average fee for a financial plan?

Every plan is different, just as each client is unique. During your IC, you can discuss fees with your planner, based on your needs and goals.

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How long does it take to prepare a plan?

On average, this stage takes 12 to 16 weeks. This may seem like a long time, but it allows us to prepare a plan customized to your needs and requirements. Your planner will use the time to carefully examine the background materials you provide. Alternative scenarios may be prepared for analysis. Various recommendations may be considered and, of course, there are numerous levels of review.

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What happens once my plan is complete?

You and your planner will meet to review the major conclusions and recommendations. You take the plan home for review before scheduling a follow-up meeting to discuss the plan's implications. Together, you and your planner will decide which steps to take next. You may do something simple, like increase the dollar value on your life insurance policy, or you may take a major step, like changing your lifestyle to accommodate a life goal.

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Will you help me implement my plan?

Yes. Lassus Wherley & Associates is available to help you with every step of your plan's implementation. We are available for advice and counsel with different fee arrangements, and we can prepare your tax return on a fee-for-service basis.

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How long does is take to get an appointment?

We can set up an initial consultation generally within 30 days but may take longer depending on our current workload. We do control the number of new clients we take on each quarter in order to devote individual attention to our current clients. We manage this by limiting the number of individuals we meet with during each week.

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When should I exercise my stock options?

Stock options are a source of considerable wealth for many in the corporate sector. Stock options can be very complex, when it comes to how and when to exercise. Exercising your options is a function of many different factors, including volatility of the stocks, the start and end dates of the options, what your goals are, etc. What to do with the stock option income and the tax implications are also areas that need to be considered. At Lassus Wherley & Associates, we can help you get answers to your stock option questions. Our stock option analysis will help you to determine the best strategy for exercising your options.